SACKETS HARBOR, N.Y., March 17, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), announced today that Hackett's wholly owned subsidiary, Patrick Hackett Hardware Company, has been presented with an offer for inventory-based financing of up to $200,000. Final terms of the offer are being negotiated and ultimately must be approved by the court.
Herbert Becker, President and CEO of Patrick Hackett, added, "This offer is certainly timely, and moreover it is necessary for the company to position itself for the crucial spring and summer seasons." Mr. Becker continued, "We look forward to finalizing this offer, which represents another aspect of stabilizing and rejuvenating Patrick Hackett."
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company, WiseBuys Stores, Inc. and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service hardware, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO or WiseBuys-branded stores open.
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