SACKETS HARBOR, N.Y., March 24, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), is pleased to announce that yesterday the motion to convert the case of Hackett's wholly owned subsidiary, Patrick Hackett Hardware Company, to a Chapter 7 was withdrawn by the United States Trustee's office.
David Antonucci, counsel for Patrick Hackett Hardware Company in the case, stated, "As previously discussed this is what we did anticipate, but now it is official. And we would like to again thank the United States Trustee's office for withdrawing this motion."
Company President and CEO, Herbert Becker added, "As previously stated we expected that the conversion motion would be withdrawn, and now that has happened. At this point we are in the final stages of preparing our Chapter 11 emergence plan, and we expect to present it to the creditors and the court so Patrick Hackett can ultimately emerge from Chapter 11."
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 paint, 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.
Safe Harbor Statement
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