Harold's Stores, Inc. News
Harold's Stores, Inc. Announces the Closing of Its Norman Store
DALLAS, May 2 PRNewswire-FirstCall — Harold's Stores, Inc. (Pink Sheets: HRLS) (the "Company"), a chain of upscale ladies' and men's specialty apparel stores, announced today that lease negotiations for the original Harold's store in Norman, OK were unsuccessful after several months of discussions with the landlord. The store, located at 329 West Boyd on Campus Corner, is adjacent to the University of Oklahoma and was opened in 1948. After a number of attempts to reach an equitable lease agreement, the Company's final submission on April 30, 2008 was denied. The landlord served the store with a notice of termination, which requires the Company to vacate the space by May 31, 2008.
"The history and heritage of the Campus Corner store and East Norman are endearing and we have enjoyed being a part of the university community," said Ron Staffieri, Chief Executive Officer. "Although we are disappointed with the result of our negotiations, we look forward to serving our Norman customers in our 50 Penn Place location. Our customers will find a wide array of merchandise in our 50 Penn store, as well as our very high standard of customer service."
Last month the company announced a consolidation of its Norman outlet location to its larger, 20,000 sq. ft. outlet warehouse in Oklahoma City, located at 8345 North Rockwell.
Headquartered in Dallas, Texas, Harold's Stores, Inc. currently operates 41 upscale ladies' and men's specialty stores and 2 outlets in 19 states, and an online store, http://www.harolds.com.
Harold's Stores, Inc., wishes to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking. This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competition, pricing pressure, product demand and market acceptance risks, mergers and acquisitions, reliance on key strategic alliances, the ability to attract and retain key employees, the availability of cash for growth, fluctuations in operating results, ability to continue funding operating losses and other risks detailed from time to time in Harold's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2008 to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Harold's Stores, Inc.
SOURCE Harold's Stores, Inc.
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