GOUVERNEUR, N.Y., Mar 19, 2008 (BUSINESS WIRE) -- Seaway Valley Capital Corporation (OTC Bulletin Board: SWVC) ("Seaway Valley") announced today that Payless ShoeSource, Inc. (www.payless.com), which operates Payless stores within the Company's wholly owned subsidiary, WiseBuys Stores, Inc., will continue to operate its Payless "store-within-a-store" concept after the WiseBuys stores are converted into Hackett's. Seaway Valley acquired both WiseBuys Stores, Inc. and Patrick Hackett Hardware Company in 2007 and is merging the operations of the two retailers under the "Hackett's" brand.
"We are pleased that Payless will continue to remain as a partner with the Company," stated Seaway Valley's CEO, Thomas Scozzafava. He continued, "Payless offers a wide selection of affordable footwear that WiseBuys' customers have come to appreciate, and its continuity through stores' format change will be well received by WiseBuys' loyal customer base." Payless is a specialty family footwear retailer and offers athletic, casual, and dress shoes; sandals; work and fashion boots; slippers; and accessories, such as handbags and hosiery for women, men, and children.
Hackett's will also roll out a variety of premium branded footwear in the former WiseBuys stores. "Hackett's has traditionally carried the widest selection of branded premium footwear in Northern New York, and they will do so in the former WiseBuys locations as well" stated Mr. Scozzafava. "With top brands such as Nike, Adidas, New Balance, Columbia, Skechers, Red Wing, Doc Martens, Crocs, and Georgia Boot, Hackett's customers will have one-stop shopping for all of their footwear needs."
After the store conversions, Hacketts will operate nine locations including Canton, Gouverneur, Hamilton, Massena, Ogdensburg, Potsdam, Pulaski, Tupper Lake, and Watertown - all in New York. Hackett's is also seeking additional locations in New York, Vermont, Massachusetts, Connecticut, and Pennsylvania.
About Patrick Hackett Hardware Company
Hackett's, one of the nation's oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hackett's, now with nine locations, features brand name clothing for men, women, and children, and a large selection of athletic, casual, and work footwear. Hackett's also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hackett's full service hardware department features traditional hardware, tool, plumbing, paint and electrical departments.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, media, business services, manufacturing, and select technologies.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Seaway Valley Capital Corporation |