Hacketts Stores Inc( HCKI :OTC) Hackett's Stores, Inc. Releases Update - 500 Beiträge pro Seite

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Hackett's Stores, Inc. Releases Update

OGDENSBURG, NY -- (Marketwire) -- 11/17/09 --

Hackett's Stores, Inc. and subsidiary, Patrick Hackett Hardware Company (PINKSHEETS: HCKI) ("Hackett's"), and chief executive officer Herbert Becker issued the following update to its shareholders today:

Dear Shareholders:

While Hackett's management wrestled with the decision of whether or not to seek the protections afforded to it by our bankruptcy laws, it became clearer over the past several weeks that Chapter 11 would be the cleanest and quickest path to repositioning Patrick Hackett Hardware Company in the marketplace and distancing itself from the devastating blow that Wells Fargo
dealt it by forcing the repayment of $5.5 million over a six month period. And while most of Hackett's vendors and creditors realized and appreciated the difficulty these actions placed upon Hackett's, certain others had unrealistic expectations on the timing of the repayment debts owed. While Hackett's and its parent company, Seaway Valley Capital Corporation (PINKSHEETS: SEVA), had already successfully negotiated settlement agreements with numerous vendors, negotiations with each and every vendor and creditor, which number in the hundreds, was simply unrealistic

Management feels that this period will provide our subsidiary, Patrick Hackett Hardware Company, with a window to restructure its debts, streamline its costs, and position itself for eventual emergence from Chapter 11 while spending the majority of its time and efforts focused on operations and rebuilding the company

While management works towards emergence, the company will continue to look towards the future. Management has already begun:

-- The reopening of the original Canton store; -- New merchandise for the Christmas season throughout the chain; -- The continued development of the website; -- Increased focus on customer service

I look upon this not as a crisis, but as an opportunity to "begin again now." I look forward to bringing our company into the next generation, and I invite all our neighbors to stop by one or more of our stores. I am certain you will be delighted

Safe Harbor Statement

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements

These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements

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Site eyed for first HIIO store
By MAX R. MITCHELL
TIMES STAFF WRITER
SUNDAY, JANUARY 24, 2010
OGDENSBURG — Herbert L. Becker, chief operating officer of Hacketts Stores Inc., is looking to open a fashion clothing store in the Glens Falls area under its newly created subsidiary, HIIO Inc.

Mr. Becker said there's no rush to open the store. His first priority, he said, is managing the Patrick Hackett Hardware Co. through Chapter 11 bankruptcy proceedings.

Although he did not say exactly where the store will be, he said he has a lease agreement for a 50,000-square-foot space that will house the high-end clothing, outerwear, shoe and gifts store.

"It is going to appeal to a larger demographic," Mr. Becker said. "I can see us in areas like in Buffalo and even possibly in Plattsburgh."
Mr. Becker said the HIIO Inc. stores will be completely separate and will carry different merchandise than the Hacketts hardware franchise.

"This company will have its own buying group and employees. There won't be any mixing between Hacketts and HIIO," he said.

Hacketts Stores Inc. is owned by Seaway Valley Capital Corp.
http://www.watertowndailytimes.com/article/20100124/NEWS05/3…

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HCKI
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was ist hier los....
glückwunsch an alle die hier anteile haben....

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Hackett's Stores, Inc. to Reduce Number of Authorized Common Shares to 750 Million
Increased Share Price Reduces Need for Current Number of Authorized Common Shares
SACKETS HARBOR, N.Y., Jan. 29, 2010 (GLOBE NEWSWIRE) -- Hackett’s Stores, Inc. (Pink Sheets:HCKI - News) announced today that it shall file with the State of Florida Division of Corporations to amend its articles of incorporation to reduce the number of authorized from its current 5 billion to 750 million.

Thomas Scozzafava, President of Hackett’s Stores, Inc. stated, “If current per share prices of our common equity can hold, there simply would be no current need for the issuance of the number of shares currently authorized.” Mr. Scozzafava continued, “So it is for this reason that we shall file the appropriate paperwork to effectuate this reduction. Further reductions could be forthcoming depending upon our capital needs and per share equity prices.”

Hackett’s Stores, Inc. is the parent company of Patrick Hackett Hardware Company 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-branded stores opened to date.

Safe Harbor Statement

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.

[aussie99]

Antwort auf Beitrag Nr.: 38.841.004 von bombastik am 29.01.10 12:30:03

Ja klar, Tom kennt nur einen Weg zur Share Reduction nämlich per R/S

so 2-3 mal hat er das hier schon durchgezogen......
Seaway Valley Capital Corporation Inc. (SEVA)

http://www.pinksheets.com/pink/quote/quote.jsp?symbol=SEVA

New & Secondary Issue=4-92 800,000 shs in units (1 sh Com & 1 Warr 4-8-95) at $5 (best efforts-400,000 min.) by Culverwell & Co., Inc.
Capital Change=shs decreased by 1 for 100 split. Effective date=5-16-03
Capital Change=shs decreased by 1 for 250 split Pay date=12/08/2006.
Capital Change=shs decreased by 1 for 5 split Pay date=09/22/2008.
Capital Change=shs decreased by 1 for 1000 split Pay date=05/12/2009.

na dann viel Spaß dabei......

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Antwort auf Beitrag Nr.: 38.835.007 von bombastik am 28.01.10 20:09:34

thx

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"lease has been signed for new 25,000-square-foot space in the town."http://www.poststar.com/news/local/article_6c7b3262-0c64-11d…Our locations (5)


1223 Pickering Street Ogdensburg, NY 13669 Phone [phone] This is our flagship store and our head office.

19 Miner Street Canton, NY 13617. This is a specialty store which is opening soon. It will carry a full line of fashion clothing and sporting goods.

94 Demars Blvd. Tupper Lake, NY 12986 Phone [phone] This is a full service department store.

St. Lawrence Center Mall Massena, NY 13662 Phone [phone] This is a fashion store in a regional mall.

213 West Main Street Sackets Harbor, NY 13685 Phone [phone] Sackets Harbor is a seasonal store open Memorial Day to Labor Day.




"Hackett's stores are enjoying their best January in regards to sales
that it has had in over 3 years."

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http://finance.yahoo.com/news/Hacketts-Stores-Inc-pz-3978140…
Hackett's Stores, Inc. Subsidiary Files All Current Reports Required Under Chapter 11
SACKETS HARBOR, N.Y., Feb. 2, 2010 (GLOBE NEWSWIRE) -- Hackett’s Stores, Inc. (Pink Sheets:HCKI - News) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company, has filed all the required schedules in its Chapter 11 case.

Herbert Becker, President of Patrick Hackett Hardware Company, stated, “While most of the required schedules were filed last week, we did complete the filings this week. Unfortunately we have had a key member of management dealing with some health issues, and that put us back a bit. However, we’re on course now to comply with any and all court requests on a timely basis going forward.” Mr. Becker continued, “Additionally, we are already working on and feel that in 30 to 45 days we can present the court with a plan for Patrick Hackett Hardware Company to emerge from Chapter 11. We are encouraged by the feedback from our key creditors regarding their desire to help put Patrick Hackett Hardware Company on the road to recovery.”

Thomas Scozzafava, President of Hackett’s Stores, Inc. stated, “Additionally, there seems to be confusion in the marketplace between the parent company, Hackett’s Stores, Inc., and its subsidiary, Patrick Hackett Hardware Company. Hackett’s Stores, Inc., whose shares trade currently on the Pink Sheets, is not nor has ever been in bankruptcy or bankruptcy protection.” Mr. Scozzafava continued, “Furthermore, nothing prevents Hackett’s Stores, Inc. from investing in or forming other new retail ventures. Having said that, the vast majority of senior management’s time and effort is focused on the successful emergence of Patrick Hackett Hardware Company from Chapter 11.”

Hackett’s Stores, Inc. is the parent company of Patrick Hackett Hardware Company 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-branded stores opened to date.

Safe Harbor Statement

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.

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Seaway Valley Capital Corporation Updates on Subsidiaries' Progress in Recent Months
Debt Reduction, Dispossession of Non-Core Assets and Selective Growth Focus Across All Subsidiaries
Press Release Source: Seaway Valley Capital Corp. On Wednesday February 3, 2010, 9:57 am

SACKETS HARBOR, N.Y., Feb. 3, 2010 (GLOBE NEWSWIRE) -- Thomas Scozzafava, President and Chief Executive Officer of Seaway Valley Capital Corporation, (Pink Sheets:SEVA - News), which is the majority shareholder of Hackett’s Stores, Inc. (Pink Sheets:HCKI - News), Harbor Brewing Company, Inc. (Pink Sheets:HBWO - News), Alteri Bakery, Inc., and Seaway Realty Holdings, LLC issued the following update to its shareholders today:

Dear Shareholders:

Seaway Valley Capital Corporation (“Seaway Valley”) and its subsidiaries have seen significant realignment, debt reduction, and in most cases, operating stability over the past several months. The first factor that has impacted Seaway Valley and its subsidiaries has been the general stabilization and now improvement of the economy. While we have not seen and may not see for quite some time the robust consumer spending that was common from 2003 through 2007, there are many positive signs that the consumer is coming back out to shop, dine and generally enjoy life as the fear of economic “doom and gloom” portrayed by the media as imminent has subsided. Additionally, this relatively calm and stable operating environment has allowed management to focus internally on expense and debt reduction, and as the economy continues to recover our businesses will be better positioned to profit from increased revenues.

Growth in 2010 and beyond will be pursued selectively and with great discretion. In late 2009, Seaway Valley and certain of its subsidiaries received equity financing commitments of over $25 million. We are continuing to evaluate and negotiate these investment offers, which would include up-listings to the American Stock Exchange or the Over-The-Counter Bulletin Board for Seaway Valley and each of its publicly-traded subsidiaries. Proceeds from any such equity raises would be used for convertible debt reduction at Seaway Valley and bank debt reduction and growth capital at its subsidiaries.

An overview of recent accomplishments and areas of focus at Seaway Valley’s subsidiaries follows.

Harbor Brewing Company, Inc. (HBWO.PK), which operates the Sackets Harbor Brew Pub and develops, produces, and markets craft beers such as the award-winning "War of 1812 Amber Ale" and "Thousand Islands Pale Ale" as well as "Railroad Red Ale", and "Harbor Wheat, regained control of the Brew Pub operations in October 2009 due to non-payment of rent by our tenant. This has served the company well, however, as Brew Pub management has been re-focused on the production of its award-winning micro beers served on premise and our innovative fine dining menu. Additionally, the company has eliminated over $200,000 in Watertown Savings Bank mortgages on the Brew Pub. The Brew Pub is now current on all commercial loans and operations have stabilized. The Brew Pub is well-positioned for the upcoming spring and summer seasons.

Additionally, Sackets Harbor Brewing Company re-initiated production at Rochester-based High Falls Brewing Company of our award-winning War of 1812 Amber Ale and will soon do so with our Thousand Islands Pale Ale. Sales of 1812 Amber Ale have been strong, and the company is gearing up production for normally stronger seasonal sales in the spring and summer seasons. The company is also looking to introduce its third craft beer in bottles this spring. Finally, early stage plans for Sackets Harbor Brewing Company to build its own micro brewery in Sackets Harbor have begun.

Hackett’s Stores, Inc. (HCKI.PK) is the parent company of Patrick Hackett Hardware Company (“PHHC”) and HIIO, Inc. PHHC has survived a turbulent year during which it successfully defended itself from Wells Fargo’s unexpected and devastating forced repayment of $5.5 million in debt. However, we were ultimately forced to seek protection under Chapter 11 in November 2009 as a result of one vendor’s aggressive pursuit of PHHC’s operating cash. Chapter 11 prevented this from happening. Although initially avoided, the potential benefits of Chapter 11 could result in a reduction of PHHC debt by $7-$8 million and a chance for the company’s largest subsidiary to emerge leaner, stronger and well-positioned for profitable growth. Although PHHC is now a much smaller company, having closed stores in Gouverneur, Hamilton, Potsdam, Pulaski, and Tupper Lake, we feel the remaining stores in Ogdensburg, Canton, Massena and Sackets Harbor can and will become profitable. In a sign of progress, Hackett’s Ogdensburg store generated revenues in January 2010 of $363,199, which represents a revenue increase of almost $30,000 over December 2009. To have January sales exceed the preceding December (i.e. Christmas) sales is an extremely positive sign for the recovery of PHHC.

PHHC management expects to present a plan in 30 - 45 days that we hope is accepted by the creditors and the court. Regardless of the ultimate outcome of PHHC, which we hope is a positive one, shareholders of Hackett’s Stores, Inc. are not subject to bankruptcy directly, as Hackett’s Stores, Inc. (HCKI.PK) is not in bankruptcy.

Hackett’s Stores, Inc. also recently formed a new venture, HIIO, Inc., which currently is in concept stage with a more narrow focus of clothing, outerwear, footwear and selected gifts for our Northeastern customer base. Management is currently in negotiations with one landlord for a potential HIIO store.

Alteri Bakery, Inc. has seen significant stabilization over the past twelve months. When Seaway Valley acquired Alteri Bakery it was generating operating losses due primarily to unprofitable fixed price contracts. These contracts have expired and now the bakery, which has annual revenues of approximately $2 million, produces healthy profit margins across all its product lines. Alteri Bakery, Inc. now independently services the majority of its debt load, which it could not do when Seaway Valley acquired it.

Going forward, the primary focus of Alteri Bakery is plant expansion to include certain machinery that would allow it to more than double output at its current employment levels. Furthermore, this equipment, which could range from $400,000 to $500,000 in cost, would allow Alteri Bakery to enter the frozen food markets, the sales of which would not be limited to a particular geographic region.

Seaway Valley Capital Corporation and its subsidiaries own real estate valued at approximately $4-$5 million, and Seaway Realty Holdings, LLC recently repaid over $80,000 in back taxes owing from 2005-2008 (accruing on two properties prior to Seaway’s acquisition). In one case, these back taxes led to a foreclosure proceeding, which has now ceased. Additionally, in October 2009, Seaway sold its Route 37 property, which had served as the headquarters for JRECK Subs, Inc. and other former North Country Hospitality companies. A decision was made to sell the property for approximately $565,000, thus reducing Seaway’s debt by that amount and ending the ordeal of attempting to collect rent from JRECK Subs, Inc., which owed approximately $36,000 in back rent at the time of the sale. And as mentioned above, over $200,000 of mortgages have been repaid on the Brew Pub. In total, Seaway Valley and its subsidiaries have reduced real estate loans and back taxes by approximately $900,000 over the past twelve months.

I look forward to updating you further as additional developments unfold.

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Hackett's Stores, Inc. Subsidiary, Patrick Hackett Hardware Company, Flagship Store Has Best January Sales in Four Years
Ogdensburg Store's January 2010 Sales Beat Both December 2009 Sales and the Previous Four January Sales
Press Release Source: Hackett's Stores, Inc. On Wednesday February 3, 2010, 10:19 am

SACKETS HARBOR, N.Y., Feb. 3, 2010 (GLOBE NEWSWIRE) -- Hackett’s Stores, Inc. (Pink Sheets:HCKI - News) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company, flagship Ogdensburg, NY store had the best monthly year-over-year sales increase since 2007. In fact, despite the recent challenges facing Patrick Hackett Hardware Company, its recent January Ogdensburg sales were greater than the similar period in 2007, which represent the period prior to Seaway Valley’s (Pink Sheets:SEVA - News) acquisition of the retailer. Additionally, progress is evidenced by January 2010 sales being even greater than those of December 2009, which is traditionally the strongest month of the calendar year due to the holiday shopping.

“Teamwork and focus are what makes our business succeed,” said company President, Herbert Becker, “and in our case, we have a team which has really come together over recent months.” Mr. Becker was hired by Seaway Valley to take operational control over the struggling retail chain in May 2009. Over the subsequent month Mr. Becker has assembled a strong team, business plan and roadmap to recovery. Mr. Becker continued, “Much like putting together a Super Bowl team, it has taken several months for everyone to gel and come together for a common purpose.”

Hackett’s Stores, Inc. is the parent company of Patrick Hackett Hardware Company 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-branded stores opened to date.

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Antwort auf Beitrag Nr.: 38.841.368 von aussie99 am 29.01.10 12:57:53

Who are you talking about??... SEVA(parent Co.)? Kinda of ludicrous to state \"SEVA info\" as being the same for HCKI. Two DIFFERENT! entities that have two VASTLY! different monetary/share structures.. PERIOD!
You just DON\'T! get it geezy... sheesh! The whole REASON! the Hackett stores were put under HCKI is to PROTECT! the stores from vultures like YA!! When YA \"agreed\" to the debenture(SEVA!! stock for cash) there was NO!! clause that entitled them to \"convert\" HCKI stock. So where are you getting these OUTRAGEOUS! dilution claims.. You claim a \"billion\".. how do you come up with that when there\'s ONLY!! 750M A/S??

Stop trying to tie SEVA\'s(Parent Co.) BLOATED! dilution with HCKI\'s LOW! share structure... OS 248M (FLOAT 30M)

As far as I\'m concerned Tom made a BRILLIANT! move by putting the \"Hackett Stores\" under HCKI and the \"financing\" of those stores under SEVA... to bad for the SEVA!! shareholders.

The ONLY! \"monetary\" claims against HCKI are really just from OPERATIONS!( ex. vendors)... and they have ALREADY! stated to the court HOW they intend to resolve the claims.. and I quote...
Now take that to the BANK!

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Share Structure as Follows:
The os is 248M float approx. 30M! (The authorized is 750M)
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HCKI Chart
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