JAMESWAY SAID TO BE FACING CH. 11

NEW YORK--Jamesway Corp.'s board of directors has scheduled a midday meeting Tuesday, where a Chapter 11 filing is reportedly expected to be approved.
The filing has been expected since Oct. 6, when the discounter said it was weighing the move due to "continued weak sales results, operating losses and increasingly constricted trade credit."
The 90-store Secaucus, N.J.-based discount chain has been struggling since it emerged from Chapter 11 reorganization Jan. 31, 1995. Industry sources expect but the bulk of Jamesway stores are likely to be shut for good.
Bankruptcy court allows a purchaser to more easily break leases and acquire the best units of an ailing chain.
Last Thursday, Jamesway laid off 200 employees at its headquarters, including Michael Palmer, chief financial officer; Thomas Kelly, executive vice president of merchandising, and, Carl Muller, vice president and counsel.--Fairchild News Service

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