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.
Ron Staffieri, Chief Executive Officer of Harold's Stores, Inc.,
+1-214-366-0600
