NAPERVILLE, Ill., Feb. 23 /PRNewswire/ -- Factory Card Outlet Corp.
(FCPYQ) announced today that James D. Constantine will become the Company's
Chief Financial Officer effective March 3, 2000. Mr. Constantine will replace
Frederick G. Kraegel, who has decided to make the change at this time so that
he can spend more time with his family. Mr. Kraegel resides in Richmond,
Virginia.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991220/FCPYLOGO )
Mr. Constantine served as the Senior Assistant Treasurer of Sears, Roebuck
and Co. from 1991 to December, 1999. In that capacity, Mr. Constantine
managed financial planning matters, directed all cash management activities
and developed and implemented financing strategies. Mr. Constantine served as
Director, Corporate Accounting of Sears from 1983 to 1991 and as Manager,
Financial Reporting of Sears from 1981 to 1983. Mr. Constantine, who has an
M.B.A. degree from the University of Chicago and a B.S. degree in Accounting
from Northern Illinois University, was employed by the accounting firm of
Deloitte & Touche from 1974 to 1981.
Factory Card Outlet is a chain of company owned stores offering a vast
assortment of party supplies, greeting cards, gift wrap and other special
occasion merchandise at everyday value prices. On March 23, 1999, the Company
filed a petition for reorganization under chapter 11 of title 11 of the United
States Code and is currently operating as a debtor in possession. The Company
continues to focus its efforts on reaching agreement with the Official
Committee of Unsecured Creditors regarding a Plan of Reorganization.
Certain statements in this news release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. All forward-looking
statements relating to aspects of any plan of reorganization that may be
submitted in connection with the Chapter 11 cases are dependent upon, among
other things, further improvements in the Company's store-level operating
performance, the proposal of an acceptable reorganization plan and the
confirmation of such plan by the bankruptcy court.
In general, the results, performance or achievements of the Company and
its stores and the value of the Company's common stock are dependent upon a
number of factors including without limitation, the following: effects
resulting from the commencement and completion of Chapter 11 cases; ability to
meet sales plans; weather and economic conditions; dependence on key
personnel, competition; ability to anticipate merchandise trends and consumer
demand; ability to maintain relationships with suppliers; successful
implementation of information systems; successful handling of merchandise
logistics; inventory shrinkage; ability to meet future capital needs;
governmental regulations; and other factors both referenced and not referenced
in the Company's filings with the Securities and Exchange Commission.
SOURCE Factory Card Outlet Corp.
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Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19991220/FCPYLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Glen J. Franchi, Chief Operating Officer of
Factory Card Outlet Corp., 630-579-2202
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