WARREN, Pa., July 18 /PRNewswire-FirstCall/ -- Blair Corporation
(Amex: BL), (http://www.blair.com), a national multi-channel direct marketer
of women's and men's apparel and home products, today announced that it had
executed definitive agreements with PNC Bank, N.A. and other lenders, which
will provide Blair with up to $200 million in financing. This financing will
be used to fund, in part, Blair's previously announced self-tender offer and
for general corporate purposes.
"With the financing secured, we are now able to move forward with our
stock tender plan," said John Zawacki, president and CEO. "We believe that
through this stock tender we will continue to maximize shareholder value."
Blair plans to utilize the majority of the proceeds from the sale of its
credit portfolio to Alliance Data Systems to pay-off and terminate its $100
million receivables purchase facility and $25 million term loan facility under
the referenced financing. "The closing of the Alliance Data Systems
transaction remains on target for the fourth quarter of 2005," stated Bryan
Flanagan, senior vice president and CFO.
ABOUT BLAIR
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad
range of women's and men's apparel and home products through direct mail
marketing and its Web sites http://www.blair.com and
http://www.irvinepark.com. Blair Corporation employs more than 2,000 people
and operates facilities and retail outlets in Northwestern Pennsylvania as
well as a catalog outlet in Wilmington, Delaware. The Company, which has
annual sales of approximately $500 million, is publicly traded on the American
Stock Exchange (Amex: BL).
BLAIR CORPORATION SECURITY HOLDERS ARE ADVISED TO READ BLAIR CORPORATION'S
TENDER OFFER STATEMENT WHEN IT BECOMES AVAILABLE AS IT WILL CONTAIN IMPORTANT
INFORMATION REGARDING THE TENDER OFFER. BLAIR CORPORATION WILL NOTIFY ALL OF
ITS SECURITY HOLDERS WHEN THE TENDER OFFER STATEMENT BECOMES AVAILABLE. WHEN
AVAILABLE, BLAIR CORPORATION SECURITY HOLDERS MAY GET THE TENDER OFFER
STATEMENT AND OTHER FILED DOCUMENTS RELATED TO THE TENDER OFFER FOR FREE AT
THE U.S. SECURITIES AND EXCHANGE COMMISSION'S WEB SITE (http://www.sec.gov).
IN ADDITION, BLAIR CORPORATION SECURITY HOLDERS MAY REQUEST A FREE COPY OF THE
TENDER OFFER STATEMENT AND OTHER DOCUMENTS RELATED TO THE TENDER OFFER FROM
BLAIR CORPORATION WHEN AVAILABLE.
This release contains certain statements, including without limitation,
statements containing the words "believe," "plan," "expect," "anticipate,"
"strive," and words of similar import relating to future results of the
Company (including certain projections and business trends) that are "forward-
looking statements" as defined in the Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those projected as a
result of certain risks and uncertainties, including but not limited to,
changes in political and economic conditions, demand for and market acceptance
of new and existing products, as well as other risks and uncertainties
detailed in the most recent periodic filings of the Company with the
Securities and Exchange Commission.
SOURCE Blair Corporation
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Related links:
http://www.blair.com
http://www.irvinepark.com
CONTACT:
Bryan Flanagan, SVP-Chief Financial Officer
of Blair Corporation, +1-814-723-3600
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