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Friedman's Receives Supplemental Wells Notice From SEC Regarding
Deregistration of its Shares
SAVANNAH, Ga., Oct. 7 /PRNewswire-FirstCall/ -- Friedman's Inc. (OTC:FRDM.PK),
the Value Leader in fine jewelry retailing, today announced that it has
received a supplemental Wells Notice from the staff of the Securities and
Exchange Commission advising it that the staff is considering recommending that
the SEC authorize public administrative proceedings to determine whether the
registration of Friedman's shares should be revoked or suspended. Friedman's
will be filing a copy of the supplemental Wells Notice on a Form 8-K. In the
event that registration of Friedman's shares is suspended or revoked, the
shares will no longer trade on the Pink Sheets.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020215/FRIEDMANLOGO )
Friedman's has been fully cooperating with the SEC and the DOJ in their ongoing
investigations of Friedman's and intends to continue to do so.
About Friedman's
Founded in 1920, Friedman's Inc. is a leading specialty retailer based in
Savannah, Georgia. The Company is the leading operator of fine jewelry stores
located in power strip centers and regional malls. For more information, go
to: http://www.friedmans.com/ .
Some of the statements included in this press release, particularly those
anticipating future financial performance, business prospects, growth and
operating strategies, and similar matters, are forward-looking statements that
involve a number of risks and uncertainties. These forward-looking statements
are not guarantees of future performance and a variety of factors could cause
the Company's actual results to differ materially from the anticipated or
expected results expressed in these forward-looking statements. The Company
undertakes no obligation to update or revise any such forward-looking
statements. The forward-looking statements, the Company's liquidity, capital
resources, and results of operations are subject to a number of risks and
uncertainties, including but not limited to, the following: adverse effects
from the Company's delay in paying suppliers and from suppliers not delivering
merchandise; the ability of the Company to comply with the terms of its credit
facility; the continued support of the Company's vendors under its secured
trade credit program; potential adverse developments with respect to the
Company's liquidity and/or results of operations; competitive pressures from
other retailers; trends in the economy as a whole which may affect consumer
confidence and consumer demand for the types of goods sold by the Company; the
ability of the Company to attract, retain and compensate key executives and
associates; the ability of the Company to attract and retain customers;
potential adverse publicity; the ability of the Company to achieve the cost
savings and operational benefits projected from its planned store closings; the
final results of the audit including the review of the calculation of our
allowance for doubtful accounts and any recordation of impairment charges; the
results of the SEC and Justice Department investigations and any actions taken
by such governmental authorities, including any deregistration of the Company's
shares; the results of various litigation; the effect of the restatement on our
future earnings, including any adjustments to previously announced earnings
forecasts; and other risk factors identified from time to time in our SEC
reports, including, but not limited to, the report on Form 10- K for the year
ended September 28, 2002.
http://www.newscom.com/cgi-bin/prnh/20020215/FRIEDMANLOGO
http://photoarchive.ap.org/
DATASOURCE: Friedman's Inc.
CONTACT: Jane D'Arcy of Trion Communications for Friedman's Inc.,
+1-401-453-3100 ext. 104, or
Web site: http://www.friedmans.com/