From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) today announced that the clearance sale to liquidate all young men's merchandise from its stores is in full motion. The men's merchandise is being liquidated as part of the Company's strategy to focus exclusively on the clothing and accessory needs of 16-22 year-old girls. The Company also announced that it has engaged Hilco Merchant Resources to manage the clearance of all young men's merchandise. Hilco, based in Northbrook, Illinois, is a leading provider of high yield, strategic retail inventory recovery and store closing services. "The liquidation of our young men's merchandise is a key component of our transition to an all-female concept," said Jerry Szczepanski, Chairman and Chief Executive Officer. "We are very pleased to have Hilco Merchant Resources on our team as we continue to reinvent our business. Hilco's experience with strategic asset liquidations should enable us to economically complete the men's clearance on schedule." Last week the Company announced a marketing campaign designed by The Richards Group, the nation's largest independent branding agency, to generate consumer and community buzz leading up to the summer, 2003 strategic re- launch. Dallas-based Gadzooks is a specialty retailer of casual clothing and accessories offering young men's apparel, junior apparel, accessories and footwear. As previously announced, the Company plans to convert to an all- female assortment early in the second half of this year targeting confident, energetic 16-22 year-old girls. Gadzooks currently operates 429 Gadzooks stores and four Orchid stores, for a total of 433 stores in 41 states.
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