LAVAL, QC, May 23, 2012 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) announces that the filing of its audited financial statements for the fiscal year ended January 29, 2012 will be delayed.
During the last fiscal year the Company implemented a new accounting and merchandising system which has resulted in some changes to its accounting policies and was under the protection of the Companies' Creditors Arrangement Act for a certain period of time. These two events resulted in longer delays than normal to complete the Company's audited financial statements and related management's discussion and analysis report. Management is currently working on completing the financial statements and related management's discussion and analysis report as quickly as possible.
The Company expects to file its audited financial statements for the fiscal year ended January 29, 2012 and the related management's discussion and analysis before the end of July 2012. Hart Stores confirms that it intends to provide Default Status Reports for so long as it is in default of its requirement to file the annual financial statements.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 mid-sized department stores located in secondary and tertiary markets in Eastern Canada, where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Hart Stores Inc.
Mr. Robert Farah
President and COO
(450) 661-4155
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