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Ames To Acquire Hills Stores
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Business New Haven
11/30/1998
By: BNH
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NEW YORK - Ames Department Stores (NASDAQ: AMES) has agreed to purchase troubled Hills Stores Co. (NYSE: HDS) in cash and debt assumption totaling $330 million. The deal will allow Ames to compete with national chains, building its store total to 456 from the current 301. It is projected that annual sales will increase to $4 billion from its present $2.2 billion. Ames plans to convert the Hills stores into Ames stores. The company plans to commence a tender offer for Hills stock by November 18. Ames Department stores is a discount retailer headquartered in Rocky Hill.
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