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ELDER-BEERMAN LETTERHEAD NEWS RELEASE
3155 El-Bee Rd. o Box 1448 o Dayton, OH 45401-1448
o 937-296-2700 o FAX 937-296-4625
INVESTOR INQUIRIES:
Scott J. Davido
Executive Vice President -
Chief Financial Officer
(937) 296-2683
ELDER BEERMAN ANNOUNCES EXECUTIVE DEPARTURE
DAYTON, OHIO - JUNE 30, 2000 - The Elder-Beerman Stores Corp. (Nasdaq:
EBSC) announced today that President and Chief Operating Officer John `Jay'
Muskovich is leaving the Company. Mr. Muskovich's responsibilities will be
assumed by other senior members of the Elder-Beerman executive team, and the
position of president will be combined with the position of Chief Executive
Officer. Mr. Muskovich will also depart as a director of the Company. This
directorship will be filled at the annual meeting of shareholders, scheduled for
August 24, 2000. The Company has not yet identified a candidate for that board
seat.
THE COMPANY STRONGLY ADVISES ALL ELDER-BEERMAN SHAREHOLDERS TO READ THE
COMPANY'S PRELIMINARY PROXY STATEMENT, WHICH WAS FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION ON JUNE 27, 2000. THE COMPANY'S PRELIMINARY PROXY STATEMENT
CONTAINS IMPORTANT INFORMATION THAT YOU SHOULD CONSIDER BEFORE MAKING ANY
DECISION ABOUT THE PROPOSALS TO BE VOTED ON AT THE COMPANY'S ANNUAL MEETING. THE
COMPANY'S PRELIMINARY PROXY STATEMENT IS AVAILABLE AT NO CHARGE ON THE SECURITY
AND EXCHANGE COMMISSION'S WEB SITE AT HTTP://WWW.SEC.GOV. WHEN COMPLETED, THE
COMPANY'S FINAL DEFINITIVE PROXY STATEMENT WILL BE MAILED TO ALL ELDER-BEERMAN
SHAREHOLDERS AND WILL BE AVAILABLE AT NO CHARGE ON THE SECURITY AND EXCHANGE
COMMISSION'S WEB SITE AT HTTP://WWW.SEC.GOV.
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ELDER-BEERMAN AND ITS OFFICERS AND DIRECTORS MAY BE DEEMED TO BE
PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM ITS SHAREHOLDERS WITH RESPECT
TO THE ITEMS TO BE VOTED ON AT THE ANNUAL MEETING AND MAY HAVE AN INTEREST
EITHER DIRECTLY OR INDIRECTLY BY VIRTUE OF THEIR SECURITY HOLDINGS OR OTHERWISE.
INFORMATION RELATING TO THE PARTICIPANTS ARE CONTAINED IN THE COMPANY'S
PRELIMINARY PROXY STATEMENT OR MAY BE OBTAINED BY CONTACTING THE COMPANY AT THE
ABOVE NUMBER.
The nation's ninth largest independent department store chain, The
Elder-Beerman Stores Corp. is headquartered in Dayton, Ohio and operates 60
stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin
and Pennsylvania. Elder-Beerman also operates two furniture superstores.
This press release contains "forward-looking statements," including
predictions of future operating performance, events or developments such as our
future sales, profits, expenses, income and earnings per share. In addition,
words such as "expects," "anticipates," "intends," "plans," "believes," "hopes,"
and "estimates," and variations of such words and similar expressions, are
intended to identify forward-looking statements.
Because forward-looking statements are based on a number of beliefs, estimates
and assumptions by management that could ultimately prove inaccurate, there is
no assurance that forward-looking statements will prove to be accurate. Many
factors could materially affect our actual future operations and results,
including the following: increasing price and product competition; fluctuations
in consumer demand and confidence; the availability and mix of inventory;
fluctuations in costs and expenses; the effectiveness of advertising, marketing
and promotional programs; weather conditions that affect consumer traffic in
stores; the continued availability and terms of financing; the ability to
complete any pending asset disposition transactions; the outcome of pending and
future litigation; consumer debt levels; and other general economic conditions
that affect retail operations and sales, such as the rate of employment,
inflation and interest rates and the condition of the capital markets.
Elder-Beerman undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.