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Exhibit 99.1
CONTACT: CLIFFORD L. REYNOLDS
PRESIDENT AND CHIEF EXECUTIVE OFFICER D.I.Y. HOME
DIY Home Warehouse, Inc. WAREHOUSE, INC.
5811 Canal Road Phone: 216-328-5100
Valley View, Ohio 44125 Fax: 216-328-5134
PRESS RELEASE
DIY HOME WAREHOUSE, INC. ANNOUNCES CLOSING OF TWO
LOCATIONS
CLEVELAND, OHIO, AUGUST 14, 2000: D.I.Y. Home Warehouse, Inc. (OTC-BB:
DIYH) today announced that it will close its North Randall store, located at
4601 Northfield Road, and its Tallmadge Avenue location in Akron. Liquidation
sales at both locations are scheduled to begin later this week and are expected
to be completed by the middle of October.
The Company made the difficult decision to close the two locations
based on the stores' disappointing sales and profitability levels. However, the
Company is confident that the closure of the North Randall and Tallmadge Avenue
locations will have a positive impact on the ongoing operations.
In conjunction with the closings, the Company will begin to carefully
evaluate various real estate opportunities for both stores, including the
redevelopment of the Tallmadge Avenue location.
D.I.Y. Home Warehouse, Inc. will continue to operate nine warehouse
format home centers in the Northeast Ohio marketplace which sell products to
do-it-yourself home repair and remodeling customers and contractors.
The statements contained in this news release may include certain predictions
and projections that may be considered forward-looking statements under
securities law. These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially including,
but not limited to, the performance of the retail and home improvement industry,
as well as other economic, competitive and technological factors involving the
Company's operations, markets, products and prices.
- FOR RELEASE AUGUST 14, 2000