Both locations will adapt Jacobson's 80,000-sf, two-level format introduced last yearat Meridian Mall in the Lansing, MI market. The Cincinnati location, expected to open in the fall of 2002, will anchor a new development called Voice of America Center, an upscale specialty center to be built near I-75 and Tylersville Road serving the greaterCincinnati-Dayton area. The Lyndhurst store will anchor a new development called Legacy Village, an upscale specialty center to be constructed near Richmond and Cedar Roads, scheduled to open in the fall of 2003.
These two new stores will join Jacobson's existing Ohio stores in Toledo and Columbus.
Jacobson's also announced a commitment for a new $150-million senior secured line of credit to be underwritten by Fleet Retail Finance, Inc. The new financing arrangement is scheduled to commence within the next two months and is subject to customary closing conditions. It replaces a $100-million credit line that was due to expire in March 2002.
"We view the announcement of these new stores and our new line of credit as reaffirming our growth strategy and providing enhanced career opportunities for our people," says Chairman, President and Chief Executive Officer P. Gerald Mills. "We are especially enthused about entering two new markets and adding our 14th and 15th stores in the Midwest and 25th and 26th overall. The strategic geographic fit of these trading areas reinforces our strong Midwest presence. Both Cleveland and Cincinnati exemplify theexcellent metropolitan areas under consideration that are well suited for Jacobson's high-service concept."
Jacobson Stores Inc. currently operates 24 specialty stores in Michigan, Ohio, Indiana, Kentucky, Kansas and Florida.
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