Jacobson's to Begin Liquidation Process at All 18 Stores

JACKSON, Michigan - July 25 /PRNewswire/ -- Jacobson Stores Inc. today received authorization to begin liquidating over $100 million of merchandise inventory in its 18 remaining stores. Closing sales begin Friday, July 26, 2002.

The United States Bankruptcy Court for the Eastern District of Michigan, Southern Division approved two bids, one to purchase the Company's merchandise and another to purchase its accounts receivable.

Approval of the liquidation process follows the Company's unsuccessful attempts to sell the business as a going concern.

A joint venture group including SB Capital Group, LLC will manage the liquidation sales for the 134-year-old specialty retailer.

The going out of business sales will continue until all merchandise has been sold. The sales will offer storewide discounts off the lowest ticketed prices in categories such as men's, women's and children's clothing, home furnishings, giftware and fine jewelry.

Jacobson's currently operates 18 specialty stores in Michigan, Indiana, Kentucky, Kansas and Florida. The Company's web site is located at www.jacobsons.com.