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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Wards To Purchase 20 Percent Of Levitz

Compiled From Wire Services

Montgomery Ward announced plans Tuesday to acquire nearly 20 percent of Levitz Furniture Inc. for nearly $65 million.

Levitz, with annual sales of $1 billion, has 134 warehouse showrooms and stores in 26 states.

Under the agreement, Chicago-based Wards will pay $9 a share to buy 7,222,222 shares, or 19.6 percent, of Levitz, based in Boca Raton, Fla. The deal also would allow Wards to increase its ownership to 42 percent by exercising warrants to buy additional shares.

Wards is the largest privately held retailer in the United States. Its 1994 revenues were $7.038 billion. Levitz, whose fiscal year ended March 31, reported sales of $1.047 billion.