Exhibit 99
X.X. INDUSTRIES TO SELL REAL ESTATE INTEREST
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TO XXXX AND LIQUIDATE
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X.X. Industries has entered into a Sale - Purchase Agreement to sell to
Xxxx Realty II, a subsidiary of Xxxx Department Stores, its interests in the
leased real estate where seven of the eight Xxxxxxxxx'x Department Stores are
located for $7.6 million. Following this sale, X.X. Industries will dissolve and
liquidate its remaining assets. Currently, X.X. Industries expects that holders
of common stock of X.X. Industries (including holders of X.X. Industries
preferred stock which is convertible into common stock) will receive in excess
of $1.00 in cash for each share of common stock. However, changes that occur
during the course of this liquidation, the inability to sell assets for
anticipated proceeds and/or unanticipated liabilities that arise during the
liquidation could cause the anticipated payments to holders of X.X. Industries
stock to vary significantly. Further, there are customary conditions to the
closing of the sale of real estate interests to Xxxx. The failure of this sale
to close for any reason would have an adverse effect on the planned liquidation.
X.X. Industries does not anticipate distributing any amount to shareholders in
this liquidation prior to September 30, 2000 and the liquidation could take
significantly longer.
The foregoing contains forward-looking statements within the meaning of the
Private Securities Litigations Reform Act of 1995. Actual results may differ
materially from the anticipated results as a result of certain risks and
uncertainties, including those discussed above and other risks detailed from
time to time in the Company's Securities and Exchange Commission filings.
