ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, August 13, 1994                   TAG: 9408150086
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

HILLS THREATENED WITH TAKEOVER

Dickstein & Co. LP, a New York partnership that specializes in investing in distressed and bankrupt companies, has threatened to take control of Hills Stores Co., the Canton, Mass., discount retailer with outlets in Western Virginia

In a filing with the Securities and Exchange Commission, Dickstein said it was ``actively considering'' a proxy solicitation to replace four of eight Hills directors, which would give it considerable say over Hills operations. Dickstein, which owns 12.6 percent of Hills' stock, has told government agencies it would purchase as much as 50 percent. Hills stock, traded on the New York Stock Exchange, closed Friday at $21.371/2, up 371/2 cents.

Dickstein and several other large investors received stock in exchange for the debt they held when Hills emerged from bankruptcy in October. They believe the retailer's shares are worth much more than the price at which they currently trade.

- New York Times 


 by CNB