Similar news from Champion posted at WWW.THESTREET.COM two days ago.
 
 
Champion Enterprises, Inc. Announces the Sale of 22 Retail Locations for Approximately $20 Million
 PR Newswire

AUBURN HILLS, Mich., April 5, 2005 /PRNewswire-FirstCall via COMTEX/ -- Champion Enterprises, Inc. , a leader in the factory-built housing industry, today announced that it has completed six separate transactions resulting in the divestiture of 22 sales centers in the Carolinas, Virginia, Texas and Louisiana for cash of approximately $20 million. An estimated $10 million of these proceeds were used to pay down related floor plan obligations. Remaining floor plan debt now totals less than $2 million. The company will record no significant gain or loss from these transactions. In all but six locations, which were home centers located in communities, long-term distribution agreements were entered into with the buyers. Additional details were not disclosed.

Champion's President and Chief Executive Officer, William C. Griffiths, commented, "These sales are another milestone in our previously announced plan to completely exit our traditional retail operations, now consisting of 20 sales centers in ten states. Within the next six months we expect to divest these remaining locations with no material impact on results and while generating an estimated $17 million in cash."
 

Greg Harmon - President
Commonwealth Real Estate Services
E-mail: greg@cwres.com
Telephone 503.244.2300 Ext. 101