UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
14A
Proxy
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Exchange
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Footstar,
Inc.
(Name of
Registrant as Specified in its Charter)
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On June
5, 2008 Footstar, Inc. issued the following press release:
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Media
Contact:
Wendi Kopsick/Jeremy Fielding
Kekst and Company
212-521-4800
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Investor
Contact:
Michael Lynch
Chief Financial Officer
201-934-2577
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FOR IMMEDIATE
RELEASE
FOOTSTAR COMMENTS ON TAX
TREATMENT OF SPECIAL DISTRIBUTION
MAHWAH,
NEW JERSEY, June 5, 2008 -- Footstar, Inc. today announced it has received a tax
opinion from a nationally recognized firm that the $1 per share special
distribution, paid on June 3, 2008 to shareholders of record on May 28, 2008,
more likely than not qualifies as a liquidating distribution from the
corporation's perspective. Footstar shareholders should seek advice
from their own tax advisors regarding the tax treatment of this distribution
from a shareholder's perspective. As previously reported, the Company
is taking steps to prepare for the anticipated wind-down of its business in
2009.
Footstar
has nominated Adam Finerman and Gerald Kelly for re-election to its Board of
Directors at its Annual Meeting of Shareholders to be held on June 17,
2008. Footstar recommends that shareholders vote for Messrs. Kelly
and Finerman by returning the WHITE proxy card that has been sent to
them.
About
Footstar, Inc.
Footstar,
Inc. (OTCBB: FTAR) is a discount footwear retailer. The Company operates
licensed footwear departments nationwide in Kmart and Rite Aid
Stores.
NOTE:
Footstar's certificate of incorporation contains restrictions that prohibit
parties from acquiring 4.75% or more of Footstar's common stock without its
prior consent and as further provided therein.
Forward-Looking
Statements
This
release contains forward-looking statements made in reliance upon the safe
harbor provisions of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements may be identified by the use of words such as "anticipate,"
"estimates," "should," "expect," "guidance," "project," "intend," "plan,"
"believe" and other words and terms of similar meaning, in connection with any
discussion of our financial statements, business, results of operations,
liquidity, future operating or financial performance and other future events and
circumstances. Factors that could affect our forward-looking
statements include, among other things, our ability to manage the anticipated
wind-down of our current businesses in connection with the termination of our
Kmart business, the impact of the payment of the $1.00 per share special
distribution on June 3, 2008 on our future cash requirements and liquidity
needs, both for our operating plans and any contingencies and obligations, and
the other risks and uncertainties discussed more fully in our 2007 Annual Report
on Form 10-K and the 2008 first quarter report on Form 10-Q.
Because
the information in this release is based solely on data currently available, it
is subject to change and should not be viewed as providing any assurance
regarding our future performance. Actual results, performance,
events, plans and expectations may differ from our current projections,
estimates and expectations and the differences may be material, individually or
in the aggregate, to our business, financial condition, results of operations,
liquidity or prospects. Additionally, we do not plan to update any of
our forward-looking statements based on changes in assumptions, changes in
results or other events subsequent to the date of this release, other than as
included in our future required SEC filings, or as may otherwise be legally
required.
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