(BIG-ENTERTAINMENT)(BIGE) BIG Entertainment Announces Favorable Initial Sales From New In-line Studio Stores (Business Wire; 01/30/98)
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 30, 1998--BIG Entertainment, Inc. (Nasdaq:BIGE) today announced that holiday sales for its three new retail entertainment prototype studio stores met or exceeded expectations during the period ended December 31, 1997. The stores, which opened in November 1997, are located in Willowbrook Mall in Wayne, New Jersey; in Woodbridge Mall in Woodbridge, New Jersey; and in Garden State Plaza Mall in Paramus, New Jersey.
The new stores are an expanded version of the Company's existing chain of Entertainment Super-Kiosks located in super-regional malls throughout the U.S. The three new units feature a wide variety of entertainment merchandise, apparel and collectibles linked to blockbuster movies and TV shows, representing the hottest entertainment properties from major Hollywood studios and licensees.
BIG's Chairman and Chief Executive Officer Mitchell Rubenstein said, "Although these units have only been open for just a little over two full months, we are encouraged by their initial results. Our largest unit in Woodbridge Mall, reported sales of over $250,000 for December, a record for any of our Big Entertainment retail units. While these first three units range in size from 2,272 square feet to 3,200 square feet, we believe the majority of future units will be approximately 3,000 square feet and, based on results to date, will generate annual revenues in the approximate range of $1.2 million to $1.5 million per unit. At this level of sales, our return on investment is very attractive."
Big Entertainment is a rapidly growing entertainment company whose revenues are generated from two primary sources: ownership and licensing of celebrity-branded intellectual properties and operation of entertainment retail outlets. The Company's strategy is to own and/or control entertainment properties by best-selling authors such as Tom Clancy, Arthur C. Clarke and Mickey Spillane, media celebrities such as Leonard Nimoy, and sports greats such as Magic Johnson.
(The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in filings with the Securities and Exchange Commission.)
CONTACT: BIG Entertainment, Boca Raton Mitchell Rubenstein, 561/998-8000