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The recession has grounded Newmark & Lewis (AMEX, Hicksville) and Seaman Furniture (Uniondale), which, in 1980s, were two of the Northeast's highest flying regional retailers. Newmark is on the block and Seaman is operating under bankruptcy court protection, according to announcements the companies made last week.
Newmark's decision to sell came six months after the electronics and appliance company filed for Chapter 11 bankruptcy protection and eight days after it disclosed plans to close 12 of its 26 remaining stores. The closings are expected to be complete in the next few weeks and will leave Newmark with seven LI locations, said CEO Ron Fleisher. Newmark, a victim of sluggish sales after rapid expansion in the booming 1980s, started 1991 with 67 stores.
Newmark is contacting prospective purchasers...