One Price Clothing Stores, Inc announced that its board of directors will recommend to its stockholders an amendment of the company's Certificate of Incorporation that would authorise a reverse stock split of all issued and outstanding shares of the company's common stock.

"The purpose of the reverse stock split is to increase the market price per share of our common stock above the minimum level required to maintain our listing on the Nasdaq National Market System, which we believe to be in the best interests of our stockholders," said Leonard M. Snyder, chairman and chief executive officer.

A special meeting of stockholders to act on the board's recommendation is currently scheduled for September 4, 2001 at the company's Duncan, South Carolina headquarters. Stockholders will be asked to authorise a reverse stock split in a ratio of between one new share for each two shares currently outstanding and one new share for each five shares currently outstanding.

The proposal permits a committee of the company's board of directors, together with the company's CEO, to select the final ratio for the reverse stock split that they believe to be in the best interests of the stockholders and the company. If approved and implemented, the reverse stock split will reduce the number of common shares outstanding.

The board of directors currently expects to set a record date of July 30, 2001 to establish the stockholders entitled to vote on the matter. One Price Clothing Stores, Inc operates a national chain of retail specialty stores offering first quality, in-season apparel and accessories for women and children at the best price every day.

The company currently operates 629 stores in 30 states, the District of Columbia, Puerto Rico and the US Virgin Islands under the One Price & More! and BestPrice! Fashions brands.