Movie Star, Inc (AMEX:MSI) today announced that it has purchased and retired a further $1,948,000 in principal of its 8% senior notes at a cost of approximately $1,770,000. This brings the total extraordinary gain from debt retirement in the Company’s fiscal fourth quarter, ended June 30, 2000, to approximately $225,000, net of related costs and income taxes. “Following this latest purchase, there remains outstanding $7,637,500 in principal of the company’s 8.0% senior debt due September 2001 and $4,347,000 in principal of the Company’s 12.875% subordinated debentures due October 2001,” said Thomas Rende, Movie Star’s chief financial officer. “So far this fiscal year, we have brought our long-term debt down by approximately $8.6 million, or about 42%, to just under $12 million.” Mel Knigin, Movie Star’s president and chief executive officer, announced the launch of the company’s new website,
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