GANTOS DISCLOSURE STATEMENT APPROVED BY BANKRUPTCY COURT
GRAND RAPIDS, Mich., Jan. 19, 1995 -- Gantos, Inc. (Nasdaq: GTOSQ),
today obtained approval of its Disclosure Statement with respect to its Second
Amended Joint Plan of Reorganization from the United States Bankruptcy Court
for the Western District of Michigan. The Disclosure Statement describes the
terms of the Company's restructuring plan, which has the support of Gantos'
Official Unsecured Creditors' Committee, Gantos' pre-bankruptcy lenders and
certain major creditors. As previously announced, the plan calls for general
unsecured creditors to receive a 100% recovery, consisting of cash, common
stock and notes payable. Existing shareholders are expected to retain 35 to
40 percent of the Company's equity.
Commenting on the announcement, L. Douglas Gantos, the Company's Chairperson
and Chief Executive Officer, stated, "Approval of our Disclosure Statement
allows us to solicit acceptances of our reorganization plan from our creditors
and shareholders. As part of this process, we anticipate successful emergence
from bankruptcy in mid-March".
The Bankruptcy Court has scheduled a hearing for March 7, 1995, to consider
confirmation of the reorganization plan.
Gantos, Inc. is a specialty retailer of quality women's wear and
accessories. The Company currently operates 114 stores in 23 states.
/CONTACT: Frederick H. Marx of Marx Layne, 810-855-6777, for Gantos/
FIRST CONNECTICUT BANKRUPTCY CASE CLOSED
BRIDGEPORT, Conn., January 19, 1995 -- First Connecticut Capital
Corporation, formerly known as First Connecticut Small Business Investment
Company, announces that having fulfilled its plan obligations, it has emerged
from its chapter 11 proceeding and closed its case by order of the U.S.
Bankruptcy Court, District of Connecticut.
David Engelson, president, and James Breiner, chairman, said the company is
pleased the trying four-year bankruptcy period is over, putting an end to the
extraordinary expenses and distractions connected with that process. "We look
forward to continuing our progress of building a successful company."
First Connecticut, as mortgage brokers, will specialize in arranging
financing for residential and commercial real estate and will also service
/CONTACT: David Engelson of First Connecticut Capital Corporation,
Hearing scheduled regarding closing of additional 24
Everything's A Dollar stores
MILWAUKEE, Wisconsin -- January 19, 1995 -- Everything's A Dollar Inc., a
subsidiary of Value Merchants Inc. (VUMIQ.BB) has filed a motion with the
United States Bankruptcy Court for the Eastern District of Wisconsin seeking
authority to close an additional 24 retail stores, to include 16 Everything's
$1.00 stores, three Buck Boutique stores and five The $5 and $10 Store concept
The motion requests permission to close 13 stores on Jan. 31 and the
remainder on Feb. 13, 1995. Since filing for court protection in December
1993, the company has closed approximately 160 Everything's $1.00 stores. A
hearing on the motion is scheduled for Jan. 30, 1995.
The company has stated that closing under-performing stores is critical to
improving the company's financial condition since closings provide the
opportunity to reduce cash draining operations, lower working capital
requirements, and improve the company's potential for future profitability
within a short period of time.
Everything's A Dollar Inc. currently operates 263 stores around the country
specializing in value-oriented close-out merchandise.
CONTACT: Value Merchants Inc., Milwaukee
Gary I. Kastel, 414/274-2976
LLOYD'S PLAN OF REORGANIZATION CONFIRMED BY BANKRUPTCY COURT
MIDDLETOWN, N.Y., January 19, 1995 -- Lloyd's Shopping Center, Inc.
announced that effective January 13, 1995, its plan of reorganization was
confirmed by an order of the United States Bankruptcy Court for the Southern
District of New York.
The company intends to continue its traditional business as a supermarket
operator, and to develop its real estate interests at its two shopping centers
in Middletown and Newburgh, New York.
/CONTACT: Robert J. McCarthy of Lloyd's Shopping Center, Inc.,