TCR_Public/950130.MBX



U.S. Bankruptcy Court approves debtor-in-possession financing for The
      Grand Union Company

  WAYNE, N.J.--January 30, 1995--The United States Bankruptcy Court for
the District of Delaware today gave interim approval of debtor-in-possession
financing for The Grand Union Company in the amount of $150 million from
Bankers Trust Company.
  In its order, the Court said Grand Union could immediately utilize $50
million to meet post-petition obligations.  The approval is subject to a final
hearing scheduled for February 16.

    CONTACT: The Grand Union Company
             Gary D. Hirsch, Chairman of the Board
             914/921-3000





JAMESWAY EMERGES FROM CHAPTER 11 WITH $115 MILLION CREDIT FACILITY AND
      NO DEBT; NEW STOCK AND WARRANTS BEGIN TRADING ON WHEN-ISSUED BASIS

  SECAUCUS, N.J., January 30, 1995 -- Jamesway Corporation (NYSE: JMY)
today announced that the Company has emerged from Chapter 11 bankruptcy
protection and its new stock and warrants have begun trading on a when-issued
basis.
  The Company also reported that its post-confirmation credit facility for
$115 million has been completed with the CIT Group.
  Howard Curd, Jamesway's chairman, said, "Today marks an historic step
forward in the Company's turnaround.  Jamesway has emerged from Chapter 11
debt free and with a much stronger management structure. Our new president and
CEO, Herb Douglas, has done a great job since taking over last summer.  The
future looks bright under his leadership and vision."
  Douglas said, "Michael Palmer and Tom Kiley, both executive vice presidents,
and their people are really the ones who did the hard work that helped us to
emerge from Chapter 11.  I was fortunate to come in for the last lap.
  "I want to thank all of the Jamesway employees and our vendor partners for
their dedication and support.  Their efforts have allowed us to move from
Chapter 11 back to normal operations in a very challenging marketplace.  I
also look forward to working with our new board of directors, who will help us
to make Jamesway once again a powerful, profitable competitor in the retailing
field."
  In accord with the Chapter 11 reorganization plan, 12 million shares of new
Jamesway common stock are being issued.  They began trading today on the New
York Stock Exchange (JMYwi) on a when-issued basis until the shares have been
distributed by the transfer agent.  Also in accord with the reorganization
plan, 720,000 warrants to purchase the new stock are being issued to the old
shareholders.  The warrants began trading today on the NASDAQ small-cap issues
market (JMYCws) on a when-issued basis until they have been issued in exchange
for the 13.9 million shares of old Jamesway common stock.
  The Company said that disbursements to secured creditors will be made as
soon as practicable.  Unsecured creditors will begin to receive on-account
payments of cash and stock within a month.  Subsequent payments will be made
at regular intervals until claims have been satisfied.
  Jamesway's amended plan of reorganization under Chapter 11 of the Federal
Bankruptcy Code was confirmed last month by the U.S. Bankruptcy Court in
Manhattan.  The Company operates a chain of 90 regional discount department
stores in 7 Northeastern and mid-Atlantic States.
  /CONTACT:  Michael W. Kempner, or George Strauss of MWW/Strategic
Communications, Inc., 201-507-9500; or Michael Palmer, Executive VP
Finance/Administration of Jamesway, 201-330-6000/