TCR_Public/950216.MBX


Grand Union Capital commences voluntary Chapter 11 case



  WAYNE, N.J. -- February 16, 1995 -- Grand Union Capital Corp.
announced today that it had filed in the U.S. Bankruptcy Court for the
District of Delaware a consent to the entry of an order for relief on the
involuntary Chapter 11 petition which had been filed against it in that court
on Feb. 6, 1995, thereby commencing a voluntary Chapter 11 case.  A company
spokesperson noted that, following the entry of the order for relief, the
company expects to file a plan of Reorganization and a Disclosure Statement
within the time provided by applicable law.


  The company's wholly-owned subsidiary, The Grand Union Co., filed a Plan of
Reorganization and related Disclosure Statement in the U.S. Bankruptcy Court
for the District of Delaware on Feb. 6, 1995.  The company's sole stockholder,
Grand Union Holdings Corp., filed a voluntary Chapter 11 petition in the U.S.
Bankruptcy Court for the District of Delaware today.



    CONTACT: Grand Union Capital Corp.
             Gary D. Hirsch, 914/921-3000





Grand Union Holdings Corp. files Chapter 11 petition



  WAYNE, N.J. -- February 16, 1995 -- Grand Union Holdings Corp.
announced today that it had filed a voluntary Chapter 11 petition in the U.S.
Bankruptcy Court for the District of Delaware.  A company spokesperson noted
that the company expects to file a plan of Reorganization and a Disclosure
Statement within the time provided by applicable law.


  The company's indirect wholly-owned subsidiary, The Grand Union Co., filed a
Plan of Reorganization and related Disclosure Statement in the U.S. Bankruptcy
Court for the District of Delaware on Feb. 6, 1995. The company's direct
wholly-owned subsidiary, Grand Union Capital Corp., commenced a voluntary
Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware
today by consenting to the entry of an order for relief on the involuntary
Chapter 11 petition which had been filed against it in that court on Feb. 6,
1995.



    CONTACT: Grand Union Holdings Corp.
             Gary D. Hirsch, 914/921-3000





LESLIE FAY'S EXCLUSIVITY PERIOD IS EXTENDED UNTIL MAY 1, 1995



  NEW YORK -- FEBRUARY 16, 1995 -- The Leslie Fay Companies,
Inc.
(NYSE:" target=_new>http://www.secapl.com/cgi-bin/edgarlink?LES">NYSE:
LES) announced today that the U.S. Bankruptcy Court for the
Southern District of New York has granted a motion extending the period during
which the company has the exclusive right to file a plan of reorganization
from February 17, 1995, through May 1, 1995.  Likewise, the period during
which the company can solicit acceptances for the reorganization plan has been
extended through June 30, 1995.


  "We are actively involved in discussions with our creditors over specific
terms and conditions of a plan of reorganization and hope to make considerable
progress during this period,"  said John J. Pomerantz, Chairman and Chief
Executive Officer of Leslie Fay.  "We remain firmly committed to arriving at a
consensual plan that serves the best interests of all our constituencies --
including our creditors, customers, employees and shareholders."


  Founded in 1947, The Leslie Fay Companies, Inc., is one of the nation's
leading manufacturers of women's apparel, including dresses, suits and
sportswear.  Its brand names include Leslie Fay, Nipon Boutique, Nipon Studio,
Kasper for A.S.L., Nolan Miller, Castleberry, Outlander, Andrea Gayle and HUE.


    CONTACT:  Kekst and Company /
              James Fingeroth /
              Michael Freitag /
              (212) 593-2655