TORONTO, Canada--May 4, 1995--
Dylex Limited today received Court approval for its restructuring Plan
under the Companies' Creditors Arrangement Act. The Court approved the Plan
after Dylex reported that its major banks voted unanimously in favour of the
Plan earlier today. The banks' approval completed the voting process which
began last Friday, in which Dylex's shareholders, creditors, landlords and
debentureholders overwhelmingly voted in favour of the Plan.
``We are extremely pleased that Dylex's restructuring Plan was received so
resoundingly well by our shareholders and creditors. We are looking forward
to the successful implementation of our Plan, and we are confident that
there is an exciting future in store for Dylex,'' said Wilfred Posluns,
Dylex Chairman and Chief Executive Officer.
Dylex expects to emerge from CCAA and implement its restructuring Plan on
Friday May 26, 1995.
For further information: Richard W. Wertheim, Wertheim & Company Inc.,
(416) 594-1600, (905) 276-6612 (Home)