PHAR-MOR TO CONSOLIDATE BASE OF CORE STORES IN PREPARATION FOR EMERGENCE  
      FROM CHAPTER 11

  Company to Close 41 Stores, Leaving a Base of 102 Solidly Profitable  
                               Stores

  YOUNGSTOWN, Ohio--May 12, 1995-- Phar-Mor, Inc.  
announced today that as part of its business strategy to focus on markets with the  
strongest long-term growth potential, it will close 41 stores before it emerges from  
Chapter 11, leaving a core base of 102 solidly profitable stores in 19 states  
with combined annual sales of more than $1.1 billion.  The Company also  
disclosed that its business plan provides for opening 36 new stores during the  
next four fiscal years.

  The stores that will be closed include 17 in Florida, eight in Indiana,  
three in Nevada and in Missouri, two in South Carolina, and one in Alabama,  
Iowa, Illinois, Kentucky, North Carolina, South Dakota, Tennessee, and  
Virginia.  Phar-Mor stated that it is engaged in discussions to sell several  
of its stores on a going-concern basis. The Company will conduct going out of  
business sales at the stores affected by this announcement, with the exception  
of the stores that may be sold.

  Phar-Mor's CEO, Tony Alvarez, said: "With Phar-Mor's emergence from Chapter  
11 nearly at hand, we have developed a strategic business plan that sets high  
standards for each of the Company's activities and provides aggressive  
performance targets for each store.  Going forward, we expect to pursue a  
growth strategy that focuses on markets where our stores have been strongest.

  "Based on this plan, we decided to build on an existing core of 102 solidly  
profitable stores that are well-positioned to compete and grow in their  
markets.  In making this decision, we are motivated by two key objectives: to  
make sure that each store contributes significantly to the Company and that  
each market fits Phar-Mor's long-term growth strategy.  We are also mindful of  
the fact that once we emerge from Chapter 11 we will no longer be able to  
reject store leases without significant penalty."

  The Company said that for a variety of reasons, including disappointing  
sales results and higher than acceptable operating costs, the stores being  
closed were either unprofitable or did not have long-term growth potential.

  Phar-Mor said it would petition the U.S. Bankruptcy Court in Youngstown to  
proceed with the closure of the designated stores and that a Court hearing for  
the store closings has been scheduled for May 23, 1995.  The stores to be  
closed will continue normal operations until such time as the Court approves  
the store closing plan.

  Phar-Mor, headquartered in Youngstown, is a deep-discount retail chain.   
When the store consolidation is complete, it will have 102 stores in 19  
states.  On August 17, 1992, Phar-Mor filed for protection under Chapter 11 of  
the U.S. Bankruptcy Code.  It filed two alternative Plans of Reorganization  
with the Bankruptcy Court on April 24, 1995.

                       STORES TO BE CLOSED  
       NAME                     CITY                    STATE  
  Eastdale Mall              Montgomery                   AL  
  Deerfield                  Deerfield Beach              FL  
  Countryside Plaza          Clearwater                   FL  
  Colonial Plaza             Fort Myers                   FL  
  Sunshine Mall              Clearwater                   FL  
  Desoto Junction            Bradenton                    FL  
  Colonial Promenade         Orlando                      FL  
  Lakeland                   Lakeland                     FL  
  The Terrace                Orlando                      FL  
  Embassy Crossing           Port Richey                  FL  
  Temple Terrace             Temple Terrace               FL  
  Regency Square             Brandon                      FL  
  Shopps of W. Melbourne     Melbourne                    FL  
  Kendallgate Center         Miami                        FL  
  Interstate Mall            Altamonte Springs            FL  
  Tower Shops                Davie                        FL  
  Lakeland-North             Lakeland                     FL  
  Cape Coral (Ames)          Cape Coral                   FL  
  Westridge Shopping Centre  Clive                        IA  
  Westfield Plaza            Belleville                   IL  
  Glenbrook Commons          Ft. Wayne                    IN  
  Indian Ridge Shopping Ctr  Mishawaka                    IN  
  Castleton Plaza            Indianapolis                 IN  
  Lafayette Place            Indianapolis                 IN  
  Washington Place           Indianapolis                 IN  
  Eastland Shps Shpg         Evansville                   IN  
  Greenwood (Ames)           Indianapolis                 IN  
  Village At Town Crns       Ft. Wayne                    IN  
  Kentucky Oaks Mall         Paducah                      KY  
  N County Festival          Ferguson                     MO  
  Mid Rivers Plaza           St. Peters                   MO  
  Primrose Marketplace       Springfield                  MO  
  K Mart Plaza               Durham                       NC  
  Westland Fair              Las Vegas                    NV  
  Tropicana Centre           Las Vegas                    NV  
  Las Vegas East             Las Vegas                    NV  
  Centre at Westgate         Spartanburg                  SC  
  Aiken Mall                 Aiken                        SC  
  Western Mall Shpg          Sioux Falls                  SD  
  Rivergate Station          Madison                      TN  
  Candler's Station          Lynchburg                    VA  

  /CONTACT:  Gary Holmes, 212-484-7736 or Robert Mead, 212-484-6701, both for  
Phar-Mor/

ARI HOLDINGS, INC. REPORTS FIRST QUARTER RESULTS

  LAWRENCEVILLE, N.J.--May 12, 1995-- ARI Holdings, Inc. (AMEX:
ARI) (formerly known as American Reliance Group, Inc.) today reported results for the
quarter ended March 31, 1995.

  Revenues for the quarter were $660,000, compared to $1,657,000 for the first  
quarter of 1994.  Post-closing consideration from the sale of insurance  
operations was $270,000 for the first quarter of 1995, compared to $1,361,000  
for the first quarter of 1994.  The decrease in post-closing consideration is  
due to the decrease in the rate of these payments from 8% to 3.5% effective  
July 1, 1994, and a previously announced adjustment for overpayments of  
$239,000.  Net income for the first quarter of 1995 was $314,000 or $.14 per  
share, compared to $1,005,000 or $.45 per share in 1994.

  As previously reported, the Board of Directors of the Company has approved a  
proposed plan of liquidation, pursuant to which the Company will sell its  
wholly owned subsidiary, American Reliance Casualty Company ("Casualty"), to  
American Reliance Insurance Company ("Mutual") in exchange for Mutual's 60.8%  
interest in the Company, and then dissolve.  The plan is subject to  
shareholder approval and the approval of the Insurance Commissioner of the  
State of New Jersey.

  The plan of liquidation will be presented to shareholders at a special  
meeting in the second quarter of 1995.  There can be no assurance that either  
the shareholders or the Insurance Commissioner will approve the plan, nor as  
to the amount per share or timing of the liquidating dividend.

                        ARI HOLDINGS, INC.  
            (Amounts in thousands, except per-share data)  
  Three months ended March 31,    1995      1994  
  Post-closing consideration      $270    $1,361  
  Net investment income            390       295  
  Total revenues                   660     1,657  
  Income before tax                314     1,005  
  Net income (loss)               $314    $1,005  
  Share Data:  
  Earnings per share              $.14      $.45  
  Average shares outstanding     2,236     2,236  

  /CONTACT:  Karen S. Fulton, President of ARI Holdings, 609-895-3067/

ROCKEFELLER BANKRUPTCY NEWS: FIRST ISSUE FREE

  PRINCETON, N.J.--May 12, 1995-- Catering to the niche market of  
attorneys, accountants, investment bankers, creditors, vulture investors and  
other persons interested in the chapter 11 bankruptcy filings by Rockefeller  
Center Properties and RCP Associates, Bankruptcy Creditors' Service, Inc.,  
today announced publication of ROCKEFELLER BANKRUPTCY NEWS.

  "ROCKEFELLER BANKRUPTCY NEWS -- like our other niche market bankruptcy  
newsletter titles -- provides subscribers with the most detailed, in-depth  
news about the Rockefeller partnerships' attempts to restructure millions upon  
millions of dollars of debt, reorganize their business operations and emerge  
as a healthy companies under to chapter 11 of the U.S. Bankruptcy Code," says  
Peter A. Chapman, President of Bankruptcy Creditors' Service, Inc., and Editor  
of ROCKEFELLER BANKRUPTCY NEWS.

  Chapman related that today's first issue of ROCKEFELLER BANKRUPTCY NEWS  
includes: