HUNTINGTON, W.Va.--June 22, 1995--Champion Industries,
        Inc. (Nasdaq: CHMP) today announced that it has signed an agreement
        by which E.S. Upton Printing Company, Inc. of
New Orleans, Louisiana, will become a part of Champion Industries.  A wholly-
        owned subsidiary of Champion, Bourque Printing of Baton Rouge, will
        assume or make payments on certain of Upton's liabilities in
        exchange for substantially all of Upton's assets.  The transaction
        is contingent upon court approval in Upton's Chapter 11 bankruptcy
        case filed yesterday in the U.S. Bankruptcy Court for the Southern
        District of Louisiana.  The acquisition is expected to close within
        120 days.


            Upton Printing is a New Orleans-based company specializing in
        high end color printing.  Upton's clients include not only local New
        Orleans companies but also well known regional and national
        accounts.  The company, which has been in business since 1889, will
        continue to operate under the Upton Printing name as a division of


            Champion Industries Chairman Marshall T. Reynolds welcomed the
        acquisition of Upton as "an opportunity to achieve substantial
        growth in our Louisiana operation.  This type of in-market
        acquisition usually brings results very quickly."


            Upton Printing owner and President, William R. Bell, said
        joining forces with Bourque "means we will be able to offer the full
        line of Champion Industries products to our customers.  For the
        first time, we will provide everything from business forms to data
        supplies in addition to our high end color printing.  With
        Champion's financial muscle behind us, we can concentrate on selling
        our printing and serving our customers."


            Bourque General Manager Doug McElwain said that he is "looking
        forward to enhancing our presence in New Orleans.  Our salespeople
        will have a first class base of operations, and we plan to place
        data products inventory at Upton as soon as possible."


            Champion Industries, whose stock is traded on the Nasdaq Stock
        Market under the symbol CHMP, had sales of more than $39 million in
        its most recent fiscal year.  Upton's sales have approximated $2.5
        million per year.  Champion Industries, headquartered in Huntington,
        WV, is a major commercial printer, business form manufacturer and
        supplier of office products and office furniture.  Its regional
        markets include West Virginia, Kentucky, Ohio, Louisiana,
        Mississippi, Maryland and the Carolinas.

        /CONTACT:  Joseph C. Worth, Chief Financial Officer of
        Champion Industries, 304-528-2791, or home, 304-525-6771/





             NEW YORK, New York--June 22, 1995--Federated Department Store,
        Inc.'s $500 million 'BBB-' rated senior notes due 2001 are affirmed
        by Fitch.  The action follows the announcement of its planned
        acquisition of approximately 11 Woodward &
stores. The credit trend is stable.


            Federated plans to acquire 11 Woodward & Lothrop stores and one
        John Wanamaker store for an undisclosed amount.  Woodward &
        Lothrop/Wanamaker has been in Chapter 11 reorganization.  A
        Federated led group including: Strawbridge & Clothier, Boscov's
        Department Stores, and The Rubin Organization, Inc. bid for the
        company.  The 12 acquired sites are expected to be converted to
        Macy's formats which would greatly expand Federated's presence in
        the Washington/Baltimore market.


            It is anticipated that the acquisition would not materially
        change Federated's credit profile even if the transaction is
        financed by debt. Federated acquired Macy's out of bankruptcy on
        Dec. 19, 1994.  The company is still in the process of integrating
        over 250 Macy stores into the Federated system while also converting
        Abraham & Straus stores into Macy's. The Woodward acquisition could
        have a high degree of implementation risk since the Macy's
        integration is not yet completed. However, the benefit of increasing
        Macy's from 6 stores to at least 17 in the Washington/Baltimore area
        should assist the company in market share, advertising, and
        inventory efficiencies.


            Federated Department Stores is a leading operator of premier
        department stores. It has 355 locations in 35 states operating under
        the names of Bloomingdale's, The Bon Marche, Bullock's, Burdines,
        Goldsmith's, Jordon Marsh, Lazarus, Macy's, Rich's and Stern's.

        /CONTACT:  Anne Marie May, 212-908-0589, or Keith Foley,
        212-908-0579, both of Fitch/