TCR_Public/950815.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.






        BROADWAY AGREES TO MERGER WITH FEDERATED

         

            CINCINNATI, Oh and LOS ANGELES. Ca--Aug. 14, 1995--
        Federated Department Stores, Inc. and Broadway
Stores, Inc. jointly announced today that the boards of directors of both companies
have approved a definitive agreement providing for a stock-for-stock
        merger under which Broadway Stores will become a subsidiary of
        Federated.  The merger is expected to take place by mid-to-late

        October.   

         
            Los Angeles-based Broadway Stores, Inc. is a leading retailer in
        the western U.S., with annual sales of more than $2 billion.
        Broadway currently operates 83 department stores under the names of
        The Broadway, Emporium and Weinstocks; 71 of the stores operate in
        California, with the remainder in Arizona, Colorado, Nevada and New
        Mexico.   

         

            "There are few deals too good to pass up because of what they
        can mean to a company strategically over the longer term," Allen
        Questrom, Federated's chairman and chief executive officer, said in
        making today's announcement.  "Because this merger will enable us to
        broaden our base of store operations in this important area of the
        country, we think this is one of those deals for Federated."   

         

            While the company has not yet finalized its plans, Federated
        anticipates retaining and operating a significant number of the
        stores acquired in the merger with Broadway, and divesting the
        remainder over the next year or so.  Most of the retained stores
        will be converted to Macy's/Bullock's or, in the case of a few of
        the acquired stores, to Bloomingdale's, marking that prestigious
        chain's first entry into California.   

         

            An operational conversion of the retained Broadway stores into
        Macy's/Bullock's or Bloomingdale's is expected to be initiated early
        in 1996; in the interim, Broadway, Emporium and Weinstocks stores
        will continue operating as they are now until after the first of the
        year.   

         

            Federated said it is too early in the process to provide any
        additional information on specific store sale, retention or
        conversion plans; those decisions and subsequent announcements will
        not be forthcoming until after the merger is completed this fall.   

         

            "We expect that most of Broadway's stores that we retain will be
        converted to Macy's/Bullock's after the merger, and a few will
        become Bloomingdale's," Questrom said.  "We are delighted at the
        opportunity to acquire these fine stores, because it represents a
        singularly unique opportunity to significantly expand Federated's
        presence on the West Coast, and to enhance the company's competitive
        position for the benefit of consumers in those communities."   

         

            In the merger, each of Broadway's approximately 46.9 million
        outstanding shares of common stock will be converted into 0.27
        shares of Federated common stock; accordingly, Federated will issue
        approximately 12.7 million shares of new Federated common stock in
        the merger transaction.   

         

            In connection with the merger, Federated also agreed to acquire
        Broadway's existing mortgage loan of approximately $422 million from
        Prudential Insurance Company of America, in exchange for additional
        Federated common stock to be valued at $200.0 million at the time of
        acquisition, plus approximately $222 million of new indebtedness.   

         

            In addition, as a result of the transaction, Broadway's working
        capital lender has undertaken to liberalize the financial covenants
        on that facility, and to increase the size of the facility.   

         

            "With Federated as an industry partner, we expect that we will
        be able to reassure our trade resources and our people immediately
        and dramatically, and we expect an immediate return to a normal
        trade situation," said David L. Dworkin, president and chief
        executive officer of Broadway.   

         

            Zell/Chilmark L.P., which presently owns approximately 54
        percent of Broadway's outstanding common stock, has agreed to vote
        those shares in favor of the merger and has granted Federated an
        option to buy those shares at the merger exchange ratio.  A meeting
        of Broadway shareholders for the purpose of voting on the merger is
        expected to take place in October.   

         

            In addition to customary conditions, the merger is conditioned
        on both parties' receipt of certain bank consents and waivers.   

         

            "Broadway always has had an amazing collection of assets.  With
        this transaction, the prospect for superior utilization of those
        assets has increased," said Sam Zell, general partner of
        Zell/Chilmark.  "This deal is good for The Broadway, its employees
        and vendors.  Shareholders will have a continuing interest in a well
        managed retail company, with lots of growth potential and benefits
        of enhanced economies of scale."   

         

            James M. Zimmerman, Federated's president and chief operating
        officer, noted that in recent years, Federated has "acquired a
        tremendous amount of experience in merging divisional operations and
        converting store nameplates.  Because of this, we believe we will be
        able to effect a smooth transition of Broadway Stores into
        Federated, and to effectively convert these stores into
        Macy's/Bullock's or Bloomingdale's with a minimum of disruption to
        our existing business."   

         

            Zimmerman said Federated currently expects to invest
        approximately $525 million in capital for conversions and major
        remodels of stores acquired and retained from the Broadway merger
        over the period from 1996-1999.  Sales generated by retained stores
        are expected to add approximately $1.4 billion annually to
        Federated's annual sales totals in their first full year, which
        would be beginning in Fiscal 1997.  These numbers are subject to
        change as plans are finalized.   

         

            As a result of the merger, Federated will take one-time charges
        against earnings in the current and possibly the next fiscal year;
        the actual amount of these charges cannot yet be determined.   

         

            Federated, with corporate offices in Cincinnati and New York, is
        one of the nation's leading retailers, with annual sales before the
        merger of more than $14 billion.  Federated currently operates 354
        department stores and more than 100 specialty and clearance stores
        in 35 states under the names of Bloomingdale's, The Bon Marche,
        Bullock's, Burdines, Goldsmith's, Jordan Marsh, Lazarus, Macy's,
        Rich's and Stern's, as well as Aeropostale, Charter Club and Macy's
        Close Out.   

         
        CONTACT:  Federated Department Stores, Inc., Cincinnati

                  Media - Carol Sanger, 513/579-7764
                  Investor - Susan Robinson, 513/579-7780
                                    or
                  Broadway Stores, Inc., Los Angeles
                  Bill Ihle, 213/227-3884
         



        AMERICA WEST COMPLETES TRANSACTION TO REPURCHASE AND EXCHANGE SENIOR
        UNSECURED NOTES

         

            PHOENIX, Az--Aug. 14, 1995--Reflecting its significantly
        improved operating performance, America West
Airlines (NYSE: AWA)

        today announced that it had completed a transaction to prepay $48
        million of its $123 million of 11.25% Senior Unsecured Notes due
        Sept. 1, 2001, and to exchange the remaining $75 million for new
        notes with a lower coupon and longer maturity.  The coupon on the
        new notes is 10.75% with a maturity of Sept. 1, 2005.

         

            W.A. Franke, chairman and chief executive officer, said, "Less
        than a year after emerging from Chapter 11, the company is
        performing much better than predicted.  We recently announced record
        earnings for the second quarter 1995 - our 10th consecutive
        quarterly profit.  Our total cash balance at the end of the quarter
        exceeded $300 million, of which $279 million was unrestricted.  This
        combination of events provides us with an opportunity to improve our
        balance sheet by prepaying significant debt with excess available
        cash and exchanging the remainder of the Notes for new notes at more
        favorable terms."

         

            The 11.25% Senior Unsecured Notes were privately placed with
        certain institutional investors as a part of the company's Chapter
        11 reorganization plan in August 1994.

         

            "This transaction benefits the company in several ways," said
        Franke.  "Total debt has been reduced by approximately 10% and our
        average borrowing costs are lower.  Net interest expense is expected
        to decline by approximately $3 million per year.  Furthermore, we
        have increased our financial flexibility by extending maturity from
        2001 to 2005 and relaxing covenants on certain restricted payments
        such as dividends and stock repurchases.

         

        /CONTACT:  Michael Mitchell, manager of Corporate Communications of
        America West, 602-693-5732/




         

        All For A Dollar announces second quarter and six months results  

         

           SPRINGFIELD, Mass.--Aug. 15, 1995--All For A
Dollar Inc.
(the "company"), today announced sales and earnings for the second
quarter and six months ended July 1, 1995.

         

            As previously announced, sales for the 1995 second quarter
        decreased 14.4 percent to $10.3 million from $12.0 million, and
        sales for the six month period decreased 23.8 percent to $19.7
        million from $25.9 million, compared to the corresponding 1994
        periods.  The reduction in sales is solely the result of operating
        54 fewer stores in 1995.

         

            Sales in stores which were open more than 24 months (comparative
        store sales) increased 15.2 percent for the 1995 second quarter from
        the corresponding period in 1994.  For the six months ended July 1,
        1995, the comparative increase was 5.1 percent.  The favorable trend
        in comparative sales continued in July.

         

            Loss before reorganization items for the second quarter was
        $764,000, compared to a loss of $2.6 million in the corresponding
        period in 1994.  Net income for the quarter was $5.6 million, or
        $.81 per share, primarily as a result of recording a $6.4 million
        extraordinary gain on forgiveness of debt relating to the June 30,
        1995 confirmation of the company's Plan of Reorganization.  Net loss
        for the corresponding period in 1994 was $8.6 million, or $1.24 per
        share, primarily as a result of recording $6.0 million in
        reorganization items relating the company's filing voluntary
        petitions for reorganization under Chapter 11 in June 1994.   

         

            Loss before reorganization items for the 1995 six months was
        $1.9 million, compared to a loss of $4.3 million in the
        corresponding period in 1994.  Net income for the six months was
        $4.5 million, or $.65 per share, compared to a net loss of $10
        million, or $1.44 per share in the corresponding 1994 period.  The
        variance in net profit performance is related to the company's
        bankruptcy proceedings.

         

            Roger Slate, president and chief executive officer of All For A
        Dollar, stated that "we are very pleased with the improvements in
        operating results and the company's successful emergence from
        Chapter 11 bankruptcy."

         

            All For A Dollar presently operates 110 retail close-out variety
        stores in nine northeastern states, offering high quality and brand
        name merchandise, predominantly at the single price point of $1.
        The company plans to open an additional store this month in
        Cambridge, Mass.

         

        CONTACT: All For A Dollar
                 Donald A. Molta, 413/733-1203