TCR_Public/950823.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.






        PHAR-MOR OBTAINS ACCEPTANCES TO APPROVE PLAN OF REORGANIZATION
   

      

            YOUNGSTOWN, Ohio--Aug. 23, 1995--Phar-Mor,
Inc.

        announced today that several of its secured creditors have filed
        motions to change their votes on the Company's plan of
        reorganization, providing sufficient acceptance votes from the
        secured creditors to confirm the reorganization plan.  Phar-Mor said
        these motions were filed after the Company made minor modifications
        to its settlement agreement with Giant Eagle, one of the ancillary
        agreements to the reorganization plan. In addition, the investor
        group led by Robert Haft has advised the Company of its intention to
        proceed with the purchase of shares in the reorganized Phar-Mor, as
        contemplated under the plan of reorganization.
   

      

            A hearing to confirm the plan has been scheduled for Monday,
        August 28, 1995 in the U.S. Bankruptcy Court for the District of
        Ohio in Youngstown.
   

      

            Phar-Mor, headquartered in Youngstown, Ohio, is a deep-discount
        retail chain.  When its 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.
   

      

        /CONTACT:  Gary Holmes, 212-484-7736, for Phar-Mor/
   


      


         

        UDC ANNOUNCES WITHDRAWAL OF INTEREST BY PACIFIC GREYSTONE CORPORATION  
   

      

            TEMPE, AZ--Aug. 23, 1995--UDC Homes, Inc.
        ("UDC") announced today that it was notified by Pacific Greystone
        Corporation ("PGC") that PGC has declined to present an alternative
        proposal for a combination with, or acquisition of, reorganized UDC.
        On August 9, 1995, UDC announced that PGC had delivered a letter to
        UDC in which it indicated an interest in making such a proposal.   
   

      

            On May 16, 1995, UDC entered into a Stock Purchase Agreement
        (the "DMB Stock Purchase Agreement") with DMB Property Ventures
        Limited Partnership ("DMB"), a Phoenix based real estate investment
        and development company, pursuant to which DMB would acquire all of
        the equity of reorganized UDC, subject to certain terms and
        conditions provided therein.  On May 17, 1995, UDC filed a petition
        for relief under Chapter 11 of the Bankruptcy Code with the United
        States Bankruptcy Court for the District of Delaware.  UDC's Second
        Amended Disclosure Statement with respect to its Second Amended
        Reorganization Plan has been approved by the Bankruptcy Court and
        mailed to UDC's creditors and equity security holders.  The
        Bankruptcy Court has scheduled a confirmation hearing on the
        Reorganization Plan for October 2, 1995.   
   

      

        CONTACT: Michael D. Singer
                 Arthur Schmidt & Associates
                 212/953-5555

         


         

        Bidermann to sell Ralph Lauren Womenswear business to Polo Ralph Lauren
   

      

            NEW YORK, NY--Aug. 23, 1995--Bidermann
        industries U.S.A., Inc.
announced today that it will sell the
        principal assets of its Ralph Lauren Womenswear (RLW) subsidiary to
        Polo Ralph Lauren (Polo).
   

      

            The company said the transaction, which is subject to approval
        by the bankruptcy court administering Bidermann's Chapter 11
        reorganization proceeding, is scheduled to close by the end of
        September.
   

      

            "We believe this transaction will be beneficial to both
        companies," said Bryan P. Marsal, CEO of Bidermann.  "It will
        provide Bidermann with additional capital while allowing us to
        concentrate on running our core businesses, and it will add a strong
        performer to the Polo Ralph Lauren group of companies, which is
        seeking to expand its womenswear business."
   

      

            Marsal said: "The sale of the Womenswear subsidiary is a key
        step in Bidermann's effort to restructure its operations to increase
        overall profitability and efficiency.  While the Womenswear
        operation has been profitable, its sale on terms that meet our
        financial objectives was determined to be the best way to maximize
        the value of this particular asset."
   

      

            Marsal added: "Stuart Kreisler and his management team have
        achieved the unit's highest level of operating profit in six years.
        We are extremely pleased with their success in turning the business
        around."  The company said that Kreisler would work closely with
        Polo Ralph Lauren to effect a smooth transition.
   

      

            Bidermann Industries U.S.A., Inc. is a subsidiary of Bidermann
        International S.A., a French company.  Bidermann is a major producer
        and distributor of men's and women's designer and branded apparel in
        the United States, Canada, Mexico and Central America.  Bidermann's
        core operations are the Shirt Group, the Hosiery Group and Ralph
        Lauren Womenswear.
   

      

        CONTACT: Bidermann Industries U.S.A., Inc., New York
                 Robert Mead, 212/484-6701