TCR_Public/951002.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Cleveland-Cliffs Inc announces that McLouth
        Steel Products Company, a significant customer, petitioned for
        protection under Chapter 11


            CLEVELAND, OH--Oct. 2, 1995--Cleveland-Cliffs
        Inc announced today that McLouth Steel
Products Company
, a
        significant customer, petitioned for protection under Chapter 11 of
        the U.S.  Bankruptcy Code on September 29, 1995.  Cleveland-Cliffs
        has been informed that McLouth has debtor-in-possession financing
        and intends to continue operations under its existing purchase
        arrangements.  Cleveland-Cliffs is continuing to ship to McLouth at
        this time under satisfactory payment terms.  McLouth has advised
        that it is discussing modernization investments with potential
        investors.  Cleveland-Cliffs has also been informed that WCI Steel
        Inc., another significant customer, is temporarily suspending
        operations due to a labor strike.  
        


            McLouth and WCI represent approximately 13 percent and 10
        percent respectively, of Cleveland-Cliffs' estimated 1995 products
        and services revenue before these events.  Cleveland-Cliffs has
        unreserved McLouth receivables of $5.0 million that are a pre-
        petition obligation, secured by liens on certain McLouth fixed
        assets.  
        


            Future operating results would be adversely affected if
        Cleveland-Cliffs' total sales declined due to McLouth or WCI
        developments.  
        


            Cleveland-Cliffs Inc subsidiaries manage seven iron ore mines in
        North America and Australia.  The Company has equity interests in
        six of the mines, holds a substantial iron ore reserve position in
        the United States, is a major iron ore merchant, and is developing
        production of direct reduced iron.  
        


        CONTACT:  Cleveland-Cliffs Inc, Cleveland,
                  David L. Gardner, Manager, Public Relations, 216/694-5407
        




Safety 1st to acquire U.K. based child care
        accessory company

        
            CHESTNUT HILL, Mass., Oct. 2, 1995--Safety 1st,
        Inc. (Nasdaq:SAFT) today announced today that it has signed a
        letter of intent to acquire EEZI, a U.K.  based developer and
        marketer of home safety products and baby accessories.  
        


            The purchase price will approximate $1.8 million in cash.
        Existing EEZI owners have the opportunity to earn an additional $3.2
        million in cash if certain profitability targets are met within a
        five year period.  
        


            EEZI, with revenues of approximately $2.7 million in its fiscal
        year ended March 31, 1995, is a developer and marketer of home
        safety products and child care accessories and, like Safety 1st in
        the U.S., produces innovative products with excellent price points.
        EEZI, to be called, Safety 1st Europe, Ltd., will operate as a
        separate division and will continue to be run by Steve Tollman, the
        current Chief Executive Officer of EEZI.  
        


            Commenting on the acquisition, Michael Lerner, Chairman,
        President, and Chief Executive Officer of Safety 1st, said, "The
        addition of EEZI will create a solid leadership position for Safety
        1st in Europe and will build on our existing strengths in product
        offerings.  Together, Safety 1st and EEZI will have a greater
        distribution capacity and will enjoy the benefit of cross-marketing
        all products throughout both companies' respective customer bases.
        We are excited about the opportunity to work with EEZI management in
        creating significant economies of scale and fully capitalizing on
        the numerous synergies we believe can be achieved."  
        


            Consummation of the acquisition, expected to occur in the fourth
        quarter of 1995, is subject to a number of closing conditions.  
        


            In a related announcement today, Safety 1st said that it expects
        to record a non-recurring pretax charge of approximately $285,000 in
        the third quarter ending September 30, 1995.  The charge reflects a
        write-down of receivables due to the Company from href="chap11.caldor.html">The Caldor
        Corporation
, which recently filed for bankruptcy under
Chapter 11.
        The charge is expected to reduce net income by approximately $0.02
        per share in the 1995 third quarter.  For the third quarter of
        fiscal 1994, the Company reported net income of $1.7 million, or
        $0.25 per share, on revenues of $17.2 million.  

        
            Safety 1st is a leading developer, marketer and distributor of
        child care products, including feeding, teething, health-hygiene and
        convenience items.  The Company currently distributes over 400
        products to more than 3,700 retailers.  
   

     
        CONTACT:  Michael Lerner,
                  Chairman, President and
                  Chief Executive Officer;
                  Rich Caturano, CPA,
                  Director of Financial Administration
                  (617) 964-7744      
                        or
                  Naomi Rosenfeld/Eileen Howard/Stefanie King
                  Media Contact:
                  Lisa Bradlow,
                  Morgen-Walke Associates
                  (212) 850-5600
        




        WHEREHOUSE ENTERTAINMENT, INC. ENTERS INTO
FINANCING AGREEMENT

        
            TORRANCE, Calif., Oct. 2, 1995 --  href="chap11.wherehouse.html">Wherehouse
        Entertainment, Inc.
, operating as a debtor in possession under
        Chapter 11 of the U.S. Bankruptcy Code, announced today that it has
        obtained a $30 million revolving credit facility (including a letter
        of credit subfacility of $10 million) from Bankers Trust Company.
        The Bankruptcy Court has issued an Interim Order authorizing
        borrowings of up to approximately $15 million under the facility,
        pending an October 19, 1995 final Court hearing to approve the full
        facility amount.
        


            "We are pleased to have put this arrangement in place, which we
        believe should assure adequate financing to support the company's
        inventory acquisitions for the holiday selling season; furthermore,
        placement of the credit facility will enable us to pursue credit
        terms with our many music, video and special products suppliers,"
        said Henry Del Castillo, Chief Financial Officer.
        


            Wherehouse Entertainment, Inc., a large prerecorded home
        entertainment retailer, operates 317 stores in Arizona, California,
        Colorado, Nevada, North Dakota, Oregon, Utah and Washington.
        


        /CONTACT:  Henry Del Castillo, SVP and CFO of Wherehouse
        Entertainment, 310-538-2314, Ext. 2350/