TCR_Public/951130.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Best Products reports third quarter results

        
            RICHMOND, Va.--Nov. 30, 1995--Best
Products
        Co., Inc.
(NASDAQ: BEST) today reported its third quarter net
sales
        and operating results.  
        


            Third quarter net sales for the 13 weeks ended October 28, 1995
        decreased 2.1% to $325.9 million compared to $332.8 million for the
        13 weeks ended October 29, 1994.  Comparable store net sales
        decreased 6.0% during the same period.  Earnings before interest,
        income taxes, depreciation and amortization ("EBITDA") was $0.2
        million for the third quarter of 1995 compared to $6.2 million for
        the third quarter of 1994.  The company reported a net loss of $0.18
        a share for the third quarter of 1995 compared to a net loss of
        $0.02 a share for the same period in 1994.  
        


            Gross margin during the third quarter of 1995 was $76.5 million
        compared to $80.5 million for the same period in 1994.  Selling,
        general and administrative expenses were $76.3 million for the third
        quarter compared to $74.3 million for the same period in 1994.  The
        difference was due primarily to higher payroll related to the
        opening of new stores and significantly higher paper and postage
        costs for promotional publications.  
        


            Chief Executive Officer Stewart M. Kasen said:  "Continuing
        consumer caution adversely impacted sales throughout the period,
        particularly in consumer electronics and toys.  In addition, our
        performance was affected by shifts in our promotional calendar."  
        


            Best Products, a specialty retailer offering category-dominant
        assortments of jewelry and home products, operates 175 Best stores
        in 23 states.  The company also operates 12 Best Jewelry stores and
        a nationwide mail-order service.  


        
                            BEST PRODUCTS CO., INC.
                HISTORICAL AND PRO FORMA RESULTS OF OPERATIONS
                                 (Unaudited)
        
                        Thirteen weeks ended      Thirty-nine weeks ended
                         10/28/95   10/29/94        10/28/95   10/28/94
                       Historical Historical        Historical Pro forma (a)
                    (Dollar amounts in thousands, except per share amounts)
         
        Net sales            $325,943   $332,821        $910,543   $918,825
        
        Cost of goods sold    249,412    252,339         692,957    694,734
        Gross margin           76,531     80,482         217,586    224,091
         
        Selling, general and
        administrative
         expenses              76,350     74,310         227,210    215,061
        
        Depreciation and
          amortization          4,555      3,024          11,807      7,371
        Interest expense, net   5,286      4,389          13,581     13,423
        Loss before income
         tax benefit           (9,660)    (1,241)        (35,012)   (11,764)
        
        Income tax benefit      3,863        496          14,005      4,706
         Net loss (b)        $ (5,797)  $   (745)  $     (21,007)  $ (7,058)
        Net loss per common
         share               $  (0.18)  $  (0.02)  $       (0.66)  $  (0.22)
        Weighted average common
        shares outstanding 31,579,997 31,660,711      31,623,580  31,660,711
        
        EBITDA (c)           $    181   $  6,172   $      (9,624)  $   9,030
        
        *T
        
            (a) The pro forma results of operations for the thirty-nine
        weeks ended October 29, 1994 give effect to the transactions
        occurring in conjunction with the company's emergence from Chapter
        11 as if the emergence had occurred on January 29, 1994 instead of
        June 14, 1994, the actual date.  The results of operations have been
        adjusted to reflect: the reduction in depreciation and amortization
        expense due to the lower assigned values of property and equipment
        and other intangible assets; the elimination of historical interest
        expense and recording of interest expense on the debt structure as
        provided for by the company's reorganization plan; the elimination
        of the effects of historical reorganization items, fresh start
        revaluation and gain on debt discharge; and the recording of
        appropriate income tax benefit.  
        
            (b) Operating results are subject to significant seasonal
        fluctuations.  Net earnings (loss) of any quarter are seasonally
        disproportionate to sales since many operating expenses are
        relatively constant throughout a year.  As a consequence, interim
        results should not be relied upon as necessarily indicative of
        results for any entire year.  
        
            (c) EBITDA consists of earnings (loss) before interest, income
        taxes, depreciation and amortization.  EBITDA is not intended to
        present net earnings (loss), cash flows or any other measures of
        performance in accordance with generally accepted accounting
        principles, but is included because management believes it to be a
        useful tool for measuring performance.  
        
                          BEST PRODUCTS CO., INC.
                              BALANCE SHEET  
                               (Unaudited)
         
                                                 Oct. 28,   Oct. 29,
                                                   1995       1994
                                            (Dollar amounts in thousands)
         
         
        Assets
        Current assets:
          Cash and cash equivalents                $   3,503  $ 40,849
          Merchandise inventories                    669,947   650,196
          Other                                       50,066    33,226
        Total current assets                     723,516   724,271
         
        Property and equipment, net                  177,476   152,373
        Deferred income taxes, net and other          27,925    25,896
         Total Assets                          $ 928,917  $902,540
         
        Liabilities and Stockholders' Equity
        Current liabilities:
          Short-term borrowings                    $  18,000  $   -
          Current maturities of long-term debt
        and capital lease obligations             13,438    13,326
          Accounts payable                           250,396   240,657
          Accrued  expenses and other                 80,928    75,245
         Total current liabilities               362,762   329,228
        Long-term debt                               137,669   140,103
        Capital lease obligations                     86,201    94,836
        Other                                         13,231    13,159
         Total Liabilities                       599,863   577,326
         
        Stockholders' Equity
        Common stock                                  31,579    31,661
        Additional paid-in capital                   298,387   298,305
        Retained earnings (deficit)                    4,088    (4,752)
                                                 334,054   325,214
        Loans under Stock Purchase Loan Plan          (5,000)     -
         Total Stockholders' Equity              329,054   325,214
         
        Total Liabilities and Stockholders' Equity $ 928,917  $902,540
        

        CONTACT: Best Products Co. Inc., Richmond
                 Investor Relations: Fred Kraegel, 804/261-2150 or
                 Betsy Brod, 212/850-5600;
                 Media Contacts: Ross Richardson, 804/261-2157 or
                 Stacy Berns, 212/850-5600
        


Jamesway finds success placing employees with other
        retailers
        


            SECAUCUS, N.J.--Nov. 30, 1995--Following its
        filing for Chapter 11 on October 18, href="chap11.jamesway.html">Jamesway Corporation
        established a special office staffed by Human Resources personnel
        retained by the company to provide assistance to employees seeking
        guidance about other employment opportunities.  Jamesway's efforts
        are already finding some success.  
        


            "I estimate that approximately 50% of our merchandising
        personnel -- about 34 people -- have secured employment with other
        retailers," said Tom Corcoran, Director of Human Resources, who
        heads the company's placement efforts.  "In addition, about 18
        people from our advertising, MIS, and finance departments have found
        work.  As soon as we announced that we would be helping to place our
        employees in new jobs, I began receiving calls from other retailers
        looking for personnel.  So far, we have received inquiries from
        several major retailers and a number of other specialty retailers."
        


            The human resources office helps with resume writing, provides
        phone-mail services, distributes job postings, distributes resumes
        to prospective employers, and provides a central location for
        networking between former employees and prospective employers.
        Jamesway expects to keep the office open until December 15.  
        


            Michael J. Sherman, Executive Vice President-Special Projects,
        said, "Under Chapter 11, the company must seek to maximize the
        return for creditors and equity holders.  Even as that
        responsibility requires Jamesway to wind-down its operations, we are
        working diligently to ensure that both ongoing and terminated
        employees are treated fairly and equitably."  
        


            Jamesway's human resources personnel continue to act as a point
        of contact for companies who may be interested in hiring recently
        terminated Jamesway employees.  Anyone wishing to inquire about such
        employees should contact Tom Corcoran at 201-330-6323.  
        


        CONTACT: Jason Lynch / Jim Fingeroth,
                 Kekst and Company
                 (212) 593-2655
        




Rockefeller Center Properties, Inc.
        suspends dividend for fourth quarter of 1995

        
            NEW YORK--Nov. 30, 1995--
Rockefeller Center
        Properties, Inc. (RCPI) today announced that its Board of Directors
        has determined that the Company will not pay a dividend for the
        quarter ended Dec. 31, 1995.

        
            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan to
        the Borrower, comprised of two partnerships (

Rockefeller Center
        Properties and RCP Associates
), which jointly own Rockefeller
Center
        and are 100% controlled by Rockefeller Group, Inc.  (RGI).
        Mitsubishi Estate Company, Ltd. controls an 80% equity interest in
        RGI and Rockefeller Family Interests hold the remaining 20%.  On May
        11, 1995, the Borrower commenced cases under chapter 11 of the
        bankruptcy law in the United States Bankruptcy Court for the
        Southern District of New York.
   

     
            RCPI is listed on the New York Stock Exchange as "RCP".  As of
        Nov. 29, 1995 there are 38,260,704 shares of common stock
        outstanding.
      

  
        CONTACT: Rockefeller Center Properties, Inc., New York,
                 Stephanie Leggett Young, 212/698-1440;
                 Gary Holmes, 212/484-7736
        




Trenton Industries Inc. - Company Update

        
            TORONTO--Nov. 30, 1995--Trenton Industries Inc.
        (TSE:TII) today announced that the Court refused to approve the
        proposals of Trenton Industries Inc. and its subsidiaries, Trenton
        Machine Tool Inc. and SailRail Enterprises Limited.  
        


            As a result, each of these companies is deemed to have filed an
        assignment in bankruptcy as of March 2, 1995.  
        


        CONTACT:  Dean Antonakes, (613) 394-4861 or  
                                  (613) 394-6095 (FAX)