TCR_Public/951215.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Tri-Marine International acquires cannery at
        bankruptcy auction for $6.8 million; last U.S.-based tuna cannery to
        stay American

        
            LOS ANGELES--Dec. 15, 1995--Pan Pacific
        Fisheries
, the last remaining U.S.-based cannery, was acquired
        Tuesday in a bankruptcy auction in federal court in Los Angeles by
        Tri-Marine International Inc., the world's largest trading company
        in tuna and related products.
        


            The transaction included all of the fixed assets of Pan Pacific
        Fisheries located on Terminal Island, Calif.  The announcement was
        made by Renato Curto, chief executive officer of Tri-Marine.
        


            "One of the key concerns that played a major role in the heated
        auction focused on whether Pan Pacific would remain an American
        cannery or follow the fate of the Bumble Bee Seafoods and Van Camp
        (Chicken of the Sea brand) canneries, and be acquired by Asian
        competitors," said Curto.
        


            Significantly, the lead bidder at the auction was the largest
        tuna cannery in Thailand.  The auction lasted almost three hours
        before victory was finally awarded to Tri-Marine.  The winning
        auction price was $6.8 million.
        


            Pan Pacific has changed hands a number of times in the past
        several years and appeared to be falling victim to increased labor
        and other cost competition in the international tuna market.  The
        Tri-Marine acquisition will ensure that Pan Pacific will remain an
        American-owned cannery, packing American tuna with American
        unionized labor for the U.S. market.
        


            Tri-Marine brings to this acquisition a highly successful
        history of worldwide tuna trading.  In addition to its historically
        strong international procurement of raw materials, Tri-Marine will
        have access to the raw fish caught by the local fishing fleets based
        in San Pedro, Calif., and San Diego.
        


            These local fleets have faced a deteriorating market for their
        fish because Star-Kist, Chicken of the Sea and Bumble Bee brands
        have abandoned their continental U.S. canneries for overseas
        locations.
        


            "With the advantages Tri-Marine enjoys in the procurement of raw
        material, the support of the local fishing fleets, the unionized
        workers and the Port of Los Angeles, Tri-Marine believes that it can
        utilize the assets of Pan Pacific profitably in targeted segments of
        the American tuna market.  
        


            "Keeping in mind the seasonal nature of tuna fishing, Tri-Marine
        also expects to focus on procurement and marketing of other locally
        caught fish, including mackerel, sardines and squid," said Curto.
        


            Tri-Marine is the world's largest trading company in tuna and
        related products with a significant presence in the United States,
        Singapore, Japan, Korea, Thailand, Taiwan, Italy, Spain, Mexico and
        other Latin American countries.  The firm's U.S. operations is
        located at 150 W. Seventh St., San Pedro, Calif., 310/548-6245.
        


        CONTACT:  Tri-Marine International Inc., Los Angeles,
                  Steve Farno, 310/548-6245
                    or
                  The Hoyt Organization,
                  Leeza L. Hoyt, 310/373-0103
        




Cadiz Makes Announcement

        
            RANCHO CUCAMONGA, Calif.--Dec. 15, 1995--Cadiz
        Land Company, Inc., Nasdaq symbol CLCI ("CLCI"), announced today it
        has signed an agreement with the Unsecured Creditors' Committee of
        Sun World International, Inc.
("Sun World"), whereby the Committee
        will support a plan for the acquisition by CLCI of Sun World.  The
        Committee has also agreed not to solicit any further offers for the
        purchase and sale of Sun World.
        


            The execution of this Plan Support Agreement provides
        significant support for CLCI's contemplated acquisition of Sun World
        and is expected to facilitate the required bankruptcy court
        approvals.  Nevertheless, the completion of this acquisition remains
        subject to various contingencies.  
        


        CLCI will continue to report on material developments as they occur.
        


        CONTACT:  Cadiz Land Company, Inc.,
                  Keith Brackpool, 909/980-2738
         




Former Fats Billiards files for
        reorganization

        
            CHICO, Calif.--Dec. 14, 1995--Sinecure
        Financial Corp. (NASDAQ Bulletin Board SCUF), announced today that
        its' Team Players of Nevada, Inc.
(TPN) subsidiary, which operates
        five billiards clubs formerly known as Fats Billiards in the
        California cities of Citrus Heights, La Mesa, San Diego and
        Riverside, has filed for reorganization under Chapter 11.
        


            "The filing resulted from certain actions recently taken by a
        creditor of Fats Billiards that proved extremely disruptive to the
        company's operations," said Pat Murphy, president of TPN.
        


            Jeff Hilgert, president of Sinecure, which also operates Team
        Players, Inc. of Chico, CA and Team Players of New Mexico, Inc. of
        Albuquerque, N.M. which are not involved in this filing, said, "It
        is unfortunate that TPN determined it necessary to seek Chapter 11
        protection for the former Fats Billiards Clubs at this time because
        it will cause Sinecure and American Recreation Centers ("ARC") to
        suspend efforts to close the sale of our Team Players billiard asset
        until the matter is resolved."
        


            Murphy also said, "We anticipate no significant business
        interruption as a result of the filing.  Our goal is to reorganize
        the company in a manner consistent with our original plan of sale,
        which should provide satisfactory resolution to the matter."
        


        CONTACT: Sinecure Financial Corp., Chico,
                 Chuck Tritten, 916/898-9550
        




I.C.H. Corporation has completed previously
        announced sale of its principal insurance companies

        
            DALLAS--Dec. 15, 1995--I.C.H.
Corporation

        (ICHD--OTC) has completed the previously announced sale of its
        principal insurance companies -- Southwestern Life Insurance Company
        and Union Bankers Life Insurance Company, and their subsidiaries,
        Constitution Life Insurance Company and Marquette National Life
        Insurance Company -- to Southwestern Financial Corporation, a
        company newly formed by Knightsbridge Capital Fund I, L.P. and
        PennCorp Financial Group, Inc., for gross consideration of $260
        million, consisting of $210 million cash and $50 million of
        securities.  ICH, which has been operating under U.S. Bankruptcy
        Court protection since October 10, 1995, said that, with the sale
        concluded, it would begin addressing a plan of reorganization in the
        near future.  
        


        CONTACT:  I.C.H. Corporation, Dallas,
                  Gerald J. Kohout, 214/954-7414
        




New Joint Venture between PennCorp Financial Group,
        Inc. and Knightsbridge Capital Fund I, L.P. consummates Southwestern
        Life Acquisition

        
            NEW YORK--December 15, 1995--PennCorp Financial
        Group, Inc. (NYSE:PFG), announced today that Southwestern Financial
        Corporation, a newly formed company organized by PennCorp Financial
        Group, Inc. and Knightsbridge Capital Fund I, L.P., consummated the
        previously announced acquisition of Southwestern Life Insurance
        Company and Union Bankers Insurance Company, which were subsidiaries
        of I.C.H. Corporation.
        


            I.C.H. commenced a proceeding for reorganization under Chapter
        11 of the Bankruptcy Code in early October, 1995.  Southwestern
        Financial Corporation purchased Southwestern Life and Bankers for a
        total consideration of $260 million.  For the 12 months ending Sept.
        30, 1995 the acquired companies had combined revenues of
        approximately $405 million and assets of approximately $2.0 billion.
        


            Southwestern Financial Corporation is a newly formed company
        organized by PennCorp Financial Group, Inc. and Knightsbridge
        Capital Fund I, L.P., a merchant banking fund formed in association
        with PennCorp.
        


            PennCorp Financial Group, Inc. is an insurance holding company.
        Through its subsidiaries, the company underwrites and markets life
        insurance and fixed benefit accident and sickness insurance to the
        middle market throughout the United States, Canada, Puerto Rico and
        the Caribbean.
        


        CONTACT:  Analysts' Contact:
                  Steven Fickes
                  301/656-1777
                       or
                  Media Contact:
                  Carol Spencer
                  212/832-0700
        




        GOLDRUSH CASINO & MINING CORPORATION ANNOUNCES INTERIM LOAN

        
            VANCOUVER, Dec. 15, 1995 -- Goldrush Casino & Mining
        Corporation (the ``Company'') is pleased to announce that it has
        completed an interim loan and has received funds in the amount of US
        $5,355,000.00 Million dollars.  The funds will be used to retire
        debt and to remove its wholly owned subsidiary, href="chap11.goldrush.html">Goldrush Casino &
        Mining Inc.
, from its present chapter 11 status in Central City,
        Colorado.
        


            The interim financing's intended use is to eliminate debt and
        clearing the Colorado Casino site from its chapter 11 status.  This
        will greatly assist Goldrush's intention to secure financing for the
        funding and construction of the hotel casino that Goldrush intends
        to build in Central City, Colorado.
        


            The interim loan has a term of twelve months and bears an
        interest rate of 14.5 percent, payable monthly.  It is intended that
        the loan will be retired with the closing of the Cambria LLC
        Venture, anticipated to close in late February, 1996.

        
            The Corporation is traded on the Vancouver Stock Exchange
        (GDH.V) and on the NASDAQ Bulletin Board (GRCMF) and is
        headquartered at 1120 Kerwan Avenue, Coquitlam, B.C.  V3J 2J8
        Canada.

        
        /For further information:  Gary Zahlen, President (604)
        684-0370/




        BRENDLE'S INCORPORATED REPORTS RESULTS FOR THIRD QUARTER FISCAL YEAR
        ENDING 1996

        
            ELKIN, N.C., Dec. 15, 1995 -- href="chap11.brendle.html">Brendle's Incorporated
        (Nasdaq: BRDL) today reported results for the three months ending
        October 28, 1995, which is the third quarter of its Fiscal year
        which ends January 27, 1996 ("Fiscal 1996").  The Company's revenues
        for the quarter were $29,541,000 compared with revenues of
        $32,747,000 for the same period last year.  The Company incurred a
        net loss of $2,859,000, or ($.22) per share, compared with a net
        loss of $4,462,000, or ($.35) per share in the same period last
        year.
        


            David R. Renegar, the Company's Chief Financial Officer, stated
        that comparing the net loss for the third quarter of Fiscal 1995 and
        1996 is somewhat complicated due to unusual financial events during
        the third quarters of both years.  The Company emerged from
        bankruptcy proceedings in the first quarter of Fiscal 1995 and the
        results for the third quarter of Fiscal 1995 reflected some unusual
        financial occurrences associated with the bankruptcy proceeding,
        while the third quarter of Fiscal 1996 reflected gains from life
        insurance proceeds.  The net loss for the third quarter of Fiscal
        1995 included reorganization costs of $1,348,000 and debt
        forgiveness of $1,639,000.  The third quarter of Fiscal 1996
        reflects a gain from life insurance proceeds of $2,555,000.

        
            Mr. Renegar further explained that looking at a comparison of
        the Company's earnings (loss) before interest, taxes, depreciation,
        amortization, reorganization items, and other gains (EBITDA) better
        reflects the Company's actual operating results.  EBITDA for the
        third quarter of Fiscal 1996 was a loss of $3,741,000 compared to a
        loss of $3,105,000 for the third quarter of Fiscal 1995.  The
        Company's business is seasonal with a substantial portion of its
        revenues being realized during the Christmas season.

        
            Commenting on the third quarter performance, Joseph M. McLeish,
        Jr., the Company's President and Chief Executive Officer, stated,
        "The results for the quarter reflect the continued weak retail
        environment and the decision to reduce our promotional flyer
        circulation by approximately 6% in order to offset paper and postage
        cost increases." McLeish commented further, "In light of the current
        retail environment, Management is pleased that jewelry sales
        continued to be strong during the third quarter and gross margin
        percentages improved over the same quarter last year.  Furthermore,
        during the third quarter, the Company completed installation of its
        Party Universe Department in twelve of its stores, opened its thirty-
        first store on October 26, 1995 in Rock Hill, South Carolina, and
        completed the relocation of its Chapel Hill, North Carolina store to
        Cary, North Carolina, on October 12, 1995."
   

     
            The Company also reported results for the nine months ended
        October 28, 1995.  Revenues for the nine months ended October 28,
        1995 were $83,803,000, compared with revenues of $91,499,000 for the
        same period last year.  The Company incurred a net loss of
        $9,395,000, or ($.74) per share, compared with a net income of
        $17,939,000, or $1.59 per share for the same period last year.  Net
        income for the nine-month period last year included reorganization
        costs of $2,194,000 and debt forgiveness of $31,889,000.  EBITDA for
        the nine months ended October 28, 1995 was a loss of $7,986,000
        compared with $7,529,000 loss for the same period last year.


        
                   Brendle's Incorporated Financial Highlights
        
        000s                 Nine Months Ended     Three Months Ended
                            Oct. 28,    Oct. 29,   Oct. 28,    Oct. 29,
                              1995        1994      1995         1994
        
        Total Revenues      $83,803     $91,499    $29,541      $32,747
        
        Loss before interest,
         taxes, depreciation,
         amortization,
         reorganization, other
         gains, and
         extraordinary items  (7,986)    (7,529)    (3,741)      (3,105)
        
         Interest             (2,421)    (1,558)      (897)        (740)
        
         Depreciation and
          Amortization        (2,507)    (2,669)      (784)        (908)
        
         Reorganization            1     (2,194)        --       (1,348)
        
         Gain on sale of
          facilities             963         --          8           --
        
         Gain on life insurance
          proceeds             2,555         --      2,555           --
        
         Extraordinary Income     --     31,889         --        1,639
        
        Net Income (Loss)    $(9,395)   $17,939    $(2,859)     $(4,462)
        
        Earnings (Loss)
         Per Share             $(.74)     $1.59      $(.22)       $(.35)
        
        Average Shares
         Outstanding          12,758     11,308     12,757       12,761
        

        /CONTACT:  David R. Renegar of Brendle's Incorporated, 910-526-6511/
        (BRDL)


        RICKEL HOME CENTERS INC. MAKES ANNOUNCEMENT

        
            SOUTH PLAINFIELD, N.J., Dec. 15, 1995 -- Rickel
Home
        Centers, Inc. today announced that it will not pay interest due
        today on its Senior Notes due 2001.  The Senior Notes will be in
        default if such interest payment is not made within the 30-day grace
        period set forth in the governing documents for the Notes.  Given
        the current weak retail environment in the Northeast, particularly
        the downturn in the home improvement market, and the Company's
        recent difficulties in obtaining sufficient trade credit, Rickel
        expects to report in its Quarterly Report on Form 10-Q to be filed
        on Monday, December 18 that gross sales for the 13 weeks and the 39
        weeks ended October 28, 1995, were $127.4 million and $443.4
        million, respectively, resulting in a net loss for these respective
        periods of $15.0 million and $24.8 million.

        
            In light of the foregoing, Rickel is actively exploring various
        alternatives, including a consensual restructuring of its
        outstanding obligations, pursuing additional lease dispositions and
        obtaining additional financing.
   

     
            The Company cannot predict the timing or outcome of such efforts
        and there can be no assurances that any consensual restructuring or
        leasehold sales will be consummated, or that the Company will be
        able to obtain any additional financing.  In such an event, it may
        be necessary to consider other restructuring alternatives, including
        the filing of a voluntary petition for relief under Chapter 11 of
        the Bankruptcy Code.
      

  
            Rickel Home Centers, Inc., a privately held company, is a full-
        service home improvement retailer serving the do-it-yourself
        marketplace.  Based in South Plainfield, New Jersey, Rickel operates
        90 stores in New Jersey, Pennsylvania, New York, Delaware and
        Maryland.
        


        /CONTACT:  Dawn Dover, Jim Fingeroth, or Andrea Bergofin, all of
        Kekst and Company, 212-593-2655/



Jackson Hewitt Tax Service announces second
        quarter results


            VIRGINIA BEACH, Va.--Dec. 15, 1995--Jackson
        Hewitt Tax Service announced today the sales and earnings results
        for the second quarter and first six months of 1996.
        


            Jackson Hewitt reported a net loss for the second quarter of
        1996 of $1.6 million or $0.32 per share compared to a net loss of
        $1.2 million, or $0.31 per share, during the same period in 1995.
        For the first six months of 1996, losses were $2.9 million or $0.59
        per share as compared to $2.6 million or $0.67 per share for the
        same period in 1995.  Loss per share for 1996 was reduced by the
        impact of stock purchase warrants issued to Nations Bank.
        


            The total revenue for the second quarter of 1996 was $1.2
        million as compared to $1.0 million for the second quarter of 1995.
        Total revenue for the first six months of 1996 increased $0.6
        million to $1.9 million from $1.3 million for the first six months
        of 1995.  As the company's business is highly seasonal, 88% of its
        total revenue has been generated in the period January 1 through
        April 30 for the past two years.  Consequently, the company operates
        at a loss during the first three quarters of each fiscal year.  The
        results of the second quarter are not necessarily indicative of
        results that will ensue from the entire fiscal year due to its
        seasonal nature.
        


            Total franchise fee revenue net of the allowance for refunds was
        $0.6 million for the second quarter of 1996, unchanged from the
        second quarter of 1995.  Had the company not deferred revenue from
        franchise sales in the second quarter of 1995 and the six months
        ended October 31, 1994, franchise fee revenue would have been $0.4
        million and $0.6 million less than the previous year.  Operating
        losses from sales of franchises approximated $0.1 million and $0.7
        million for the second quarter of 1996 and 1995, respectively, and
        $0.2 million and $0.6 million for the six months ended October 31,
        1995 and 1994, respectively.

        
            Selling, general and administrative ("SG&A") expenses increased
        13% to $3.7 million for the second quarter of 1996 as compared to
        $3.3 million for the second quarter of the previous year.  During
        the first six months of 1996, SG&A expenses increased 13% or $0.8
        million, from $6.1 million to $6.9 million.  SG&A expenses for
        corporate administrative functions remained unchanged for the second
        quarter of 1996 and increased $0.3 million for the six months ended
        October 31, 1995.  This increase is primarily a result of extra
        costs associated with personnel increases in existing support
        departments, additional advertising and professional services.
        Field operations expenses increased $0.4 million for the second
        quarter of 1996 and $0.5 million for the six months ended October
        31, 1995 primarily as a result of expanding the number of Copy, Pack
        and Ship stores.

        
            Other income and expense remained the same at $0.3 million for
        the second quarter of 1996 and decreased to $0.4 million from $0.5
        million for the six months ended October 31, 1995.  The decrease is
        primarily attributable to an increase in interest expense.
   

     
            The company experienced a significant amount of growth in 1995,
        with the number of franchise offices increasing from 742 to 1,087.
        The financing for a large number of these franchises was provided by
        the company, funded primarily through bank borrowings.  As a result
        of several actions taken by the IRS just prior to the 1995 tax
        season, the company and its franchisees experienced a difficult year
        in 1995, adversely affecting revenue and cash flow.  Consequently, a
        number of franchisees are past due on amounts owed under notes and
        trade accounts receivable.  These 1995 results, coupled with the
        seasonal nature of the company, have created a strain on cash
        resources during the "off season" and have presented the company
        with the challenge of securing additional short-term capital.
      

  
            In July 1995, the company's lender renewed the company's working
        capital facility through July 31, 1996 and amended its $3.5 million
        term facility.  At October 31, 1995, the company had borrowed $3.6
        million against the working capital facility and $3.5 million under
        the term facility.  This amendment required the company to raise at
        least $3.0 million of additional capital by August 15, 1995.  As of
        that date the company had not raised the capital and was in default
        with respect to the facilities and the mortgage on the company's
        office building with an outstanding balance of $1.0 million at July
        31, 1995.  This default ensued in a cross default of two other notes
        with outstanding balances of $1.0 million at July 31, 1995.
        


            In October of 1995, the company's lender provided an additional
        $3.0 million short-term capital facility which bears interest at
        prime plus 2.5% through April 30, 1996.  At October 31, 1995, the
        company had borrowed $0.8 million against the short-term facility.
        Under the terms of the short-term facility, the interest rate on the
        working capital facility and the term facility increased to prime
        plus 2.50%.  The bank revised the expiration of the term facility
        such that $1.0 million will expire May 31, 1996, and the remaining
        $2.5 million will expire April 30, 1997, provided the company
        achieves a $3.0 million operating profit in fiscal 1996 and raises
        $3.0 million of additional capital prior to April 30, 1996.
        Although highly unlikely, if the company were to raise $4.0 million
        prior to April 30, 1996, and pay down the short-term facility by
        December 31, 1995, the term facility would be extended in its
        entirety through April 30, 1997.  Under the existing agreement,
        their term facility expires in its entirety on May 31, 1996.
        


            Under these conditions, the company is required to maintain a
        current ratio of 1.50 to 1, a debt service coverage ratio at not
        less than 1.50 on a rolling four quarter basis at April 30, 1996, a
        debt to tangible net worth ratio of 1.25 to 1 at August 31, 1995,
        1.50 to 1 at October 31, 1995, 2.00 to 1 at Jan.  31, 1996 and 1.00
        to 1 at April 30, 1996.  All amounts advanced under the short-term
        facility will be treated as equity.  As of Oct.  31, 1995, the
        company was in default under certain of its financial covenant
        ratios.  The lender of the facilities waived the financial covenant
        defaults for the period ended Oct. 31, 1995.  
        


            The company believes the short-term capital facility should
        resolve the company's short-term capital shortfall, but continues to
        explore longer term capital alternatives in order to finance its
        future operations and planned expansion beyond the expiration dates
        of the facilities and the commitment.  Financial alternatives will
        continue to be explored, despite the uncertainty of whether or not
        sufficient sources of capital can be secured.  The financing of
        franchisees has been curtailed in an effort to conserve cash for the
        future.
        


            This decrease in financed franchise sales has manifested in a
        $0.6 million decrease in cash flows used in operations.  The company
        used $5.1 million in operations in the six months ended Oct. 31,
        1995, as compared with $5.7 million for the six months ended Oct.
        31, 1994.  The company used $0.2 million in investing activities in
        1996 as compared with $1.8 million in 1995, a decrease that ensued
        from a $1.1 million decrease in loans made to franchisees and a $0.2
        million increase in note receivable payments from franchisees.  The
        company's financing activities for the six months ended Oct. 31,
        1995 provided $4.0 million compared with $4.5 million provided in
        the six months ended Oct. 31, 1994.  This decrease can be ascribed
        to a decrease in borrowings under the company's working capital
        facility of $0.5 million.
        


            The company's current assets at Oct. 31, 1995 were $9.1 million
        compared to $11.4 million at April 30, 1995.  The decrease was a
        result primarily from a net decrease of $1.1 million in receivables
        and a decrease of $1.2 million in cash.  During the six months ended
        Oct. 31, 1995, the company acquired customer lists and other assets
        from 23 franchisees for a total purchase price of $1.8 million.  As
        consideration for these acquisitions, the company canceled notes
        receivable obligations of $1.7 million, gave notes totaling $0.1
        million, reversed deferred revenue of $0.3 million, redeemed 3,433
        shares and issued 111,125 shares of Jackson Hewitt common stock.
        


            The maturation of the tax preparation program and return
        processing portion of the business has allowed John Hewitt, who is
        currently the company's president and chief executive officer, to
        refocus his efforts and channel his energy into the development and
        training of franchisees.  Mr. Hewitt will remain as the company's
        president and chief executive officer until the end of the 1996 tax
        season, at which time, he will focus more directly on strategic
        planning, franchise sales and franchise relations and will continue
        to serve as the company's founder and chairman of the board of
        directors.
        


            The company is currently interviewing candidates to serve as
        president and chief executive officer, effective May 1, 1996.  This
        person will be a professional manager, hired to streamline the day
        to day operations.  If the company has not hired an individual by
        May 1, Mr. Hewitt will agree to continue in that role until it has
        been filled.
        


            Jackson Hewitt is the nation's second largest income tax
        preparation firm. The company trades publicly on the National Market
        System of NASDAQ under the symbol JTAX. -0-


        
                              JACKSON HEWITT
                        Audited Financial Highlights
        
                                            Three Months Ended Oct. 31
        
                                       1995                   1994
        
        Revenue (millions)         $        1.2           $        1.0
        SG&A expenses (millions)   $        3.7           $        3.3
        Net loss per share         $  (32 cents)          $  (31 cents)
        Weighted average                         
         shares outstanding           5,330,554              4,245,014
        
                                        Six Months Ended Oct. 31               
                                       1995                   1994
        
        Revenue (millions)         $        1.9           $        1.3
        SG&A expenses (millions)   $        6.9           $        6.1
        Net loss per share         $  (59 cents)          $  (67 cents)
        Weighted average                         
         shares outstanding           5,332,450              4,203,474
        

        CONTACT: Jackson Hewitt Tax Service, Virginia Beach
                 Martha O'Gorman, 804/473-3300


Harry's Farmers Market announces third
        quarter financial results

        
            ROSWELL, Ga.--Dec. 15, 1995--Harry's Farmers
        Market Inc.  (NASDAQ:HARY) announced financial results for its third
        fiscal quarter ended Nov.  1, 1995.  
        


            As had been previously announced in late October 1995, the
        company's results were affected significantly by the closing of its
        Clayton County, Ga. megastore on Nov. 5, 1995 and the one-time non-
        cash charge of $4.4 million associated in reserving amounts for the
        write-down of real estate and equipment to estimated fair market
        value and other closing costs.
        


             The company reported a net loss for the quarter of $7,382,000,
        or ($1.20) per common share, compared to a loss of $1,397,000, or
        ($0.23) per common share, for the same period last year.  Of the
        loss for the third quarter of the company's 1996 fiscal year, $4.4
        million, or approximately 60%, resulted from non-cash amounts
        reserved due to the closing of the Clayton County store.
        


            The loss for the quarter, exclusive of the $4.4 million write-
        down, was $2,952,000, or ($0.48) per common share, compared to a
        loss of $1,397,000, or ($0.23) per common share, for the same period
        last year.  For the 39-week period ended Nov. 1, 1995, the company
        incurred a net loss of $9,403,000, or ($1.53) per common share,
        compared with a loss of $5,119,000, or ($0.83) per common share, for
        the same period last year.  Approximately 47% of the loss for the 39-
        week period of the company's 1996 fiscal year was a result of the
        non-cash charge taken due to the closing of the Clayton County
        store.
        


            The company reported sales of $36.7 million for the quarter,
        compared to sales of $35 million for the same period last year.  For
        the 39-week period sales were $112.6 million compared to sales of
        $107.7 million for the same period last year, an increase of 4.5%
        during the period.  
        


            The increase in revenues for the 39-week period resulted from
        the opening of the Clayton County store in May 1995.  On a
        comparable store basis, sales declined by 6.2% and 3.7% for the
        quarter and the 39-week period, respectively.
        


                Gross profit as a percentage of net sales decreased to 23.6%
        for the quarter from 24.7% for the comparable quarter in 1995 and to
        24.2% for the 39-week period from 24.4% in the comparable period in
        1995.  The decrease for the quarter was primarily the result of
        higher levels of retail waste in the company's third quarter which
        was the result of the initiation during Blazer's absence as chief
        executive officer of a program of ordering manufacturing products at
        store level which proved to be unsuccessful, increased promotional
        pricing at the Clayton County store and lower produce margins
        resulting from severe weather conditions in growing areas which
        affected price, availability and quantity of grade outs.
        


             Due to the financial results for the quarter, the company
        announced that it was not in compliance with certain financial and
        other covenants with respect to its senior credit facility and with
        a financial covenant with respect to the mortgage loan from another
        lender on its bakery facility and distribution center.
        


             The company has been able to obtain a waiver from its lenders
        under the senior credit facility of the financial covenants and
        received a conditional agreement of such lenders to forbear
        declaring a cross-default as a result of the breach of the financial
        covenant under the mortgage loan.
        


             The company has been unable to obtain a waiver for the
        violation under the mortgage loan, however, it continues to
        negotiate with the mortgage lender for a waiver and believes that an
        agreement with such lender will be reached in short order.
        


            Harry A. Blazer, chairman and chief executive officer and
        president of the company, said, "The loss for the third quarter is
        consistent with what has been previously reported.  Now that the
        Clayton store closing is behind us as well as our board and
        corporate restructuring, we can concentrate on our stated objective
        of returning the company to profitability as quickly as possible.
        The morale of our staff is high.  We are focused, determined and
        optimistic."
        


            The company is pursuing a combination of tactics to reduce
        losses and return to profitability.  In September, a corporate
        restructuring took place which is expected to streamline operations
        and save approximately $2 million annually.  In October, the company
        announced the closing of the Clayton County store due to
        insufficient volume which it effected on Nov. 5, 1995 and as a
        result is expected to realize ingoing savings of at least $2 million
        annually after the initial non-cash write-off.  
        


            A program initiated during Blazer's absence as chief executive
        officer involving the ordering of manufactured products at store
        level was unsuccessful and caused an increase in store waste.  Since
        Blazer's return, this program has been abandoned and waste and out-
        of-stocks at store level in bakery and prepared foods are at an
        historic low.  This new waste control program, coupled with newly
        realized efficiencies in manufacturing are currently producing
        higher gross margins than have been realized during the last 2-1/2
        years.  
        


            The company is exploring other areas in order to achieve
        additional cost savings.  For example, the consolidation of the
        produce distribution function at the Alpharetta megastore is
        expected to save the company in the range of approximately $250,000
        to $500,000 annually.  Emphasis is also being placed on improving
        sales, including implementing improvements in store operations with
        response to customer service, merchandising, stock fulfillment and
        increased cut-throughs to improve accessibility and ease of
        shopping. In addition, the company has introduced more new prepared
        food items during the last three months than in all of the prior two
        year period, and plans in the near future to (i) introduce a new hot
        bread program at all megastores, (ii) expand salad bar and hot food
        offerings at the rotisserie case, (iii) expand ethnic product
        offerings at the Gwinnett megastore, (iv) increase the sale of
        manufactured products externally and (v) increase advertising and
        promotional activities.  
        


            Separately, efforts to improve profitability through the sale of
        non-performing or under-utilized assets are progressing as planned.
        Such sales are expected to impact profitability positively by
        reducing the costs associated with the carrying of such assets
        (i.e., taxes, insurance, security, monitoring, etc.) and by using
        the proceeds from the sales to reduce the company's indebtedness
        and, therefore, the related interest expenses.  The company has
        entered into an agreement for the sale of the real property it owns
        in Nashville, Tennessee, and is in what it believes to be the final
        stages of negotiation for an agreement for the sale of the real
        property and improvements at the Clayton County, Ga., location where
        the megastore had been operated.  Although the Nashville agreement
        is subject to certain conditions and the Clayton County agreement,
        if finalized, will be subject to certain conditions, the company
        anticipates that they will close during the first quarter of the
        company's next fiscal year.  The contract on the Nashville property
        provides for net proceeds to company in excess of book value.  In
        addition, final negotiations are in process for the sale of several
        out-parcels at the Gwinnett megastore location.  The sale and lease-
        back of the company's distribution center and bakery facility is
        also being actively pursued.  
        


            Harry's Farmers Market Inc. owns and operates concept megastores
        and convenience stores specializing in fresh food products, as well
        as specialty and gourmet food products that complement the fresh
        food offerings.  Harry's currently owns and operates three
        megastores and two Harry's in a Hurry convenience fresh food outlets
        in the metropolitan Atlanta area.
        


        CONTACT: Harry's Farmers Market, Roswell,
                    Terry Ransom, 770/664-6300




        EDISON BROTHERS SEEKS COURT APPROVAL OF PLAN TO SELL ITS MALL
        ENTERTAINMENT DIVISION

        
            ST. LOUIS, Dec. 15, 1995 -- Edison
Brothers Stores, Inc.
,
        (NYSE: EBS) today filed a motion with the U.S. Bankruptcy Court in
        Wilmington, Delaware, seeking approval of a plan to sell the assets
        of its Edison Brothers Mall Entertainment and Horizon Entertainment
        divisions by February 2, 1996.  Those divisions operate
        approximately 126 game rooms and larger entertainment centers.
        


            The motion includes a letter of intent executed by Edison
        Brothers and Sun Capital Partners, Inc., of West Palm Beach,
        Florida, outlining the terms of Sun Capital's proposed purchase of
        the assets of Edison's entertainment divisions.  In addition, the
        motion, if approved by the Court, provides the opportunity for other
        interested parties to submit competing offers by January 12, 1996.
        A hearing on this motion has been scheduled for December 27, 1995.
        


            Parties interested in complete details on the proposed bidding
        procedure may contact Alan A. Sachs, General Counsel, Edison
        Brothers Stores, Inc., 501 North Broadway, St. Louis, MO 63102.
        


            Edison Brothers Stores, Inc., filed for voluntary reorganization
        under Chapter 11 on November 3, 1995.  The company operates
        approximately 2,700 apparel, footwear, and entertainment specialty
        stores and is in process of closing approximately 500 of its apparel
        and footwear stores by January 31, 1996.
        


        /CONTACT:  David B. Cooper, Jr., CFO, 314-331-6531, or Judy Smith,
        Dir. Comm., 314-331-7504, both of Edison Brothers Stores/




        MEGAFOODS STORES, INC. FILES REORGANIZATION PLAN

        
            MESA, Ariz., Dec. 15, 1995 -- href="chap11.megafoods.html">MEGAFOODS STORES, INC. (OTC
        BULLETIN BOARD: MEGFQ) and its subsidiary companies announced today
        that its has filed a joint reorganization plan with the U.S.
        Bankruptcy Court in Phoenix that will allow the company to emerge
        from Chapter 11 bankruptcy proceedings.
        


            The plan calls for Megafoods to retain the new management team
        that has led the company through the Chapter 11 process and ensures
        that the Company will continue to occupy its niche as the low-price
        leader in the Arizona markets it serves.  Additionally, Megafoods'
        Handy Andy subsidiary will continue to serve the greater San
        Antonio, Texas market as the conveniently located, service oriented
        neighborhood shopping alternative.
        


            Under the plan, a combination of cash payments, new notes and
        returned collateral will be provided to secured creditors, while
        unsecured creditors will receive shares of new common stock.
        


            Megafoods and its subsidiaries filed for protection from
        creditors under Chapter 11 of the U.S. Bankruptcy Code in August
        1994 following a dispute with its major supplier.  Since then, the
        Company has restructured by strengthening its holdings to
        concentrate on the Arizona and greater San Antonio, Texas markets.
        Megafoods operates 17 stores in Arizona and 23 Handy Andy stores in
        Texas.
        


            The Company believes that the reorganization plan has the
        support of the unsecured creditors who will become its new
        stockholders.  It is anticipated that Certified Grocers of
        California and The Grocers Supply Company of Houston will continue
        to be the Company's major suppliers in Arizona and Texas,
        respectively.
        


            The plan must be confirmed by the Bankruptcy Court after
        creditors vote on the plan.  The Company anticipates filing its
        disclosure statement, which will accompany the ballots sent to
        creditors, next month.
        


            Megafoods Chairman Greg Anderson said he expects Megafoods to
        emerge from bankruptcy proceedings in the next four to five months.
        "We are absolutely confident the plan will position Megafoods and
        Handy Andy in a good position to compete and grow in the markets we
        serve," Anderson said.  During the next five years, Megafoods will
        embark on a plan of controlled, strategic growth that will include
        the construction of up to three stores in Arizona and two in Texas
        annually.  Megafoods is a deep discount supermarket chain with an
        innovative combination of warehouse shopping with traditional
        supermarket variety and customer services.
        


        /CONTACT:  Archie C. Fitzgerald, Investor Relations of Megafoods
        Stores, 602-926-1087, ext. 224; or Denise D. Resnick, Public
        Relations
        Consultant, 602-956-8834/




Columbia Western Inc./Pine Brook Capital
        news

       
            PORTLAND, Ore.--Dec. 15, 1995--href="chap11.colwest.html">Columbia Western
        Inc.
(formerly Riedel Environmental Technologies Inc.), which
filed
        for protection under Chapter 11 of the U.S. Bankruptcy Code on May
        17, 1995, and Pine Brook Capital Inc. (Pine Brook), a newly formed
        company, announced the occurrence on Dec. 12, 1995, of the effective
        date of Columbia Western's plan of reorganization (the plan).
        


            The plan was accepted by more than 97 percent of all creditors
        and interest holders who voted on the plan.  Under the plan, all of
        the creditors of Columbia Western holding secured claims, priority
        tax claims, priority wage claims and administrative expense claims
        will be paid in full.
        


            Pursuant to the plan, Columbia Western's general unsecured
        creditors were given the option of receiving either cash or stock of
        Pine Brook, or a combination thereof, in exchange for their claims.

        
            Each unsecured creditor who elected or was deemed to have
        elected to receive Pine Brook stock will receive one share of Pine
        Brook common stock for each $3.50 of its allowed claim; those who
        elected to receive cash will receive their pro rata share of
        available cash from Development Specialists Inc., the consummation
        agent under the plan.
   

     
            The Consummation Agent will also pay approximately $3.6 million
        to Pine Brook, which will constitute Pine Brook's initial operating
        capital.
      

  
            Columbia Western's general unsecured creditors will receive
        approximately 99 percent of the total outstanding capital stock of
        Pine Brook, before the exercise of any warrants discussed below and
        subject to further adjustments as contemplated by the plan.
        


            Former stockholders of Columbia Western will receive, in the
        aggregate, warrants to purchase approximately 7.5 percent of the
        total amount of Pine Brook common stock issued under the plan,
        subject to adjustment.
        


            Gordian Group L.P., formerly the financial advisor to Columbia
        Western, will receive warrants to purchase, at nominal price,
        approximately 20 percent of the total amount of Pine Brook common
        stock issued under the plan, subject to adjustment.
        


            The members of Pine Brook's board of directors are Stanford
        Springel and Michael McMahon.  Pine Brook's president and CEO is
        Peter S. Kaufman who is also employed by Gordian Group L.P.
        


            Springel, Columbia Western's president and CEO, remarked, "We
        are pleased that the reorganization has been effected and that a
        significant number of creditors have elected to reorganize through
        the formation of Pine Brook.  This reorganization provides the
        creditors with a possibility of maximizing their recovery.  It also
        provides the former stockholders of Columbia Western with a
        possibility for a recovery, which would not have been available if
        Columbia Western had simply been liquidated."

        
            Kaufman, on behalf of Pine Brook, stated, "We are delighted to
        have the opportunity to serve Columbia Western's former creditors as
        shareholders of Pine Brook.  We intend to work diligently to
        identify strategic acquisitions on behalf of Pine Brook; however,
        there can be no assurance that any appropriate acquisitions can be
        consummated.
   

     
            "Therefore the Pine Brook securities -- which are currently
        unlisted -- remain a speculative investment."

        
            Pine Brook currently expects to register its common stock under
        the Securities Exchange Act of 1934 and to commence SEC filings in
        1996, after preparation of Pine Brook's 1995 audited financial
        statements.
   

     
            At such time, Pine Brook also intends to have its common stock
        traded on the OTC Bulletin Board.  Kaufman cautioned, however, that
        "no assurance can be given that an active trading market for the
        common stock will be established"
      

  
            Pine Brook's initial capitalization is comprised of
        approximately $3.6 million of cash and 2,992,365 shares of common
        stock.  Pine Brook has also acquired, pursuant to the plan, all of
        the outstanding stock of World Security Corp., an alarm security
        monitoring company formerly owned by Columbia Western, with annual
        revenues of approximately $1 million.
        


        CONTACT:  Deborah L. White, 212/486-3600