/raid1/www/Hosts/bankrupt/TCR_Public/960202.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


BANKRUPTCY NEWS FOR - FEBRUARY 02, 1996



  1. HARRAH'S ENTERTAINMENT UPDATES STATUS OF CONVERSATIONS WITH
    STATE OF LOUISIANA REGARDING THE HARRAH'S JAZZ COMPANY CASINO IN NEW
    ORLEANS

  2. CRYSTALLUM ANNOUNCES FIRST-QUARTER FINANCIAL RESULTS
  3. SYQUEST TECHNOLOGIES ANNOUNCES FIRST-QUARTER LOSS AND
    RESTRUCTURING

  4. DOW CORNING ANNOUNCES 1995 FINANCIAL RESULTS
  5. IMRE CORPORATION ANNOUNCES YEAR END RESULTS
  6. CHARMING SHOPPES ANNOUNCES CORPORATE RESTRUCTURING
  7. BEN FRANKLIN RETAIL STORES, INC. REPORTS THIRD QUARTER AND
    NINE MONTH RESULTS

  8. TODAY'S MAN, INC. ANNOUNCES VOLUNTARY BANKRUPTCY FILING
  9. CHAMPION INDUSTRIES COMPLETES UPTON PRINTING ACQUISITION
  10. M. FREDDIE REISS NAMED MANAGING PARTNER OF PRICE
    WATERHOUSE'S NATIONAL CORPORATE RECOVERY PRACTICE
            
  11. U.S. ROBOTICS WITHDRAWS BID FOR HAYES
  12. USTRAILS INC. ANNOUNCES SECOND QUARTER RESULTS AND
    REPURCHASE OF SECURED NOTES




HARRAH'S ENTERTAINMENT UPDATES STATUS
OF CONVERSATIONS
WITH STATE OF LOUISIANA REGARDING THE HARRAH'S JAZZ COMPANY CASINO IN NEW
ORLEANS

        
            MEMPHIS, TN, Feb. 1, 1996 --
Harrah's Entertainment, Inc.

        (NYSE: HET) today reaffirmed in writing its commitment to use its
        best efforts to bring the Harrah's Jazz Company partnership's
        bankruptcy proceeding to a successful conclusion for all interested
        parties. Harrah's Entertainment today informed by letter
        representatives of the state of Louisiana of the following:
        



            Harrah's Entertainment has repeatedly requested meetings with
        representatives of the state of Louisiana to discuss the details of
        its proposals.  Through its recent letter, Harrah's Entertainment is
        once again encouraging state of Louisiana representatives to now
        meet and begin negotiating a plan of reorganization which when
        confirmed not only ensures that the New Orleans casino is completed,
        but also that the facility is operated as a successful Harrah's
        casino that brings good jobs, substantial tax revenues, and
        additional tourism to the city of New Orleans and state of
        Louisiana.
     


        CONTACT:  Ralph Berry, Harrah's Entertainment, Inc., 901-762-8629/




Crystallume announces first quarter fiscal 1996 financial
results
        


            WESTBOROUGH, Mass. -- Feb. 1, 1996 -- Crystallume
        (BB:CRYS, CRYSW) today reported financial results for the first
        quarter of fiscal 1996, which ended December 31, 1995.  Revenues for
        the first quarter of fiscal 1996 were $13.6 million, compared to
        $333,000 for the same period in fiscal 1995.  
        


            Net loss for the quarter, after non-recurring, merger-related
        charges of $1.7 million, was $921,000, or $0.19 per share, compared
        with a net loss of $1.1 million, or $0.33 per share, for the
        comparable period in fiscal 1995.  Before these non-recurring
        charges, income from operations was $968,000, or $0.20 per share,
        for the first quarter of fiscal 1996, compared with an operating
        loss of $978,000, or $0.31 per share, a year ago.  Weighted average
        shares for the three months ended December 31, 1995 were 4.8
        million, compared with 3.2 million for the prior year.  The increase
        in shares is primarily due to the financing of Crystallume's
        acquisition of Electronic Designs, Inc.  (EDI).  

        
            The company's results of operations for the first quarter of
        fiscal 1996 include the results of operations of EDI from October
        10, 1995, the day EDI was acquired by Crystallume in a transaction
        accounted for under the purchase method.  Based on this merger,
        Crystallume is now a supplier of memory circuits and flat panel
        display products and a developer of industrial applications for
        synthetic diamond films and coatings.  

        
            Approximately $1.1 million of the non-recurring, merger-related
        charge is due to the upward revaluation of EDI's inventories
        acquired to their estimated fair value as required under purchase
        accounting, thus eliminating margins on those acquired inventories.
        This amount is reflected in Crystallume's cost of revenues as the
        acquired inventories were sold during the first quarter.  The
        remaining $590,000 represents restructuring charges, principally
        severance benefits resulting from combining and reducing management
        functions.
   

     
            "We are excited to be reporting our financial results for the
        first quarter of fiscal 1996, our first as the newly merged
        company," said Don McGuinness, chairman and chief executive officer
        of Crystallume/EDI.  "Our first-quarter results reflect a
        restructuring of the diamond operations to improve financial results
        and focus on the use of synthetic diamond technology in EDI's
        products.  With the acquisition and restructuring behind us, our
        strategic goal is to grow the new company into a leading supplier of
        memory circuits and enhanced flat panel display products to the
        commercial, industrial and military markets."  

        
            Crystallume, headquartered in Westborough, Mass., has two
        distinct business operations.  The company designs, manufactures and
        markets semiconductor memory circuits and flat panel display
        products for Original Equipment Manufacturers (OEMs) in the global
        commercial, industrial and military markets, particularly
        telecommunications and data communications.  In addition, the
        company develops and markets industrial applications for synthetic
        diamond films and coatings, and has begun efforts to use this
        technology to improve and enhance its existing products.  The
        company's stock is quoted on the Nasdaq Bulletin Board, and the
        company has applied for relisting on the Nasdaq Small-Cap Market.  
   

     
            The consolidated statements of operations and condensed balance
        sheets follow.

        
                                 CRYSTALLUME
                       CONSOLIDATED STATEMENTS OF OPERATIONS
        
         
                                                     Three months ended
                                                         December 31,
        (Amounts in thousands, except per-share data)      1995      1994
         
        Revenues                                        $13,630      $333
        Cost of revenues(a)                              10,257
        --    
          Gross margin                                    3,373       333
         
        Operating expenses
          Research and development                        1,185       819
          Selling, general and administrative             2,202       492
          Restructuring                                     590
        --    
          Amortization of intangible assets                 118
        --    
                                                      4,095     1,311
         
        Loss from operations                               (722)     (978)
         
        Other income (expense)
          Interest income                                    45        22
          Interest expense                                 (244)      (94)
         
        Net loss                                          ($921)  ($1,050)
         
        Net loss per share                               ($0.19)   ($0.33)
         
        Weighted average common shares                    4,819     3,166
         
         
        NOTE: Results of operations include the results of EDI from the
        date of (October 10, 1995).
         
        (a) Cost of revenues for the three months ended December 31, 1995
        include
        to the upward revaluation of inventories acquired from EDI to their
        estimated fair value as of the acquisition date.
         
        
                                 CRYSTALLUME
                          CONSOLIDATED BALANCE SHEETS
         
        (Amounts in thousands)               December 31,        September
        30,
                                             1995                 1995
         
        Assets                                        
           Cash and cash equivalents             $943               $2,045
           Accounts receivable, net             9,255                  588
           Inventories                          7,494                   83
           Prepaid expenses and other
        current assets                        139                   84
                                              
         Total current assets              17,831                2,800
                                              
        Property and equipment, net             4,094                2,455
        Other assets                               84                1,079
        Intangible assets                       2,212
        --    
          Total assets                    $24,221               $6,334
         
         
        Liabilities and Shareholders' Equity
           Revolving credit facility           $3,652                $
        --    
           Current portion of long-term debt    4,106                  545
           Notes payable to shareholders           --                  900
           Notes payable to officers              290
        --    
           Accounts payable                     4,390                  878
           Accrued expenses and
        other liabilities                   3,814                  760
         Total current liabilities         16,252                3,083
         
           Deferred rent                          112                  104
         
           Long-term debt, net of
        current portion                     2,518                  648
         
           Long-term note payable
        to shareholder                         --                1,035
          Total liabilities               $18,882               $4,870
         
           Convertible preferred stock
        and common                         26,928               22,132
         
           Accumulated deficit                (21,589)             (20,668)
         
            Total liabilities and
             shareholder                  $24,221               $6,334


        CONTACT: Crystallume/Electronic Designs, Inc.                    
                 Frank Edwards, 508/366-5151     
                 or  
                 Liz Marsolais, 508/366-5151



SyQuest Technology Announces First-Quarter Loss And
Restructuring of Operations
        


            FREMONT, Calif. -- Feb. 1, 1996 -- SyQuest
        Technology, Inc. (NASDAQ: SYQT) today announced its operating
        results for the first quarter ended December 31, 1995 and a
        restructuring of its operations.  
        


            The company reported a quarterly net loss of $33.8 million, or
        $2.98 per share, on net revenues of $78.7 million.  This compares
        with net income of $1.9 million, or 16 cents per share, on net
        revenues of $65.9 million for the first quarter of fiscal year 1995.

        
            "Our decision to restructure operations was a difficult one,"
        said Syed H. Iftikar, chairman, chief executive officer, and
        president of SyQuest.  "However, given the dramatic changes in our
        markets during the last few quarters, and the corresponding changes
        in our product line and operating model, a thoughtful, systematic
        restructuring is in the best interests of the company and its
        stockholders.  We do not expect to return to profitability in the
        current quarter.  However, we believe that the planned actions will
        help us to stabilize and refocus the business in the near term, and
        ultimately to recover our competitive strength and profitability in
        the long term."  
   

     
         Restructuring Actions        
      

  
        The restructuring will consist of the following actions:
        


    

    
            The restructuring will require the company to take a pre-tax
        charge of approximately $3.0 million to $5.0 million, according to
        preliminary estimates, against second-quarter earnings.  This one-
        time charge, which will be fully reported with second-quarter
        results in April 1996, will include provisions for fixed assets
        associated with Far East manufacturing operations, as well as
        severance compensation and other benefits for terminated employees.
       


            In addition to the restructuring, SyQuest is actively recruiting
        candidates for the new management position of president and chief
        operating officer, responsible for improving the efficiency of
        operations throughout the company.  

        
         First-Quarter Results
   

     
            In the first quarter, net revenues were $78.7 million, an
        increase of 19.4 percent from $65.9 million in the first quarter of
        fiscal 1995.  
      

  
            The first-quarter gross margin was -11.8 percent, down from
        +24.2 percent a year earlier.  This was due to lower average selling
        prices for core products, such as the SQ5200 and the SQ3270 drives,
        and for all cartridge products; to higher production costs for EZ135
        system products; and to an overall shift in revenues from drives to
        systems. Unit sales of drives, which have a higher gross margin,
        decreased by 49 percent.  Unit sales of systems, which have a lower
        gross margin, increased by more than 300 percent.  Unit sales of
        cartridges grew by 70 percent.  

        
            Also contributing to the lower gross margin was a $8.6-million
        provision for excess inventories of the SQ5200 and SQ3270 drives and
        a $7.8-million provision for losses on purchase commitments for
        EZ135 system products.  
   

     
            Selling, general, and administrative expenses increased 68.4
        percent, from 13.0 percent a year earlier to 18.4 percent of net
        revenues in the first quarter of fiscal 1996.  These expenses
        included an additional provision of $1.0 million for bad debts.  The
        total allowance for bad debts is now $4.6 million, or 6.7 percent of
        total accounts receivable.  Research and development expenses grew
        38.4 percent, from 7.9 percent to 9.1 percent of net revenues,
        reflecting an increased investment in new products.  
      

  
            "New product development is key to SyQuest's future," said
        Iftikar. "Our markets have become increasingly competitive,
        challenging us to reach new levels of price/performance that will
        achieve and sustain a clear competitive advantage.  At the same
        time, winning in the marketplace must be profitable.  Our intent
        going forward is to ensure that SyQuest's research and development
        efforts and product line reflect these imperatives."  
        


            The company's first-quarter 1996 results also included a $3.0-
        million provision for income taxes as a result of an increased
        valuation allowance for deferred tax assets.  
        


         Cash Position
        


            At December 31, 1995, SyQuest's cash and cash equivalents were
        $10.8 million, down from $29.2 million at September 30.  
        


            "Although we have a $30-million bank line of credit, subject to
        normal borrowing limitations, we view both the decline in our cash
        position and current cash levels as issues facing the company,"
        said Iftikar.  "However, we are taking specific steps to strengthen
        our overall financial condition, including the restructuring of
        operations, the outsourcing of manufacturing, and the subsequent
        reduction of operating expenses."  
        


         The Company
        


            SyQuest Technology, Inc. is the industry's leading supplier of
        removable Winchester disk cartridges and associated drives.  These
        products enable personal computer users to exchange data, expand
        data storage capacity incrementally, and back up, store, and
        physically secure data.  Founded in 1982, the company has worldwide
        operations, primarily in North America, Asia, and Europe.

        
                           SYQUEST TECHNOLOGY, INC.
                  CONSOLIDATED CONDENSED INCOME STATEMENTS
                   (In thousands, except per share data)
                                (Unaudited)
        
                                             Three months ended
                                                  Dec. 31,          
                                            1995            1994
        
        Net revenues                          $78,667          $65,892
        Cost of revenues                       80,090           49,965     
        Provision for losses on
         purchase commitments                   7,839               --
                                         --------         --------   
           Gross Profit(loss)                  (9,262)          15,927
        
        Operating Expenses:        
        Selling, general & admin.              14,464            8,587     
        Research and development                7,160            5,175
                                          -------          -------     
        Total operating expenses               21,624           13,762
                                          -------          -------
        Income (loss) from operations         (30,886)           2,165    
        
        Interest income (net)                      85              365
        
                                          -------          -------
        Income (loss) before income          
         taxes                                (30,801)           2,530     
        
        Provision for income taxes              3,000              607  
                                          -------          -------     
        
        Net income (loss)                    ($33,801)          $1,923   
                                                    
        
        Income (loss) per share:
        
         Net income (loss)                     ($2.98)           $0.16      
                                                    
        
         Common and common equivalent
          shares used in computing
          per share amounts                    11,324           11,899    
        
                           SYQUEST TECHNOLOGY, INC.
                    CONSOLIDATED CONDENSED BALANCE SHEETS
                               (In thousands)
        
                                          Dec. 31,         Sept. 30,
                                            1995             1995
                                         (Unaudited)        (Note)
                Assets              
        
        Current assets:
          Cash and cash equivalents           $10,801          $29,248
          Short-term investments                  400              400
          Accounts receivable                  63,522           55,653
          Inventories                          36,018           34,213
          Prepaid expenses and deposits         2,472            2,066
          Deferred income taxes                10,254           13,254
                                        ----------       ----------
        Total current assets              123,467          134,834
        
        Property, equipment and
        leasehold improvements                 58,258           57,790
          Less:  Accumulated depreciation     (26,978)         (31,070)
                                        ----------       ----------
          Net property and equipment           31,280           26,720
        
        Other assets                            3,093            3,130
                                        ----------       ----------
                                         $157,840         $164,684
                                               
        
            Liabilities and Stockholders' Equity
        
        Current liabilities:
         Accounts payable                     $59,231          $41,213
         Income taxes payable                     356              355
         Accrued compensation                   6,276            5,206
         Accrued expenses & other liabilities  16,731           15,210
         Provision for losses on
          purchase commitments                 10,849           10,510
         Notes payable to bank                  6,013              --
                                        ----------       ----------
          Total current liabilities            99,456           72,494
        
        Deferred rent                             272              276
        
        Deferred income taxes                   8,725            8,726
        
        Stockholders' equity:
         Common stock                              13               13
         Additional paid in capital            79,489           79,489
         Treasury stock                       (12,855)         (12,855)
         Retained earnings (deficit)          (17,260)          16,541
                                        ----------       ----------
           Total stockholders' equity          49,387           83,188
                                        ----------       ----------
                                         $157,840         $164,684
                                               
        
        Note:  The consolidated condensed balance sheet at September 30,
        1995 has been derived from the audited financial statements at that
        date.

        CONTACT:  SyQuest Technology, Inc.,
                 Syed H. Iftikar or James E. Graber, 510/226-4000
        

DOW CORNING ANNOUNCES 1995 FINANCIAL RESULTS
        


            MIDLAND, Mich., Feb. 2, 1996 - Dow
Corning Corp.
today
        reported both fourth-quarter 1995, and year-end sales and profits.
        Sales in 1995 totaled $2.5 billion, an increase of 13.6 percent over
        $2.2 billion reported for 1994.
        


            The company recorded a net loss for the year of $30.6 million,
        including the impact of a previously announced special charge of
        $221.2 million after-tax, taken at the end of the second quarter to
        reflect a change in the company's accounting method for its
        liability in a breast implant global settlement.

        
            Excluding the special charge in the second quarter, net profit
        after tax (PAT) for the year was $190.6 million, an increase of 31.4
        percent over comparable 1994 profits of $145.0 million.
   

     
            Fourth-quarter sales for 1995 were $615.0 million, up 5.4
        percent from the $583.4 million recorded for the same period in
        1994.  Net profit for the quarter was $39.6, up 21.5 percent from a
        fourth-quarter 1994 net profit of $32.6 million, excluding the
        previously reported fourth-quarter 1994 special charge of $151.8
        million after tax.
      

  
            "Strong economies throughout most of 1995 enabled this
        performance, although some slowing occurred as the year came to a
        close," said Richard A. Hazleton, chairman and chief executive
        officer.  "Asia, outside of Japan, continues to grow faster than all
        other areas of the world.  Some of the large European economies
        slowed considerably in the fourth quarter, and the U.S. economy is
        in a period of uncertainty.
        


            "We continue to be appreciative of the steadfast loyalty and
        support of not only our employees but also of our customers and
        suppliers as we work through Chapter 11.  We're making progress in
        many areas, and continue to remain strong, as demonstrated by our
        year-end financial results," Hazleton said.
        


            Consolidated financial statements are available by calling Dow
        Corning at 517-496-5436.
        


            Dow Corning Corp., a global leader in silicon-based materials,
        is a Michigan corporation with shares equally owned by The Dow
        Chemical Co. (NYSE: DOW) and Corning Inc. (NYSE: GLW).  More than
        half of Dow Corning's sales are outside the U.S.
        



                    DOW CORNING CORPORATION AND SUBSIDIARY COMPANIES
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED
        EARNINGS
        
                   (in millions of dollars except share data)
        
                                            Year ended December 31,
                                          1995       1994        1993
        
        NET SALES                       $2,492.9   $2,204.6    $2,043.7
        
        OPERATING COSTS AND EXPENSES:
         Manufacturing cost of sales     1,664.4    1,470.3     1,403.9
         Marketing and administrative
        
          expenses                         450.3      415.4       403.9
         Implant costs                     351.1      241.0       640.0
        
                                         2,465.8    2,126.7     2,447.8
        
        OPERATING INCOME (LOSS)             27.1       77.9      (404.1)
        
        OTHER INCOME (EXPENSE):
         Interest income                    36.6       18.0         5.0
         Currency gains (losses)
          and other, net                   (22.6)     (11.0)       10.4
         Interest expense                  (43.0)     (70.3)      (33.3)
        
        INCOME (LOSS) BEFORE REORGANIZATION
         COSTS AND INCOME TAXES             (1.9)      14.6      (422.0)
        
        Reorganization costs                21.0          -           -
        
        INCOME (LOSS) BEFORE INCOME TAXES  (22.9)      14.6      (422.0)
        
        Income tax provision (benefit)      (9.6)       7.9      (150.9)
        
        Minority interests' share
         in income                          17.3       13.5        15.9
        
        NET INCOME (LOSS) (1995 - $(12.24)
         per share; 1994 - $(2.72) per
         share; 1993 - $(114.80)
         per share)                       (30.6)       (6.8)     (287.0)
        
        Retained earnings at beginning
         of year                          597.5       604.3       891.3
        
        Retained earnings at end
         of year                       $  566.9    $  597.5    $  604.3
        
                DOW CORNING CORPORATION AND SUBSIDIARY COMPANIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                            (in millions of dollars)
        
                      ASSETS        December 31, 1995     December 31, 1994
        CURRENT ASSETS:
         Cash and cash equivalents       $   387.3           $   201.1
         Receivables, net                    474.4               416.2
         Anticipated implant insurance
          receivable                         265.0               157.5
         Implant deposit                     275.0               275.0
         Inventories                         329.0               308.4
         Other current assets                105.0               277.6
        
            Total current assets           1,835.7             1,635.8
        
         PROPERTY, PLANT AND
          EQUIPMENT, NET                   1,207.6             1,191.9
        
        ANTICIPATED IMPLANT INSURANCE
         RECEIVABLE                        1,126.0               943.6
        
        RESTRICTED INSURANCE PROCEEDS        108.3                   -
        
        OTHER ASSETS                         680.8               321.9
                                          $4,958.4            $4,093.2
        
          LIABILITIES AND STOCKHOLDERS' EQUITY
        CURRENT LIABILITIES:
         Short-term borrowings          $     23.4           $   446.8
         Accounts payable                    148.5               160.2
         Implant reserves                        -               475.4
         Other current liabilities           287.6               242.6
        
                Total current liabilities    459.5             1,325.0
        
        LONG-TERM DEBT                       110.8               335.1
        
        IMPLANT RESERVE                          -             1,286.9
        
        OTHER LIABILITIES                    110.3               352.1
        
        LIABILITIES SUBJECT TO COMPROMISE:
         Accounts payable                     46.6                   -
         Implant reserves                  2,471.5                   -
         Notes payable and long-term debt    648.4                   -
         Other                               337.6                   -
        
                Total liabilities subject
                  to compromise            3,504.1                   -
        
        MINORITY INTEREST IN CONSOLIDATED
         SUBSIDIARIES                        126.8               117.9
        
        STOCKHOLDERS' EQUITY                 646.9               676.2
        
                                          $4,958.4            $4,093.2
        

        CONTACT:  Barbara J. Muessig, 517-496-8841, or T. Michael Jackson
        517-496-6443, both of Dow Corning/


IMRE CORPORATION ANNOUNCES YEAR END RESULTS

        
            SEATTLE, Feb. 2, 1996 - IMRE Corporation (Nasdaq: IMRE)
        announced today its financial results for the year ended December
        31, 1995.  The Company reported a net loss of $6.8 million, or $0.39
        per share, compared to a net loss of $6.2 million, or $0.40 per
        share, for 1994.  The Company reported total expenses of $11.0
        million for 1995 compared to $11.1 million for 1994.  Expenses in
        1995 reflected $2.1 million for non-recurring charges, including a
        $0.6 million restructuring expense for the Company's recently
        announced restructuring plan to move all operations, except
        manufacturing, to San Diego, California, and $1.5 million of non-
        cash expenses reported earlier in 1995 for the purchase of the
        minority interest of a subsidiary and debt conversion expenses.

        
           The Company's cash position as of December 31, 1995 was $1.0
        million. As recently announced, the Company completed a private
        placement of approximately $12.5 million of common stock subsequent
        to December 31, 1995.  As a result the Company had cash of
        approximately $12.5 million as of January 31, 1996.
   

     
            The Company reported revenue of $4.1 million, a decrease of
        16.3% from revenue of $4.9 million for 1994.  The revenue for 1995
        includes the $3.0 million take-or-pay payment made by its North
        American distributor, Baxter Healthcare Corporation, in March 1995.
        The decrease in revenue is due primarily to Baxter selling less to
        customers than when IMRE sold directly to health care providers and
        Baxter requiring less product in 1995 as compared to 1994.  The
        increase net loss is due primarily to the decrease in revenue, an
        increase in research and development expenses, and certain non-
        recurring charges, all of which were partially offset by a
        significant reduction in sales and marketing expenses.

        
            For the three months ended December 31, 1995, the Company
        reported revenue from product sales of $9,000, compared to revenue
        of $0.8 million for the same period in 1994.  The net loss was $3.2
        million, or $0.17 per share, compared to $1.8 million, or $0.12 per
        share for 1994.  The decrease in net sales is a result of not
        shipping any product to Baxter during the fourth quarter of 1995
        compared to shipments being made during the same period in 1994.
        The increase in net loss was a result of the decrease in sales, an
        increase in compensation costs resulting from severance costs
        incurred from the resignation of certain executive officers in
        December 1995, and the restructuring expense noted previously.  Such
        increased expenses were partially offset by a reduction in sales and
        marketing expenses.
   

     
            IMRE Corporation in a medical device company that is a leader in
        the field of immunoadsorption therapy.  The Company's first product,
        the PROSORBA(R) column, has FDA marketing approval for the treatment
        of idiopathic thrombocytopenic purpura (ITP), an immune-mediated
        bleeding disorder.  In September 1995, IMRE announced positive
        results of a pilot clinical trial using the PROSORBA(R) column for
        rheumatoid arthritis therapy and is currently planning to begin a
        controlled clinical trial in rheumatoid arthritis during the first
        half of 1996.

        
                                IMRE CORPORATION
                            Condensed Financial Data
                      (In thousands except per share data)
        
                           Quarter ended December 31  Year ended December 31
                                Three Months                  Year
                             1995          1994         1995          1994
        Revenue           $     9       $   781      $ 4,104       $ 4,918
        Interest income        21            26          119            72
        Total                  30           807        4,223         4,990
        
        Production costs      582           514        2,041         2,571
        Sales and marketing    74           535          820         3,550
        Research and
         development          778           844        3,219         2,108
        General and
         administrative     1,090           653        2,627         2,694
        Other                 645                      2,080
        Interest expense       29            79          262           218
        
        Total expenses      3,198         2,625       11,049        11,141
        Net loss from
         operations      $(3,168)       $(1,818)     $(6,826)      $(6,151)
        
        Net loss per
         share           $ (0.17)       $ (0.12)     $ (0.39)      $ (0.40)
        Weighted average
         shares
         outstanding      18,590         15,590       17,599        15,244


        CONTACT:  Alex P. de Soto, Chief Financial Officer of IMRE
        Corporation, 206-281-4691/


CHARMING SHOPPES ANNOUNCES CORPORATE RESTRUCTURING

        
            BENSALEM, Pa., Feb. 2, 1996 - Charming Shoppes, Inc.
        (Nasdaq: CHRS), the retail women's apparel chain announced a pretax
        charge of $33,000,000 related to the restructuring of its overseas
        sourcing and domestic corporate operations.  This charge is in
        addition to a pretax charge of $65,000,000 related to the closing of
        290 underperforming stores which the Company announced during
        December 1995. Most of this $33,000,000 charge is associated with
        the downsizing of the Company's overseas sourcing operation.  Direct
        overseas sourcing will be reduced from approximately seventy percent
        of total purchases to approximately fifty percent.  This reduction
        will result in the redirection of timely fashion merchandise
        purchases to the domestic market thereby leaving more basic
        merchandise purchases as the primary function of the overseas
        sourcing organization.  This will enable the company to reduce
        working capital associated with the financing of fabric purchases
        and will provide Charming Shoppes merchants more time to predict
        fashion trends prior to placing orders.

        
            The restructuring of the Company's domestic corporate operations
        primarily include operational changes such as changes to the product
        development, store design and construction departments.
   

     
            One hundred twenty stores have been closed since the
        announcement of the $65,000,000 pretax charge in December 1995.
        Approximately seventy are scheduled for closing during the first
        quarter of fiscal 1997.
      

  
            The total fourth quarter restructuring charge will reduce pretax
        earnings by $98,000,000.  The after-tax effect on earnings will be
        approximately $66,000,000, or $.64 per share.  Most of the pretax
        charge will result in the write-off of existing assets with
        approximately $37,000,000 attributable to cash payments.
        


            As previously reported, the Company said it anticipates an
        operating loss for the fourth quarter of the fiscal year ranging
        from $.32 to $.36 per share.
        


            The Company will release the results of the fourth quarter on
        March 19, 1996.
        


        CONTACT:  Bernard Brodsky, Vice President & Treasurer of Charming
        Shoppes, 215-638-6719



BEN FRANKLIN RETAIL STORES, INC. REPORTS THIRD QUARTER AND NINE MONTH RESULTS
    

    
            CAROL STREAM, Ill., Feb. 2, 1996 - Ben Franklin Retail
        Stores, Inc. (Nasdaq: BFRS) today reported a net loss of $11.7
        million, or $2.14 per share, for the third quarter of fiscal 1996.
        This loss reflects charges and adjustments of $13.2 million on a pre-
        tax basis related primarily to restructuring charges of $11.2
        million for its wholesale operations and store closings in its
        retail business and includes adjustments and provisions for
        uncollectible trade receivables. For the third quarter of fiscal
        1995, the Company had net income of $310,000, or $.06 per share.
        


            Net sales for the third quarter ended December 31, 1995
        increased 9.2% to $102.9 million as compared with $94.2 million in
        the comparable quarter of fiscal 1995, primarily as a result of
        increased wholesale sales and increased retail sales from new
        openings of Company-owned craft superstores.  The operating loss in
        the current quarter was $15.7 million, as compared to operating
        income of $1.3 million in the comparable quarter of fiscal 1995.
        The operating loss of $15.7 million included $13.2 million of
        charges and adjustments as explained above and reflects reduced
        margins on retail sales from its Company-owned craft superstores due
        to heavy seasonal promotional activity.

        
            "These charges and adjustments reflect direct and proactive
        actions to address a weak retail environment experienced by our
        Franchise stores and our Company-owned craft superstores.  The
        restructuring charges and adjustments will cover costs associated
        with the closing of up to eight Company-owned craft superstores,
        relocation costs for certain facilities and adjustments and
        provisions for uncollectible trade receivables," Robert Kendig,
        President and Chief Operating Officer, said.
   

     
            "These actions will improve cash flow by recapturing capital
        that is currently tied-up in inventory and fixed building costs,
        improve efficiencies not realized currently from increased wholesale
        volume and reduce negative cash flows in non-performing Company-
        owned craft superstores.  These actions should translate into future
        savings of over $4.4 million pre-tax annually once fully
        implemented.  We remain committed in assisting our franchisees in
        succeeding in the Craft industry and will continue to expand Company-
        owned craft superstores in selected retail markets," Kendig added.
      

  
        FIRST NINE MONTHS RESULTS:
        


    The net loss for the nine months was $12.2 million, or $2.22 per
        share, including charges of $13.2 million on a pre-tax basis as
        explained above as compared to net income of $1.1 million, or $.21
        per share, in the prior year nine month period.
        


            Net sales increased 17% to $306.1 million from $261.5 million in
        the previous year's nine month period as a result of increased
        wholesale sales and increased retail sales from new openings of
        Company-owned craft superstores.  The operating loss in the current
        period was $13.6 million as compared to operating income of $3.3
        million in the prior year period.  The operating loss of $13.6
        million included $13.2 million of charges and adjustments as
        explained above and reflected reduced operating results in the third
        quarter.

        
            Ben Franklin Retail Stores is a franchisor to more than 300
        craft stores, including craft superstores, and more than 540 variety
        stores, and wholesaler to holders of over 800 merchandise agreements
        throughout the United States and internationally.  In addition, the
        Company currently owns and operates 41 Ben Franklin Crafts
        Superstores, which are expanded-format, full service stores
        providing craft products and craft classes for their customers.  The
        Company is headquartered in Carol Stream, Illinois.
   

     
              BEN FRANKLIN RETAIL STORES, INC. AND SUBSIDIARIES
          CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
                 AND SUMMARIZED BALANCE SHEET DATA (UNAUDITED)
                     (In thousands, except per share amounts)
        
                               Third Quarter Ended      Nine Months Ended
                                   December 31,            December 31,
                                 1995        1994        1995        1994
        Income Statement Data:
        
        Net Sales              $102,867     $94,183    $306,094    $261,551
        Operating costs
          Cost of sales,
            buying and
            occupancy            92,269      83,639     274,379     235,370
          General and
            administrative
            expenses             13,815       8,384      30,617      20,369
          Restructuring
            Charge               11,213          --      11,213          --
          Depreciation and
            amortization          1,305         841       3,516       2,471
        Total operating
          expenses              118,602      92,864     319,725     258,210
        Operating income (loss) (15,735)      1,319     (13,631)      3,341
        Interest expense - net    2,324         892       5,284       1,864
        Other income (expense)      136          83         222         316
        Income (loss) before
          income taxes          (17,923)        510     (18,693)      1,793
        Income tax expense
          (benefit)              (6,218)        200      (6,472)        655
        Net Income (Loss)      $(11,705)   $    310    $(12,221)   $  1,138
        
              BEN FRANKLIN RETAIL STORES, INC. AND SUBSIDIARIES
         CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
                 AND SUMMARIZED BALANCE SHEET DATA (UNAUDITED)
                    (In thousands, except per share amounts)
        
                               Third Quarter Ended      Nine Months Ended
                                   December 31,            December 31,
                                 1995        1994        1995        1994
        
        Primary earnings per share
        
        Net Income (Loss)      $(2.14)     $  .06      $(2.22)     $  .21
        Average Common Shares
          Outstanding           5,463       5,519       5,503       5,510
        
        Fully diluted earnings
        per share
        
        Net Income (Loss)      $  N/A      $  N/A      $  N/A      $  N/A
        Average Common Shares
          Outstanding           9,173       9,229       9,173       9,224
        
        Summarized Balance Sheet Data:                As of
                                     December 31, 1995     March 31, 1995
        
        Total Assets                      $227,200            $219,500
        Working Capital                     92,800              65,600
        Long-Term Obligations
          Excluding Current Portion        110,900              61,000
        Stockholders' Equity                47,400              59,400


        CONTACT:  David A. Brainard, Senior Vice President - Chief
        Financial Officer, of Ben Franklin Retail Stores, 708-462-6345/


TODAY'S MAN, INC. ANNOUNCES VOLUNTARY BANKRUPTCY FILING
        


            MOORESTOWN, N.J., Feb. 2, 1996 - href="chap11.todays.html">Today's Man, Inc.
        (Nasdaq: TMAN) announced that it has filed a voluntary petition to
        reorganize under Chapter 11 of the Bankruptcy Code.  Under Chapter
        11, Today's Man, Inc. would continue to operate its business under
        Court protection from creditors, while seeking to work out a Plan of
        Reorganization.  "The petition was filed in the U.S. Bankruptcy
        Court for the District of Delaware.
        


            The Company is in the process of finalizing $25 million of
        Debtor In Possession (DIP) facing, subject to Bankruptcy Court
        approval.  "The Company believes that the financing should provide
        adequate funding throughout the reorganization period.

        
            David Feld, Today's Man Founder and Chairman of the Board and
        Chief Executive Officer, said, "The decision to file for bankruptcy
        was difficult, but we feel it represents the most viable approach to
        restructuring our business to respond to the adverse conditions
        facing the retailing industry.  Regardless of the present negative
        industry environment, we believe that Today's Man has an appealing
        concept, significant positions in several major markets and wide
        name recognition among consumers.  The reorganization will allow us
        to build on these qualities and take the initiatives necessary to
        ensure a strong future for the Company."
   

     
            Mr. Feld announced that, in connection with the restructuring,
        the Company plans to accelerate its program to sharply reduce
        operating costs and streamline major departments.  Today's Man
        previously announced that it would not open any new stores in 1996
        in order to concentrate on improving results at its existing stores
        and markets.

        
            "We are grateful for our constructive relationships with our
        suppliers and the loyalty and commitment of our associates, and with
        their continued support we believe we will come through this process
        as a more competitive company," Mr. Feld concluded.
   

     
            Today's Man, Inc. currently operates 35 menswear superstores in
        the Philadelphia, New York, Washington and Chicago markets and one
        outlet in Florida.  It offers a wide selection of tailored clothing,
        furnishings, accessories and sportswear at everyday low prices.
      


        CONTACT:  Frank E. Johnson, Vice President and Chief Financial
        Officer, 609-722-6380, or David Feld, Chairman of the Board &
        C.E.O.,both of Today's Man, Inc., 609-722-6340; or Edward Nebb or Jeff
        Majtyka of Morgen Walke Associates, 212-850-5600/


        
CHAMPION INDUSTRIES COMPLETES UPTON PRINTING ACQUISITION
        


            HUNTINGTON, W.Va., Feb. 2, 1996 - Champion Industries,
        Inc. (Nasdaq: CHMP) today announced that it has completed the
        acquisition of the operations of E.S.
Upton Printing Company, Inc.

        of New Orleans, Louisiana.  Champion's wholly-owned subsidiary,
        Bourque Printing of Baton Rouge, paid cash and assumed certain of
        Upton's liabilities in exchange for substantially all of Upton's
        assets. The transaction was completed in accordance with Upton's
        confirmed Chapter 11 bankruptcy case in the U.S. Bankruptcy Court
        for the Eastern District of Louisiana.

        
            Upton Printing, founded in 1889, is a New Orleans-based company
        specializing in high end color printing.  Upton's clients include
        not only local New Orleans companies but also prominent regional and
        national accounts.  Bourque's New Orleans operations will be
        conducted under the Upton Printing name as a division of Bourque.
   

     
            Champion Industries Chairman Marshall T. Reynolds hailed the
        acquisition as "a significant step in the growth of our Louisiana
        operations.  This is a particularly good fit within the Bourque
        framework, and I feel it will produce results quickly."
      

  
            Upton Printing owner and President, William R. Bell, said
        joining forces with Bourque "gives us the ability to immediately
        offer the full line of Champion Industries products to our
        customers.  Now that we have Champion's financial muscle working for
        us, we can concentrate on selling everything from business forms to
        data supplies along with our high end color printing."
        


            Bourque General Manager Doug McElwain said that this will
        "dramatically enhance our presence in New Orleans.  Our sales staff
        now will have a first class base of operations there, and we plan to
        place data products inventory at Upton right away."
        


            The combined Bourque and Upton operations will account for over
        $9 million in annual sales in Louisiana.  Upton's sales have
        approximated $2.5 million per year.  The parent company, Champion
        Industries, had sales of more than $44 million in its most recent
        fiscal year.
        


            Champion Industries, whose stock is traded on the Nasdaq Stock
        Market under the symbol CHMP, is headquartered in Huntington, WV.
        The firm is a major commercial printer, business form manufacturer
        and supplier of office products and office furniture.  Champion
        serves the entire southeastern United States through its regional
        markets in West Virginia, Kentucky, Ohio, Tennessee, Louisiana,
        Mississippi, Maryland and the Carolinas.
        


        CONTACT:  Joseph C. Worth, Chief Financial Officer of Champion,
        304-528-2791, or home, 304-525-6771




        M. FREDDIE REISS NAMED MANAGING PARTNER OF PRICE WATERHOUSE'S
        NATIONAL CORPORATE RECOVERY PRACTICE

        
            NEW YORK, Feb. 2, 1996 - Price Waterhouse LLP has
        appointed M. Freddie Reiss as managing partner of the firm's
        national Corporate Recovery practice, which includes its Business
        Turnaround Services segment.  The practice, with more than 200
        professionals, provides comprehensive, business, systems and
        litigation consulting to debtors and equity shareholders of
        companies in transition due to reorganization, restructuring,
        merger, acquisition, divestiture, bankruptcy and dissolution.

        
            Prior to his new post, Reiss, 49, was responsible for Price
        Waterhouse's Corporate Recovery unit in the western region and co-
        director of the U.S. practice.
   

     
            Reiss has extensive experience in corporate recovery workouts,
        turnarounds and bankruptcy matters in the real estate, retailing,
        health care, financial services, manufacturing and service
        industries.  He has worked on many complex bankruptcy matters such
        as those involving Orange County (California), Lincoln Savings,
        Executive Life Insurance and House of Fabrics.
      

  
            Mike Gagnon, senior partner of the firm's national Dispute
        Analysis and Corporate Recovery practice, said, "Freddie is an
        outstanding leader who will bring to our Corporate Recovery practice
        unsurpassed experience and a passion for service to our clients."
        


            Reiss joined Price Waterhouse as a partner in 1988 and was one
        of the founders of the firm's insolvency practice.  He was recently
        invited to serve as a Fellow of the American College of Bankruptcy
        and is a member of the Association of Insolvency Accountants, the
        Turnaround Management Association and the Los Angeles Bankruptcy
        Forum.  He is also a member of Price Waterhouse's Worldwide
        Insolvency Leadership Team. Reiss is a Certified Public Accountant
        in New York and California and is a Certified Insolvency and
        Reorganization Accountant.  He received his B.B.A. from the City
        College of New York.
        


            The Corporate Recovery practice is part of the Price
        Waterhouse's Dispute Analysis and Corporate Recovery consulting
        unit.  With over 400 professionals in 17 major U.S. cities, the
        Dispute Analysis and Corporate Recovery practice provides litigation
        consulting on a full range of litigation matters as well as
        operational and financial consulting to businesses and their
        creditors.
        


            For nearly 150 years, Price Waterhouse has helped the world's
        leading companies solve complex business problems.  Today, through a
        worldwide network comprising 53,000 professionals in 119 countries
        and territories, Price Waterhouse assists clients in implementing
        strategies to improve business performance; effecting organizational
        and strategic change; using information technology for competitive
        advantage; and meeting audit and tax requirements.  Price Waterhouse
        LLP, with 16,000 men and women throughout the U.S., is a vital part
        of the worldwide Price Waterhouse organization.
        


        CONTACT:  Ellen Ringel of Price Waterhouse, 212-819-5021/



U.S. Robotics Corporation withdraws bid for Hayes


            SKOKIE, Ill. -- Feb. 2, 1996 -- U.S. Robotics
        Corporation (NASDAQ:USRX) announced today that it has withdrawn its
        bid to acquire Hayes Microcomputer
Products, Inc.
  
        


            U.S. Robotics had sought to acquire Hayes, which filed for
        Chapter 11 Bankruptcy in November 1994, pursuant to a plan of
        reorganization filed with the United States Bankruptcy Court for the
        Northern District of Georgia in October 1995.  The company announced
        the withdrawal of its plan to the Bankruptcy Court during ongoing
        hearings on the confirmation of two other competing reorganization
        plans.  
        


            John Mc Cartney, U.S. Robotics executive vice president and
        chief operating officer, said, "The company's management concluded,
        in light of all the circumstances, that acquiring Hayes would not be
        in the best interests of U.S. Robotics and its stockholders.  "We
        evaluated and re-evaluated this transaction in light of the other
        opportunities for growth that are available to us and ultimately
        decided that it would be better to deploy our financial and
        operational resources in other directions."  
        


            In addition, U.S. Robotics' proposed transaction had not been
        cleared by the Federal Trade Commission (FTC), which was reviewing
        it under the Hart-Scott-Rodino antitrust law.  "We believe we could
        have obtained the necessary FTC approval on terms that would have
        been acceptable, but this was one of the many factors taken into
        account in our analysis," said Jonathan Zakin, U.S. Robotics
        executive vice president for strategy and corporate development.  
        


            The court hearings continue with respect to the two remaining
        plans for the reorganization of Hayes which were proposed by Hayes
        as debtor-in-possession and by the Official Committee of Unsecured
        Creditors.  U.S. Robotics continues to be interested in the case as
        a creditor, and it has also objected to certain provisions of the
        other plans which would have the effect of transferring a license
        under certain patents owned by a U.S. Robotics subsidiary to the
        reorganized entity.  
        


            All of the proposed plans would pay the claims of Hayes'
        creditors in full with interest.  The proposal withdrawn by U.S.
        Robotics would have paid the Hayes shareholders $97.5 million,
        primarily in U.S.  Robotics shares, subject to the reduction in the
        event creditors' claims and unpaid administrative expenses exceed
        $85 million.  The debtor's plan would restructure the equity of
        Hayes, with funding from new investors and the buyout of
        shareholders other than founder, Dennis Hayes.  The Creditors
        Committee plan is based upon the proposed acquisition of Hayes by
        Diamond Multimedia, Inc.  On January 25, 1996, Diamond modified its
        bid, increasing the total consideration to the shareholders of Hayes
        from $100 million to $111 million, payable in a combination of cash
        and Diamond stock.  

        
            U.S. Robotics (NASDAQ:USRX) is one of the world's leading
        suppliers of products and systems that provide access to
        information. The company designs, manufactures, markets and supports
        remote access servers, enterprise communications systems,
        desktop/mobile client products, modems and telephony products that
        connect computers and other equipment over analog, digital and
        switched cellular networks, enabling users to gain access to, manage
        and share data, fax and voice information.  Its customers include
        Internet service providers, regional Bell operating companies and a
        wide range of other large corporations, businesses, institutions and
        individuals.  The company's 1995 sales were $889.3 million.  


        CONTACT:  U.S. Robotics Corporation, Skokie;
                  Karen J. Novak, Media Relations, 708/982-5244;
                  C. David Hall, Investor Relations, 708/982-5162
        




        USTRAILS INC. ANNOUNCES SECOND QUARTER RESULTS AND REPURCHASE OF
        SECURED NOTES

        
            DALLAS, Feb. 2, 1996 - USTrails Inc. (OTC:USTQ) today
        reported results for the second quarter of fiscal 1996, which ended
        Dec. 31, 1995.
        


            For the three months ended Dec. 31, 1995, USTrails reported a
        net loss of $704,000 or $.19 per share on revenues of $18.8 million,
        compared with a net loss of $3.2 million or $.86 per share on
        revenues of $20.3 million for the same period last year.  For the
        six months ended Dec. 31, 1995, USTrails reported a net loss of $1.9
        million or $.51 per share on revenues of $43.7 million, compared
        with a net loss of $5.9 million or $1.60 per share on revenues of
        $45.5 million for the same period last year.  Although revenues
        declined during the current periods, there were greater decreases in
        expenses, principally campground operating costs and interest, which
        were primarily responsible for the improvement in results.  The
        company expects to report a net loss for fiscal 1996.

        
            On Jan. 31, 1996, USTrails repurchased $7.4 million of the 12
        percent Secured Notes due 1998 for $5.3 million, including accrued
        interest.  Following this repurchase, USTrails has outstanding
        $101.4 million principal amount of Secured Notes.  As previously
        disclosed, based on its current business plan, USTrails believes
        that a recapitalization or reorganization of the company and its
        subsidiaries will be required by no later than fiscal 1997 to
        address the mandatory redemptions and maturity of the Secured Notes.
        USTrails presently intends to discuss recapitalization or
        reorganization alternatives with the holders of its Secured Notes
        between now and June 30, 1996.

        
            USTrails, through its subsidiaries Thousand Trails, Inc. and
        National American Corporation (NACO), owns and operates a system of
        60 membership-based campgrounds, which is one of the largest private
        campground systems in the United States.  USTrails also manages
        timeshare facilities and owns certain real estate at eight full
        service resorts and provides a reciprocal use program for members of
        approximately 330 recreational facilities.
   


        CONTACT: Harry J. White Jr., USTrails, 214-243-2228/