/raid1/www/Hosts/bankrupt/TCR_Public/960326.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - March 26, 1996



  1. BRADLEES, INC. REPORTS FOURTH QUARTER AND FISCAL 1995 RESULTS
  2. GENERAL HOUSEWARES CORP. ANTICIPATES LOWER FIRST QUARTER EARNINGS
  3. GRAND PALAIS BANKRUPTCY PLAN CONFIRMED




BRADLEES, INC. REPORTS FOURTH QUARTER AND FISCAL 1995 RESULTS
        


            BRAINTREE, Mass., March 26, 1996 - href="chap11.bradlees.html">Bradlees, Inc. (NYSE:
        BLE) today reported results for the fourth quarter and 53 weeks
        ended February 3, 1996 (fiscal 1995).  Total sales for the fourth
        quarter were $592.4 million compared with $692.5 million for the
        fourth quarter of fiscal 1994.
        


            The EBIT loss (before interest, asset impairment charges,
        reorganization items and income taxes) for the quarter was $13.6
        million compared with EBIT of $37.1 million for the same period last
        year.  The net loss for the quarter was $108.9 million or $9.54 loss
        per share, compared with net earnings of $16.6 million or $1.46 per
        share in the fourth quarter of last year.  Comparable stores sales
        declined 17.0% for the fourth quarter.

        
            Total sales for fiscal 1995 were $1.84 billion compared with
        $1.98 billion for fiscal 1994 (the 52 weeks ended January 28, 1995).
        The fiscal 1995 EBIT loss (before interest, asset impairment charge,
        reorganization items, cumulative affect of accounting changes and
        income taxes) was $122.3 million versus EBIT of $40.5 million for
        fiscal 1994. The fiscal 1995 net loss was $207.4 million or $18.17
        loss per share versus net earnings of $5.3 million or $0.47 per
        share for last year. Fiscal 1995 comparable store sales declined
        13.6%.
   

     
            Reorganization items for this year represent primarily
        provisions for rejected leases and related asset write-offs,
        restructuring charges associated with the closing of 13
        underperforming stores, accrued retention bonuses approved by the
        Bankruptcy Court and professional fees.  The rejected leases include
        certain closing stores, two previously planned new stores and
        several off-site storage facilities. Reorganization items resulted
        in a fourth quarter charge of $44.0 million and a fiscal 1995 charge
        of $65.0 million.

        
            Bradlees also reported its adoption of Statement of Financial
        Accounting Standards No. 121, "Accounting for the Impairment of
        Long- Lived Assets and for Long-Lived Assets to be Disposed of"
        (SFAS 121) in its fourth quarter.  The Company's adoption of SFAS
        121 resulted in a fourth quarter charge of $99.4 million from a non-
        cash write-down relating to the impairment of certain long-term
        assets.
   

     
            The Company is in compliance with covenants contained in its
        $250 million Debtor-In-Possession (DIP) financing agreement.  In
        addition, the Company has amended such covenants for fiscal 1996 and
        the remaining term of the agreement.
      

  
            Commenting on this announcement, Mark A. Cohen, Bradlees'
        Chairman and Chief Executive Officer said, "1995 was a difficult and
        extremely challenging period for Bradlees.  However, we have moved
        aggressively toward building our management team, reorienting our
        merchandising and operations strategies and improving our financial
        performance.  We look forward to improved results in 1996."
        


            Bradlees, Inc., which currently operates 136 discount department
        stores in Maine, New Hampshire, Massachusetts, Connecticut, New
        York, New Jersey, Pennsylvania and Rhode Island, emphasizes a unique
        blend of fashionable, high quality apparel and home furnishings at
        outstanding value to its customers.  Bradlees' common stock is
        listed and traded on the New York Stock Exchange under the symbol
        "BLE".


        
                                 BRADLEES, INC.
                        CONSOLIDATED FINANCIAL STATEMENTS
                 (Dollars in thousands except per share amounts)
        
                              14 Weeks    13 Weeks    53 Weeks    52 Weeks
                                ended      ended       ended       ended
                                Feb. 3,   Jan. 28,     Feb. 3,    Jan. 28,
                                 1996       1995        1996        1995
        
        Total sales           $592,394   $692,459   $1,840,926  $1,978,261
        Leased sales            16,791     17,228       60,158      61,705
        Net sales              575,603    675,231    1,780,768   1,916,556
        Cost of goods sold     423,589    478,809    1,289,077   1,325,396
        Gross margin           152,014    196,422      491,691     591,160
        Leased department and
         other operating income  3,546      5,131       14,075      18,565
        Total                  155,560    201,553      505,766     609,725
        
        Selling, store operating,
         administrative and
         distribution expenses 155,524    151,354      575,220     520,290
        Depreciation and
         amortization           13,641     13,116       52,853      48,956
        
        Earnings (loss) before
         interest, impairment
         charge, reorganization
         items,  income taxes
         and cumulative effect
         of accounting change  (13,605)    37,083     (122,307)     40,479
        Interest and debt
         expense, net            5,701      8,159       25,278      30,468
        Impairment of
         long-lived assets      99,358        ---       99,358         ---
        Reorganization items    43,968        ---       65,003         ---
        
        Earnings (loss) before
         cumulative effect
         of accounting change (162,632)    28,924     (311,946)     10,011
        Income tax expense
         (benefit)             (53,766)    12,337     (104,533)      4,205
        
        Earnings (loss) before
         cumulative effect of
         accounting change    (108,866)    16,587     (207,413)      5,806
        Cumulative effect of
         accounting change,
         net of income tax
         benefit                   ---         ---         ---        (485)
        
        Net earnings (loss)  ($108,866)    $16,587   ($207,413)     $5,321
        
        Net earnings (loss)
         per share:
        Earnings (loss) before
         cumulative effect of
         accounting change      ($9.54)      $1.46     ($18.17)      $0.51
        Cumulative effect of
         accounting change,
         net of income
         tax benefit              ---          ----        ---       (0.04)
        Net earnings (loss)
         per share             ($9.54)        $1.46    ($18.17)      $0.47
        
                                 BRADLEES, INC.
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
        
        ASSETS                              2/3/96       1/28/95
        
        Current assets:
         Cash and cash equivalents          64,206       10,148
         Accounts receivable                10,536       17,537
         Refundable income taxes            24,576          ---
         Inventories                       282,270      306,218
         Prepaid expenses                   10,008       10,605
         Deferred income taxes                 ---        1,421
         Assets held for disposition         8,954          ---
         Total current assets              400,550      345,929
        
        Property excluding capital
         leases, net                       170,247      223,333
        Property under capital
         leases, net                        37,249       59,808
        Total property, plant
         and equipment, net                207,496      283,141
        
        Lease interests at fair value
         and lease acquisition costs, net  186,626      247,485
        Other, net                           3,990        8,259
        Total other assets                 190,616      255,744
        Total Assets                      $798,662     $884,814
        
                                 BRADLEES, INC.
                           CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)
                                   (Continued)
        
        LIABILITIES AND STOCKHOLDERS' EQUITY          2/3/96       1/28/95
        
        Current liabilities:
        Accounts payable                             $148,870     $219,639
        Accrued expenses                               63,735       64,520
        Short-term debt                                   ---       21,000
        Current portion of long-term debt               2,602        7,896
        Total current liabilities                     215,207      313,055
        
        Long-term liabilities:
        Other notes                                       ---        5,150
        Subordinated debt                                 ---      225,000
        Obligations under capital leases and other     53,396       59,493
        Deferred income taxes                           8,581       89,959
        Other long-term liabilities                    26,723       28,725
        Total long-term liabilities                    88,700      408,327
        Liabilities subject to settlement under
         the reorganization case                      539,765          ---
        
        Stockholders' equity:
        Common stock -- 11,416,656 shares outstanding
        (11,385,254 shares outstanding at 1/28/95)
        Par value                                         115          113
        Additional paid-in capital                    137,951      138,077
        Unearned compensation                            (793)      (1,697)
        Retained earnings (deficit)                  (181,766)      27,359
        Treasury stock, at cost                          (517)        (420)
        Total stockholders' equity (deficit)          (45,010)     163,432
        
        Total Liabilities and Stockholders' equity   $798,662     $884,814


        CONTACT: Coleman Nee of Bradlees, 617-380-8354

        
GENERAL HOUSEWARES CORP. ANTICIPATES LOWER FIRST QUARTER
EARNINGS

        
            TERRE HAUTE, Ind., March 26, 1996 - General Housewares
        Corp. (NYSE: GHW) announced, at an analyst meeting in New York
        today, that it will report a first quarter loss of approximately
        $2,000,000 or $.50+ per share.  To a significant degree, this will
        be attributable to the disposition of the assets of its Sidney
        Division.
        


            The Company previously announced its intention to exit the cast
        aluminum and cast iron cookware lines and is currently in
        negotiations with parties interested in acquiring the Sidney
        Division.  The first quarter results will reflect certain
        restructuring and operational charges related to the eventual
        cessation of Company activities in Sidney, Ohio, as well as costs
        attributable to closing certain unprofitable outlet stores.
        


            In making the announcement, Paul A. Saxton, Chairman, President
        and CEO stated:  "The decision to exit the cast iron and aluminum
        businesses came down to a resource allocation and return-on-
        investment issue.  Some of our businesses - particularly OXO and
        Olfa - are growing rapidly, absorbing working capital and commanding
        an investment in marketing and new product development.  While the
        brands Magnalite and Wagner may still offer substantial potential,
        we are not willing to commit the substantial management resources
        and capital necessary to exploit such potential.  By concentrating
        our resources on our growth businesses, rather than a less
        profitable but investment-intensive operation, we believe the
        Company's profitability will improve in the period ahead."

        
            General Housewares is a leading manufacturer and marketer of
        cookware, cutlery, kitchen tools, wood products and precision
        cutting tools for the craft and hardware markets.
   


        CONTACT:  Robert L. Gray of General Housewares Corp, 812-232-1000



GRAND PALAIS BANKRUPTCY PLAN CONFIRMED
        


            BILOXI, Miss., March 26, 1996 - Casino America, Inc.
        (Nasdaq: CSNO) and Grand Palais
Riverboat, Inc.
, a wholly owned
        subsidiary of Hemmeter Enterprises, Inc., announced today that the
        Bankruptcy Court in the Eastern District of Louisiana today
        confirmed the Plan of Reorganization submitted by Grand Palais.
        


            The closing of the transaction is subject to a number of other
        conditions, including approval by the Louisiana State Police
        Riverboat Gaming Enforcement Division and other consents and
        approvals.  The parties are currently anticipating a closing of the
        transaction to occur within 45 days.
        


            Casino America, Inc. owns and operates four riverboat and
        dockside casinos.  The Company currently operates the Isle of Capri
        Casino in Biloxi, Mississippi, the Isle of Capri Casino in
        Vicksburg, Mississippi and the Isle of Capri Casino in Bossier City,
        Louisiana.  The Isle of Capri Casino in Bossier City, Louisiana is a
        joint venture between Casino America, Inc. and Louisiana Downs.
        This joint venture also has a separate joint venture with Crown
        Casino Corporation to operate an Isle of Capri Casino near Lake
        Charles, Louisiana.


        CONTACT:  Allan B. Solomon, Executive Vice President, 407-995-6660,
        Rex Yeisley, Chief Financial Officer, 601-436-7054, both of Casino
        America; or Douglas Draper, Counsel for Grand Palais,
        504-581-9595