Bankruptcy News For - March 28, 1996

  1. Healthcare America, Inc. announces confirmation hearing
  2. Kelley Oil & Gas Announces 1995 Results
  4. New West Eyeworks reports 1995 operating results
  6. Grossman's announces restructuring and refinancing plan
  8. The Harvey Group Inc. announces expected plan of reorganization
  10. Alliance Northwest Industries' principal subsidiary files Chapter 11

Healthcare America, Inc. announces confirmation hearing
; reports 1995 results

            AUSTIN, Texas -- March 28, 1996 -- href="">Healthcare
        America, Inc.
today announced that Bankruptcy Judge Larry E.
        has approved the Company's disclosure statement for the plan of
        reorganization jointly proposed by the Company and its senior
        lenders.  The disclosure statement and plan will be mailed to the
        Company's senior lenders and shareholders by April 1, 1996.  Judge
        Kelly set a hearing for April 29, 1996, to consider confirmation of
        the plan of reorganization.  

            Under the plan of reorganization, the Company's current
        shareholders will receive approximately 2% of the proceeds from any
        sale of assets or any issuance of stock by the reorganized company.
        The maximum aggregate amount payable to the current shareholders is
        $2.5 million.  The current shareholders will not have any other
        interest in the reorganized company.  Importantly, pursuant to the
        plan of reorganization, the reorganized company will not recognize
        any transfers of the Company's stock subsequent to the confirmation
        of the plan of reorganization, which is expected to occur on April
        29, 1996.  In addition, the reorganized company will not recognize
        any transfers of interests in the contingent receivable.  

            The Company also announced results for the year ended December
        31, 1995.  The Company reported a net loss of $27.9 million or $2.51
        per share.  For the year ended December 31, 1994, the Company
        reported a net loss of $155.7 million or $14.00 per share.  

            Both the 1995 and 1994 results include non-recurring expenses,
        including provisions for losses due to asset impairment, recovery of
        reserves for contingent liabilities, and financial restructuring
        expenses.  In 1995, the Company recorded $13.5 million of these non-
        recurring expenses as compared with $150.4 million in 1994.  In
        1994, the Company also recorded a non- recurring gain on
        foreclosures of $5.4 million.  

            Net patient revenue, salaries and benefits, and other expenses
        increased for the year ended December 31, 1995, compared to 1994 due
        primarily to the commencement of operations at two acute care
        hospitals and one psychiatric hospital in 1994.  Revenue from real
        estate operations declined as a result of the tenant defaults and
        subsequent commencement of operations at these hospitals and the non-
        recurring gain of $5.4 million in 1994.  Net patient revenue for
        1995 includes favorable prior year settlements of Medicare and
        Medicaid cost reports of $0.9 million as compared with $3.3 million
        for 1994.  

            Depreciation and amortization decreased by $4.1 million for the
        year ended December 31, 1995, as compared to the prior year.  This
        decrease is primarily attributable to the lower net book value of
        assets present during 1995.  During the fourth quarter of 1994, the
        Company recorded a $150.0 million charge to reduce the net carrying
        value of its real estate properties and goodwill.  

            Interest expense increased by $5.8 million from 1994 to 1995 due
        to generally higher interest rates and the accrual of default
        interest on the Company's senior debt.  

            Healthcare America is a healthcare management company that owns
        and operates acute care hospitals, long-term rehabilitation
        hospitals, psychiatric hospitals, community living programs, and a
        full array of partial hospital and outpatient services in Texas,
        California, Colorado, Florida, Oklahoma, Tennessee, and Virginia.
        Healthcare America is traded over-the-counter through the National
        Daily Quotation System "Pink Sheets" published by the National
        Quotation Bureau, Inc.

                        HEALTHCARE AMERICA, INC.
            (Dollars in Thousands, Except Per Share Amounts)
                                                 For the Year Ended
                                                     December 31
                                                1995            1994
          Net patient revenue                 $   166,425     $   138,675   
          Real estate revenue                       1,777          11,215   
          Total revenues                      168,202         149,890   
        Operating expenses:         
          Salaries and benefits                    88,549          73,263   
          Other operating expenses                 63,652          53,129   
          Depreciation and amortization             5,692           9,809   
          Recovery of reserves
         for contingent liabilities            (4,278)            -   
          Provision for losses due
         to asset impairment                   12.720         150,000   
          Total operating expenses            166,335         286,201   
        Interest                                   24,761          19,011   
        Financial restructuring expenses            5,018             392   
        Net loss                              $   (27,912)    $  (155,714)
        Net loss per share                    $     (2.51)    $    (14.00)
        Common stock (weighted average)        11,125,000      11,125,000   
        CONTACT:  Healthcare America, Inc.
                  Gregory J. Herring, 512/464-0200

Kelley Oil & Gas Announces 1995 Results;
        New Management Team Optimistic About Company's Prospects

            HOUSTON, TX -- March 28, 1996 -- Kelley Oil & Gas
        Corporation (Nasdaq NM:KOGC), successor to Kelley Oil Corporation
        ("Kelley Oil") and Kelley Oil & Gas Partners, Ltd. ("Kelley
        Partners") announced its 1995 results today.  The Company reported a
        net loss of $211.3 million ($5.31 per common share) for 1995 on
        revenues of $66.9 million compared to a loss of $25.0 million ($1.58
        per common share) on revenues of $59.8 million for 1994.  After
        giving effect to the February 1995 consolidation of Kelley Oil and
        Kelley Partners, the pro forma loss was $211.5 million ($5.07 per
        common share) and $48.6 million ($1.39 per common share) for 1995
        and 1994, respectively.  The net loss in 1995 was significantly
        impacted by nonrecurring noncash charges of $150.1 million for
        property impairments under FAS 121 "Accounting for the Impairment of
        Long-Lived Assets" adopted in the fourth quarter of 1995.  The
        property impairments taken in 1995 will significantly reduce unit
        depreciation, depletion and amortization costs in the future.
        Results were further impacted by higher interest and exploration
        costs and by lower natural gas prices.  A summary of financial and
        operating data is attached.  

            With Contour Production Company's $48 million equity infusion in
        February 1996, a new bank facility and new management in place, the
        Company is optimistic about its prospects.  A portion of the Contour
        investment was used to repay the Company's outstanding bank debt of
        $30 million, with the remainder allocated for drilling activities.
        Contour has committed to purchase an additional 27 million newly
        issued common shares at $1 per share upon satisfaction of certain

            John F. Bookout, who was appointed Chairman, President and Chief
        Executive Officer of the Company as part of the Contour transaction,
        stated, "The Company's primary operating objectives are to reduce
        costs and to increase production by developing our substantial
        existing asset base and by acquiring new proved reserves.  We are
        already cutting costs while focusing on the considerable low risk
        development potential in north Louisiana where the Company has had a
        100 percent completion rate over the last two years."  

            Although many of the wells drilled in north Louisiana during
        1995 began producing too late in the year to contribute
        significantly to 1995 revenues, these wells resulted in the reversal
        of declining production performance in the fourth quarter and added
        significant reserves.  

            Responding to production declines and disappointing drilling
        results in south Louisiana, the Company temporarily suspended
        drilling operations in that region.  Mr. Bookout added, "Based on
        the Company's ongoing intensive review and analysis of this highly
        prospective area using our recently reprocessed 3-D seismic grid,
        several interesting prospects and leads have already emerged."  

            Kelley Oil & Gas Corporation is an independent oil and gas
        company with properties located primarily in Louisiana.  The
        Company's common and preferred stock are traded on the Nasdaq
        National Market under the symbols KOGC and KOGCP.

                       Kelley Oil & Gas Corporation
                       Condensed Income Statements
              (In thousands, except per share amounts and prices)
                                   Year Ended December 31,                  
                             1995     1994      1995       1994    
                           Pro Forma Pro Forma
        Income Statement Data:
        Oil and gas revenues    $38,550   42,348    36,042    15,487
        Gas marketing revenues   27,235   21,900    29,076    42,918
        Gain on sale of
         properties                 777     ---        777      ---
        Total revenues           67,553   65,841    66,881    59,821
        Production expenses      11,461   12,318    10,835     3,760
        Cost of gas sold         26,277   21,855    28,120    41,583
        Exploration and dry
         hole costs              23,727   18,083    23,387     7,404
        General and
         expenses                 7,398    8,308     7,030     5,172
        Restructuring charge      1,115    1,814     1,115     1,814
        Interest and other
         debt expenses           22,763   10,912    21,956     3,122
        Impairment of oil and
         gas properties         150,138     ---    150,138      ---
        Depreciation, depletion
         and amortization        36,190   39,727    35,591    20,474
        Net loss before
         preferred dividends   (211,516) (48,625) (211,291)  (24,957)
        Net loss applicable
         to common shares      (218,549) (53,236) (217,898)  (27,862)
        Net loss per common
         share                    (5.07)   (1.39)    (5.31)    (1.58)
        Average primary common
         shares outstanding      43,123   38,276    41,032    17,653
                            Summary Production Information
        Average Sales Prices:
          Gas ($/Mcf)                $1.72     1.87     1.71   1.89
          Oil and condensate ($/Bbl) 17.31    16.30    17.37  16.31
          Mcfe ($/Mcf)                1.84     2.03     1.83   2.01
        Average daily production:
          Gas (Mmcf)                  51.6     49.7     48.6   18.3
          Oil and condensate (MBbls)   1.0      1.2      0.9    0.5
          Equivalents (Mmcfe)         57.3     57.0     53.9   21.2
        Operating Costs per Mcfe:
          Lease operating expenses   $0.44     0.49     0.45   0.38
          Severance taxes             0.11     0.10     0.10   0.11
          General and administrative
           expenses                   0.35     0.40     0.36   0.67
          Depreciation, depletion
           and amortization           1.73     1.91     1.81   2.65
                            Kelley Oil & Gas Corporation
                              Condensed Balance Sheets
                                  (In thousands)
                                               As of December 31,               
                                         1995         1994       1994
                                                   Pro Forma
          Current assets                   $22,697        26,208     27,879
          Property and equipment, net      128,642       286,009     74,912
          Other assets                           3         1,379      3,722
          Total assets                     151,342       313,596    106,513
        Liabilities and Stockholders'
         Equity (Deficit)
          Current liabilities              $31,930        42,852     24,091
          Long term debt                   164,980       122,918     37,242
          Stockholders' equity (deficit)   (45,568)      147,826     45,180
          Total liabilities and
           stockholders' equity (deficit)  151,342       313,596    106,513

        CONTACT: Frances Gomulka,
                 Manager, Investor Relations /
                 (713) 652-5200


            BURLINGTON, N.C., March 28, 1996 - EDITEK, Inc. (AMEX:
        EDI) reported today revenues of $7,526,000 for the year ended
        December 31, 1995, an increase of $933,000, or 14%, compared to
        $6,593,000 for the year ended December 31, 1994.

            "EDITEK has substantially furthered its strategic objectives of
        growth and profitability during 1995 and into 1996 through its plan
        of strategic acquisitions, product development and new product
        introductions, technology alliances and government contracting.
        Today, EDITEK is well positioned in the toxicology market with its
        new, wholly owned subsidiary MEDTOX Laboratories, Inc. ("MEDTOX"),
        in the on-site test kit and laboratory supply business worldwide
        through DIAGNOSTIX, Inc., and with its government contract with the
        Department of Defense," said James D. Skinner, Chairman, President
        and C.E.O.

            "On January 30, 1996, the Company completed the acquisition of
        MEDTOX following a year of discussions and capital raising
        activities. The $24 million acquisition of MEDTOX was completed
        through the issuance of $5 million of common stock, $5 million of
        debt including two $2 million loans and a $1 million revolving line
        of credit and more than $20 million from the issuance of preferred
        shares.  The successful MEDTOX operation had revenues and net income
        of approximately $20 million and $2.8 million respectively in 1995
        generated by 250 employees.  Having been founded in 1984 by Dr.
        Harry G. McCoy, the laboratory rapidly gained a reputation for
        scientific excellence and superior quality and service in
        specialized, reference, medical/clinical toxicology and later in
        forensic (substance abuse testing) toxicology. More recently, MEDTOX
        has expanded into biological monitoring and pharmacology toxicology.

            "Dr. McCoy continues in his position as President of MEDTOX and
        with his team at the St. Paul, Minnesota laboratory, is now a part
        of the EDITEK family enthusiastically pursuing the opportunities
        available to the Company.

            "In February 1994, EDITEK completed its strategic acquisition of
        Princeton Diagnostic Laboratories of America, Inc. ("PDLA"), a
        laboratory in the forensic toxicology business, processing
        approximately 400 substance abuse testing samples per day, and with
        a small clinical laboratory business.  EDITEK divested the clinical
        business in January 1995 in return for a two year royalty stream.
        New general management was hired along with a seasoned sales and
        marketing group who focused on the pre-employment drug screening
        market and successfully increased the testing volume from 400
        samples per day to almost 1,500 samples per day and was also awarded
        the prestigious Department of Transportation drug testing contract.

            "With the acquisition of MEDTOX, the Company made the decision
        to consolidate all laboratory testing into the impressive MEDTOX
        facility. As the laboratory business is volume dependent, this
        consolidation is expected to result in significantly reduced costs
        and improved gross margins.  MEDTOX and PDLA personnel have been
        diligently working towards the completion of the consolidation by
        March 31st.  The consolidation has been progressing smoothly and we
        are optimistic about the positive impact on the Company's financials
        beginning with the second quarter of 1996.

            "Our MEDTOX subsidiary is now responsible for the provision of
        laboratory toxicology services and the sales/marketing of the
        Company's on-site substance abuse testing kits with a particular
        focus on the industrial, pre-employment drug screening market.
        MEDTOX will have almost 300 people and is expected to generate
        profitable revenues accounting for approximately 80% of the
        Company's total revenues.

            As a result of the acquisition of MEDTOX and the subsequent
        consolidation of the laboratory testing at PDLA into the MEDTOX
        facility in St. Paul, the Company has taken a one time restructuring
        charge, in 1995, of $3,831,000 or $0.41 per share.  The resulting
        total net loss for 1995 was $8,043,000, or $0.85 per share compared
        to a net loss of $3,546,000 or $0.49 per share for 1994.

            "EDITEK has been a leader in the research and development of
        products in the areas of substance abuse and food safety testing
        which have been marketed through its DIAGNOSTIX, Inc. wholly owned
        subsidiary. In June 1995, the Company completed the acquisition of
        Bioman Products, Inc.  Bioman was founded in 1990 focusing on the
        distribution, in Canada, of forensic, environmental and other test
        kit and laboratory products.  The success achieved enabled them to
        expand their product offering, through OEM relationships, into the
        international market, particularly Europe.  The sales and marketing
        strength of Bioman complimented the need of our DIAGNOSTIX, Inc.
        subsidiary.  Today, all EDITEK developed and manufactured kits are
        the sales and marketing responsibility of DIAGNOSTIX on a worldwide
        basis, The MEDTOX sales and marketing team will focus on the sale of
        the on-site drug testing kits in the United States to the industrial
        market while DIAGNOSTIX will be responsible for the sale of these
        products and all other products in the DIAGNOSTIX catalog for the
        many other market opportunities in the United States and abroad.

            "Included among the expanding product line of internally
        developed products is the VERDICT(R) PCP test which was launched in
        February 1996. DIAGNOSTIX, working with the MEDTOX sales and
        marketing team, is preparing for the launch of its most exciting,
        new drug testing product, EZ-SCREEN(R) PROFILE(TM).  This newest
        product enables a customer to simultaneously test for, in less than
        ten minutes, the five most commonly requested drug assays
        - Amphetamines, Cocaine, Opiates, PCP and THC (marijuana).  This
        product will be sold to the forensic market only while the Company
        awaits pre-market clearance from the Food and Drug Administration
        for sale as an in-vitro diagnostic product. Although selling
        activity is currently underway, fall product launch is scheduled for
        mid April.

            "The Company's R&D group has also successfully developed a new
        microtiter-based line of agridiagnostic products which DIAGNOSTIX
        has been marketing under the name of EZ-QUANT(R).  Following the
        introduction of the EZ-QUANT Aflatoxin test, DIAGNOSTIX introduced
        the EZ-QUANT Vomitoxin test during the fall of 1995 resulting from
        an agreement with the Canadian Department of Agriculture.  The
        newest product, EZ-QUANT Chloramphenicol, is currently being
        launched and will be followed in the second quarter by the EZ-QUANT
        Ochtratoxin test.

            "As Bioman already had an extensive distribution network in
        place in Europe, the new DIAGNOSTIX management team has been
        evaluating the overall marketing/distribution approach with the
        combined product line of EDITEK and the former Bioman.
        Coincidentally, Rhone-Poulenc recently divested its Rhone-Poulenc
        Diagnostics, Ltd. ("RPDL") subsidiary to the RPDL management team
        and now operates as Rhone-technologies, inc. ("Rti").  Working with
        Rti, DIAGNOSTIX is in the process of restructuring its European
        distribution network.  DIAGNOSTIX will continue to distribute
        through Rti in those countries where it has achieved success with
        the DIAGNOSIX, Inc. product line.  In certain other countries,
        DIAGNOSTIX will expand its relationship with the former Bioman
        distributors or establish entirely new distribution relationships.
        For example, DIAGNOSTIX has just completed an exclusive distribution
        agreement in the United Kingdom with Microgen Bioproducts, Ltd., a
        company focusing on the food and agriculture market.  Similarly, an
        exclusive distribution agreement has been reached with R-Biopharm,
        GmbH, for the German market.  R-Biopharm is a world leading,
        manufacturer and distributor of diagnostic tests for the food and
        clinical markets.

            "We are very pleased with our new DIAGNOSTIX, Inc. subsidiary,
        particularly the internal product development activities and the
        strength of our sales and marketing team which have positioned
        DIAGNOSTIX, Inc. for revenue growth.

            "EDITEK is now in its sixth contractual year with the United
        States Department of Defense for the development of rapid, on-site
        assays for the detection of biological substances associated with
        chemical and biological warfare.  In 1995, the contract was amended
        to include the development of a number of new assays in addition to
        the production, on a pilot scale, of several tests in the one-step
        RECON(R) format.  A portion of these pilot production batches were
        completed and shipped during the fourth quarter of 1995 and the
        first quarter of 1996.

            "Through the Company's collaboration agreement with Battelle
        Memorial Institute, the EDITEK and Battelle R&D teams have
        successfully completed proof of principle experiments with EDITEK
        reagents and the Battelle Biorefractometer(TM) biosensor instrument.
        These encouraging results will be pursued through an expanded
        collaboration that we hope will culminate in a commercially viable,
        technologically leading instrument/reagent system that will be
        marketed through our DIAGNOSTIX subsidiary.

            "With the acquisition of both Bioman and MEDTOX, EDITEK is a
        dramatically different company from what it was even one year ago.
        It is now positioned for a new level of strategic growth.  To help
        chart this course, the Company expanded its Board of Directors.  Dr.
        Harry G. McCoy of MEDTOX, and Mr. George W. Masters, Vice Chairman,
        President and C.E.0, of one of the country's leading biotechnology
        firms, Seragen, Inc., have both joined the Board.

             "The Company's intellectual property portfolio continues to
        expand. During 1995, U.S. Patent .5,435,970, Device for Analysis for
        Constituents in Biological Fluids, was issued in addition to
        Japanese Patent .1916522, Suspension Liquid Separator.  More
        recently, a new U.S. patent, Rotary Fluid Manipulator, .5,496,520,
        issued resulting from the successful interference case against Murex
        Corporation.  In addition, the Multi-Layered Test Card patent was
        issued in nine foreign countries.

            "With the substantial progress made by EDITEK in implementing
        its business plan, it is unfortunate that the Company's improved
        financial position and increased revenues resulting from the MEDTOX
        acquisition, are being overshadowed by recent stock market activity.
        The Company is conducting an inquiry into this market activity
        regarding its common stock and has requested the American Stock
        Exchange to investigate the recent trading activity.  Furthermore,
        the Company has received many inquiries from holders of common stock
        regarding the effect on the Company and its shares of common stock
        from the conversion to common stock of the Series A Convertible
        Preferred Shares which become convertible during the period
        beginning March 30, 1996 and ending January 30, 1998.  These
        preferred shares are convertible to common shares at a discounted
        price to the prevailing market price.  Current common stock
        shareholders are concerned about the number of shares available to
        the preferred shareholders as a result of the recent decrease in the
        price of the Company's common stock and the possibility of the
        resale of such shares in the public market.

            "303 of the 407 outstanding shares of preferred stock were sold
        to foreign investors pursuant to the exemption afforded by
        Regulation S. Although the stock purchase agreements call for the
        shares of common stock issuable upon conversion of 303 shares of
        preferred stock to be issued without a restrictive legend, the
        Company has made the decision that such commnon shares upon
        conversion will be issued with a legend. This legend will indicate
        that these shares can only be sold in the United States upon
        registration or pursuant to an exemption from the registration
        requirements of securities laws.  The legend does not prevent the
        preferred shareholders from converting and trading in the Company's
        stock outside the United States and in compliance with Regulation S;
        it does, however, help to ensure that such common stock is not
        inadvertently, illegally sold in public markets in the United
        States.  The Company believes it is in the interest of its
        shareholders to implement this procedure to assure that all resales
        of common stock are made in compliance with applicable securities

             "We are aware that the foregoing measure may mean that the
        Company is not in compliance with the terms of certain agreements
        with holders of preferred stock and may result in litigation.
        Nonetheless, we are determined that these measures are necessary to
        fulfill the intent of the parties which is to provide the holders of
        preferred stock with their conversion privilege and common stock
        resale under Regulation S while protecting against the inadvertent,
        illegal sale of such stock in the U.S. public market."

             Mr. Skinner went on to say, "The past year has been an exciting
        and rewarding period in the history of the Company.  I am confident
        that the successes we have achieved will be positively reflected in
        our second quarter financials as we manage our newly expanded
        company toward profitable revenues."

                                  EDITEK, INC.
                            STATEMENT OF OPERATIONS
                    (in thousands except per share amounts)
                                       Year Ended December 31
                                       1995               1994
        Revenues                     $7,526             $6,593
        Costs and Expenses          $15,569            $10,139
        Net Loss                    ($8,043)           ($3,546)
        Loss Per Share of
         Common Stock                ($0.85)            ($0.49)
        Weighted Average of Shares
         of Common Stock
         Outstanding              9,445,707          7,204,244
                                Three Months Ended December 31
                                       1995               1994
        Revenues                     $1,863             $1,542
        Costs and Expenses           $7,116             $2,672
        Net Loss                    ($5,253)           ($1,130)
        Loss Per Share of
         Common Stock                ($0.53)            ($0.15)
        Weighted Average of Shares
         of Common Stock
         Outstanding              9,919,441          7,547,053

        CONTACT:  Peter Heath, Vice President Finance and Chief Financial
        Officer of EDITEK, Inc., 910-226-6311; or Rich Tammero, media, ext.
        222, or Mara Goldfarb, investor, ext. 217, both of Noonan-Russo
        Communications, Inc., 212-696-4455

New West Eyeworks reports 1995 operating results

            TEMPE, Ariz. -- March 28, 1996 -- New West
        Eyeworks, Inc. (NASDAQ:NEWI) today announced operating results for
        its 1995 fiscal year.

            Net Sales for the twelve-month fiscal year ended December 30,
        1995 increased 7.1% to a record $40.0 million, compared with
        approximately $37.4 million in the fiscal year ended December 31,
        1994.  Figures for 1995 and the prior year include sales generated
        by 10 Smitty's and eight Fred Meyer host stores which were closed
        earlier in the year.  If revenues from the Smitty's host stores are
        excluded from the 1994 and 1995 results, New West Eyeworks' full-
        year 1995 revenues would have increased 10.3%.  As reported earlier,
        comparable-store sales rose 5.4% during 1995, while the Company
        opened nine new stores and closed 20 unprofitable or underperforming
        locations (primarily located in Smitty's and Fred Meyer host stores)
        during the course of the year.  At December 30, 1995, New West
        Eyeworks was operating 139 retail eyewear stores in ten Western

            The Company reported a net loss of $2,025,000 ($0.63 per share,
        after payment of dividends on preferred stock) during 1995, versus a
        net loss of $1,288,000 ($0.43 per share after preferred dividends)
        in the previous year.  Gross profit increased 11.2% to $19,681,000
        in the most recent year, compared with $17,692,000 in 1994.
        However, selling, general and administrative expenses, which rose
        14.2% in 1995 to $21,667,000 compared with $18,978,000 in 1994,
        included significant costs involved in the restructuring of New
        West's retailing operations and the related closure of unprofitable
        host stores and retail outlets which did not achieve operating
        objectives established by management.  A significant portion of
        these restructuring expenses were incurred during the third and
        fourth quarters of 1995.

            Ronald E. Weinberg, Chairman of the Board of New West Eyeworks,
        Inc. noted that, "We entered 1995 on the heels of a strike by
        employees at Fred Meyer stores in Washington and Oregon, which
        reduced customer traffic at our `host' stores in the Northwest and
        caused us to report lower than anticipated sales and disappointing
        operating results for the year.  Our branded Lee Optical and Vista
        Optical retail eyewear stores turned in an impressive operating
        performance during 1995.  In the second half of the year and early
        in 1996, management implemented a series of effective actions to
        restructure the retail operations of the company."

            "We are now seeing the benefits of management's strategic
        changes.  We sharply reduced fixed costs through a reduction of
        staffing and we closed a number of underperforming stores.  We
        expect these cost reductions to result in savings of over $1.0
        million in 1996.  Also, we have recently raised prices on bifocals
        and second-pair purchases of eyeglasses, while continuing to provide
        tremendous value to the consumer.  We believe New West is well
        positioned to realize the potential of its merchandising strategy
        within the retail eyewear industry," further commented Mr. Weinberg.

            "The current year has started on a strong note and we are
        anticipating a good first quarter," stated Barry Feld, President and
        Chief Executive Officer of the company.  "Management is particularly
        pleased that comparable-store sales have once again achieved double-
        digit growth in the non-host stores.  The strength of our
        merchandising concept can be seen in last year's 5.4% gain in comp-
        store sales, the completion of our sixteenth consecutive positive
        comp-store quarter, and the acceleration in same-store sales gains
        in recent weeks.  During 1996, we plan to open 10-15 new stores,
        which will largely be funded out of operating cash flow.  Many of
        these new retail outlets will be located in Iowa, as we expand into
        the Midwest where we anticipate that budget-conscious families will
        respond favorably to our value-oriented pricing strategy.  We
        believe that New West Eyeworks stands at the threshold of exciting
        and sustainable growth and profitability in the future."

            New West Eyeworks, Inc. is a leading specialty retailer of
        eyewear and currently operates 140 stores in twelve Western states.
        The Company's merchandising strategy centers around a "signature"
        $59 price point for a wide selection of quality brand-name
        eyeglasses (frames + lenses).  New West also sells brand-name
        contact lenses and non-prescription sunglasses and offers customers
        on-site eye examinations by independent optometrists in its stores
        which operate under the "Lee Optical" name in Arizona and Utah and
        "Vista Optical" in the other states.  The Company's optical
        laboratories and distribution facilities are located in Tempe,
        Arizona and near Portland, Oregon.  

            New West Eyeworks' common stock is traded on NASDAQ under the
        ticker symbol "NEWI."

                         Consolidated Balance Sheet
                                           December 30,    December 31,   
                                              1995             1994
                                           ____________    ____________
        CURRENT ASSETS:                           
         Cash and cash equivalents            $    241,000     $  1,000,000
         Accounts receivable, net                  999,000          875,000
         Inventory                               3,132,000        2,851,000
         Other current assets                       78,000          130,000
                                           ____________    ____________
           Total current assets                  4,450,000        4,856,000
        Property and equipment, net              6,656,000        6,131,000
        Goodwill                                   596,000          686,000
        Other assets                                32,000           48,000
                                           ____________    ____________
           Total assets                       $ 11,734,000     $ 11,721,000
                                           ____________    ____________
                                           ____________    ____________
                              Liabilities and
                            Stockholders' Equity
         Accounts payable                     $  5,755,000     $  4,059,000
         Accrued expenses                        3,096,000        2,410,000
         Deferred warranty revenues                348,000          588,000
         Notes payable and capital lease
          obligations, current portion             235,000          153,000
                                           ____________    ____________
           Total current liabilities             9,434,000        7,210,000
        Liability for closed store leases           57,000          129,000
        Notes payable and capital lease
         obligations                               321,000          106,000
                                           ____________    ____________
           Total liabilities                     9,812,000        7,445,000
                                           ____________    ____________
         Series A 6% Cumulative Convertible
          Preferred Stock, $1,000 par value,  
          3,960 shares authorized, issued and
          outstanding                            3,960,000        3,960,000
         Series B 6% Cumulative Convertible
          Preferred Stock, $1,000 par value,  
          1,500 shares authorized, issued and     
          outstanding                            1,500,000        1,500,000
         Common stock, $0.01 par value,
          5,000,000 shares authorized,
          3,763,036 and 2,264,286 shares
          issued and outstanding                    38,000           38,000
         Paid-in capital                        10,070,000       10,070,000
         Accumulated deficit                   (13,646,000)     (11,292,000)
                                           ____________    ____________
           Total common stock and other
        stockholders' equity                 1,922,000        4,276,000
                                           ____________    ____________
        Total liabilities and stockholders'
         equity                               $ 11,734,000     $ 11,721,000
                                           ____________    ____________
                                           ____________    ____________
                                           Fiscal Year Ended
                                December 30,  December 31,  December 25,
                                    1995          1994          1993
                                ___________   ___________   ___________
        Net Sales                   $40,033,000   $37,367,000   $32,964,000
        Cost of sales                20,352,000    19,675,000    17,256,000
                                ___________   ___________   ___________
           Gross profit              19,681,000    17,692,000    15,708,000
        Selling, general and
         administrative expenses     21,667,000    18,978,000    16,277,000
                                ___________   ___________   ___________
        Operating loss               (1,986,000)   (1,286,000)     (569,000)
        Interest income                  12,000        53,000         2,000
        Interest expense                 51,000        55,000       712,000
                                ___________   ___________   ___________
        Loss before income tax
         benefit, extraordinary
         gain and cumulative effect
         of a change in accounting
         principle                   (2,025,000)   (1,288,000)   (1,279,000)
        Income tax benefit                                          469,000
                                ___________   ___________   ___________
        Loss before extraordinary
         gain and cumulative effect
         of a change in accounting
         principle                   (2,025,000)   (1,288,000)     (810,000)
        Extraordinary gain from
         retirement of debt,
         net of tax                                               1,674,000
        Cumulative effect of a
         change in accounting
         principle                                                  374,000
                                ___________   ___________   ___________
        Net income (loss)            (2,025,000)   (1,288,000)    1,238,000
        Preferred stock dividends      (329,000)     (328,000)     (396,000)
                                ___________   ___________   ___________
        Net income (loss)
         applicable to holders of
         common stock               $(2,354,000)  $(1,616,000)  $   842,000
                                ___________   ___________   ___________
                                ___________   ___________   ___________
        Income (loss) per common
         and common equivalent
           Loss before extraordinary
        gain and cumulative
        effect of accounting
        change                  $     (0.63)  $     (0.43)  $     (0.57)
           Extraordinary gain                                          0.79
           Cumulative effect of
        accounting change                                          0.18
                                ___________   ___________   ___________
        Net income (loss)           $     (0.63)  $     (0.43)  $      0.40
                                ___________   ___________   ___________
                                ___________   ___________   ___________
        Weighted average number of
         common and common
         equivalent shares
         outstanding                  3,763,036     3,736,166     2,125,000

        CONTACT:  Weinberg Capital, Cleveland
                  Ronald E. Weinberg, 216/861-4540
                  New West Eyeworks, Inc., Tempe
                  Barry Feld, 602/438-1330


            PORTLAND, March 28, 1996 - href="chap11.americold.html">Americold Corporation, the
        nation's largest warehousing and logistics company serving the
        frozen food industry, released its preliminary unaudited fiscal 1996
        and fourth quarter financial results for the periods ended February
        29, 1996.  For the full year ended February 29, 1996, sales
        approximately $279.8 million, up 30.0% over the prior year total of
        approximately $215.2 million.  Transportation management services
        sales increased approximately 312.2%, from approximately $18.0
        million in fiscal 1995 to approximately $74.2 million for the
        current year, and warehousing sales increased approximately 4.6%,
        from approximately $192.5 million in fiscal 1995 to approximately
        $201.4 million in fiscal 1996.  The net loss for fiscal 1996 was
        approximately $9.9 million as compared to net income of
        approximately $5.6 million for fiscal 1995.  Included in the net
        loss for fiscal 1996 were combined one-time charges, net of tax,
        totaling approximately $7.0 million.  The one-time charges related
        to the Company's fiscal 1996 reorganization efforts, the associated
        write-off of unamortized debt issuance costs, and the write-off of
        an investment in a start-up company.  Included in net income for
        fiscal 1995 was an approximate $10.3 million benefit, net of tax,
        resulting from the receipt of insurance proceeds pursuant to the
        Company's settlement with its insurance carriers for business
        interruption losses, property damage and out-of-pocket expenses
        incurred with respect to a fire at its Kansas City, Kansas facility.
        EBITDA from operations for fiscal 1996 was approximately $77.0
        million, versus approximately $72.0 million for fiscal 1995,
        representing a 6.9% increase.  EBITDA from operations excludes the
        impact of the one-time charges in fiscal 1996 and the impact of the
        insurance proceeds benefit in fiscal 1995 detailed above, and it is
        also before ESOP expenses of approximately $0.8 million before taxes
        for both fiscal 1996 and fiscal 1995, a portion of which is non-

            Fourth quarter sales were approximately $79.9 million, up 50.8%
        over the prior year's sales of $53.0 million for the same period.
        The increase was due primarily to significantly increased sales from
        the Company's new transportation management services business.  The
        net loss for the fourth quarter was approximately $2.1 million as
        compared to an approximate $1.7 million net loss for the same period
        in the prior year. Included in the net loss for the fiscal 1996
        fourth quarter was approximately $0.4 million in one-time charges,
        net of tax, resulting primarily from the Company's reorganization
        efforts.  EBITDA from operations for the fourth quarter, before ESOP
        expenses and before the one-time restructuring charges totaled
        approximately $18.7 million, up 6.3% over the prior year's total of
        $17.6 million.

        CONTACT:  Lon V. Leneve of Americold Corp., 503-624-8588

Grossman's announces restructuring and refinancing plan

            CANTON, Mass. -- March 28, 1996 -- Sydney L.
        Katz, President and Chief Executive Officer of Grossman's Inc.
        (NASDAQ-GROS) today announced a major restructuring and refinancing
        plan, under which the Company's Grossman's Stores Division will be
        closed with the improved liquidity used to continue expansion of
        Contractors' Warehouse and Mr. 2nd's Bargain Outlet.  

            Under the program, the Company's 60 Grossman's stores, located
        in eight Northeastern states, will be closed and inventories
        liquidated over an estimated ten week period.  Concurrent with the
        store closings, administrative support functions in the Company's
        home office in Canton, Massachusetts will be reduced.
        Simultaneously, expansion of Contractors' Warehouse and Mr. 2nd's
        Bargain Outlet stores will continue, with the 16th Contractors'
        Warehouse store, located in Lexington, Kentucky, scheduled to open
        in May 1996 and a Cleveland, Ohio store planned for Fall 1996.
        Additional sites are being explored for Contractors' Warehouse
        stores.  The Mr.  2nd's Bargain Outlet Division, which opened three
        stores in Massachusetts this month, is expected to open four or more
        stores this summer, some of which will be conversions from
        Grossman's stores being closed.  

            These actions have enabled Grossman's to obtain a committment
        for a $33 million secured mortgage loan, $4 million of which is
        convertible at the option of the lender into common stock.
        Repayment of the loan will be financed by the sale of 55 owned
        properties in the Northeast, including 40 of the stores being
        closed.  The Company also announced it has reached an agreement in
        principle with the holders of the Company's 14% Debentures, curing
        the current default. Cash payments of approximately $12 million will
        be made and notes will be issued for the balance owed, half of which
        are also convertible at the option of the lender into common stock.
        Further, the Company's $15.8 million note receivable from Kmart
        Corporation, which was due in two installments in 1997, has been
        sold for $13 million, its approximate discounted book value.  

            Mr. Katz said, "The decision to close the Grossman's stores was
        extremely difficult, given the Company's history of service to
        customers and the many dedicated associates affected by this
        decision.  The extremely competitive business environment, however,
        along with the division's inability to provide acceptable financial
        returns, forced us to take decisive action to position the Company
        for future growth for the benefit of all its shareholders.
        Obtaining financing during the period in which we will be divesting
        of non-strategic real estate will create the liquidity necessary for
        us to once again grow our business.  

            He added, "We are committed to pay in full, and in a timely
        manner, all outstanding and future obligations to our vendors.  We
        thank all our vendors for their cooperation and support and, as we
        reposition and grow, we look forward to strong and mutually
        beneficial relationships with suppliers to our Contractors'
        Warehouse and Mr. 2nd's Bargain Outlet stores."  

            The Company expects to reflect a restructuring charge, estimated
        to be approximately $40 million, in the current financial quarter
        which ends March 31, 1996.  The Company also expects a significant
        improvement in liquidity following completion of all financing
        transactions.  Financial statements for the year ended 1995,
        containing details of the financing arrangements, will be filed with
        the Securities and Exchange Commission and available for public
        distribution on April 1, 1996.  

            Upon completion of the store closings, the Company's total
        workforce will have been reduced from approximately 3,400 to
        approximately 1,800 employees.  

            Grossman's operates 15 Contractors' Warehouse stores in
        California, Nevada, Indiana and Ohio and 24 Mr. 2nd's Bargain Outlet
        stores in Massachusetts, Rhode Island and New York State.  

        CONTACT:  Grossman's
                  Steven L. Shapiro, 617/830-4020


            SMITHFIELD, N.C. -- March 28, 1996 -- Factory
        Stores of America, Inc. (NYSE:FAC) today reported results for the
        fourth quarter and year ended December 31, 1995.  

            For the year ended December 31, 1995, funds from operations
        (FFO) were $15.0 million, or $1.27 per share, compared with FFO of
        $21.9 million, or $1.85 per share, for 1994.  As previously
        announced, the Company recognized a fourth quarter charge of $9.5
        million related to the termination of agreements to acquire the
        factory outlet centers owned by The Public Employees System of Ohio
        (OPERS) and certain other reorganization costs.  In addition, as a
        result of the Company's decision to sell certain underperforming
        centers, the Company recognized a fourth quarter charge to earnings
        of $8.5 million to reduce the carrying amount of these centers to
        their estimated net realizable value.  As a result of these
        nonrecurring charges, the Company reported a net loss for the year
        of $13.1 million, or a loss of $1.11 per share, compared with 1994
        net income of $12.2 million, or $1.04 per share.  

            Total revenue for the year increased 12% to $53.3 million from
        $47.7 million for 1994.  Base and percentage rental income increased
        12% to $39.7 million for 1995 from $35.4 million for 1994.  Property
        level operating income increased 6% to $33.9 million from $32.0
        million for 1994.  Average rental revenue per square foot increased
        by 3% over 1994.  The Company defines average rental revenue per
        square foot as total base and percentage rent plus recoveries from
        tenants divided by average gross leasable area (GLA).  The Company
        ended the year with approximately 4.6 million square feet of GLA, up
        9.3% from 4.2 million at December 31, 1994.  

            For the fourth quarter, the Company reported a net loss of $20.5
        million, or a loss of $1.74 per share, compared with net income of
        $900,000, or $0.08 per share, for the fourth quarter of 1994.  FFO
        was ($858,000), or ($0.07) per share, for the fourth quarter
        compared with FFO of $4.7 million, or $0.40 per share, for the
        fourth quarter of 1994.  

            Total revenue for the fourth quarter of 1995 was $13.0 million
        compared with $13.2 million for the same quarter in 1994.  Base and
        percentage rental income increased to $9.9 million from $9.8 million
        for the prior-year quarter.  The lower than expected fourth quarter
        results were attributable to an additional charge to the reserve for
        uncollectible tenant receivables, higher spending on property level
        marketing and the motorsport program, adoption of a more
        conservative capitalization policy on leasing and development costs,
        and an increase in interest expense reflecting the higher borrowing
        level from the comparable period in 1994.  

            Commenting on the results, J.  Dixon Fleming, Jr., Chairman,
        said, "In the fourth quarter we recognized a one-time charge to
        earnings for the write-down of certain properties.  As a result of
        the write-down and the other nonrecurring charges, our fourth
        quarter and year-end losses were greater than we had anticipated.
        We had previously disclosed that certain properties were
        underperforming and, in fact, we are already pursuing our options
        for the disposal of these assets.  These centers represent only 8%
        of our total GLA, 6% of our projected net operating income and 3.5%
        of our anticipated FFO.  Under a new accounting rule which we will
        adopt during the first quarter of 1996, we are required to assess
        each property for any indication of impairment of value and reduce
        the carrying amount of the property to estimated net realizable
        value.  We have completed an analysis of our portfolio and, based on
        circumstances in existence today, do not believe we have any other
        assets which would require an impairment charge."  

            Also today, the Company announced that it has executed a
        commitment with Gildea Management Company and Blackacre Bridge
        Capital, LLC to provide $30 million to Factory Stores through a
        private placement, of which $25 million will be in the form of
        Exchangeable Notes and $5 million in 11% Senior Notes.  The
        Exchangeable Notes and the Senior Notes will both be unsecured.  The
        Exchangeable Notes will be mandatorily exchangeable into shares of
        the Company's Convertible Preferred Stock upon stockholder approval
        of necessary amendments to the Company's Certificate of
        Incorporation.  Each $25 in principal amount of Exchangeable Notes
        will be mandatorily convertible into one share of Convertible
        Preferred Stock which will be convertible into shares of Common
        Stock of the Company at a conversion price equal to the lower of $9
        per share or a per share price based on a 30-day average price for
        the Company's Common Stock.  The Convertible Preferred Stock will
        have limited voting rights and have noncumulative dividends equal to
        those of the Common Stock.  In the event stockholder approval is not
        obtained, the Exchangeable Notes will be convertible at the option
        of the holder into shares of Common Stock of the Company.
        Stockholders will be asked to consider and vote on the amendment to
        the Company's Certificate of Incorporation at the upcoming annual

            John W. Gildea, managing director of Gildea Management Company,
        stated, "The hallmark of our investment philosophy is to invest with
        an experienced and knowledgeable management team.  We are excited
        about working with the team assembled by Mr. Morton.  Factory Stores
        is an excellent company, and we look forward to supporting the
        Company and the new management in achieving its growth objectives."

            The Company reported that its lender, Bank One, Dayton, has
        waived all currently existing defaults and that it is nearing
        completion of an agreement to increase its credit facility by $5
        million, for a total of $75 million.  Certain financial ratios and
        other covenants relating to the credit facility are also being
        modified.  "While there remain a few points of negotiation,
        including proposed restrictions on our dividend distribution, we
        expect to close the increased facility within the next week,"
        Fleming stated. "The additional $30 million we have raised will be
        used to complete our 1996 development, clean up all of our past due
        payables, and provide some ongoing capital for growth.  The dilution
        on FFO of this new capital is expected to be less than $0.06 per
        share for 1996."  

            As previously announced, the Board of Directors is scheduled to
        declare the first quarter dividend during the first week of April.
        Fleming said, "Based upon the current negotiation of our bank
        agreement and related covenant issues, management expects to
        recommend a first quarter dividend of $0.25 per share.  This would
        be in compliance with the proposed bank covenants and, if continued
        throughout the year, would result in a payout ratio of less than 75%
        of anticipated 1996 FFO.  Recent articles related to the overall
        trends of reducing payout ratios in our industry have caused the
        bank to request a reduced payout ratio."  

            Investors are cautioned that any foregoing forward-looking
        statements contained herein are subject to risks and uncertainties
        that could cause actual results to differ materially, including: the
        closing of bank agreements, and risk factors that are discussed from
        time to time in the Company's SEC reports including, but not limited
        to, the report on Form 10-K for the year ended December 31, 1994.  

            President and Chief Operating Officer C.  Cammack Morton
        commented, "From an operating perspective, our fourth quarter loss
        included higher operating costs.  We have already taken aggressive
        measures as follows: personnel changes, cancellation of our
        association with the motorsports program, the undertaking of a
        number of corrective actions to include the implementation of cost
        containment programs, a new process to increase the efficiency of
        our rent collection, and an improved monitoring system for our
        budget process to insure that these variable costs can either be
        completely eliminated or significantly reduced in the future.  

            "Comparable tenant sales for the fourth quarter of 1995 were up
        4% from the same quarter in 1994 compared to an industry average
        decrease of 1.9%; and, on a full year basis, 1995 sales were up 0.1%
        compared with 1994.  We are encouraged that our total center sales
        for the year ended 1995 were up by 10% over 1994.  We are
        aggressively implementing programs designed to improve the
        performance of our overall portfolio and are pursuing options to
        dispose of underperforming or idle assets, such as outparcels and
        excess land.  

            "Our ability to raise an additional $15 million of capital over
        what was reported in February and the reorganization of the Company
        put us in a stronger position to aggressively move forward with our
        goals for the future.  Our focus for 1996 is to improve the
        performance of our portfolio, complete the expansion projects that
        are underway at a number of our centers, and begin predevelopment
        activities on a new center in Brewster, New York.  We recently
        announced this project to the tenant community and received a great
        deal of interest and positive feedback for this project, which is
        currently planned for delivery in 1998.  Additionally, we previously
        announced our management contract of the Peachtree Outlet Center in
        Newnan, Georgia, where we have the option to purchase the center at
        a point in the future at a very favorable cap rate.  This type of
        opportunity enables us to evaluate a project prior to acquisition."

            Headquartered in Smithfield, North Carolina, Factory Stores of
        America, Inc.  is a self- administered real estate investment trust
        (REIT) engaged in the management, development and acquisition of
        outlet shopping centers.  The Company currently owns and operates 36
        factory outlet shopping centers in 21 states, with a total of 4.6
        million square feet, making it one of the largest outlet REITs in
        terms of numbers of centers and square footage.

                           FACTORY STORES OF AMERICA, INC.
                             Consolidated Balance Sheets
                        (In thousands except per share data)
                                                December 31,
                                             1995          1994
        Outlet center properties, at cost
         Land                                  $ 77,270      $ 76,978
         Building and improvements              211,524       224,140
         Equipment                                3,826         3,567
                                            -------       -------
                                            292,620       304,685
        Less accumulated depreciation           (20,332)      (12,872)
                                            -------       -------
                                            272,288       291,813
        Properties under development             25,923         7,468
                                            -------       -------
                                            298,211       299,281
        Properties held for sale, net
         of reserve of $8,500                    24,509             0
                                           --------      --------
        Outlet center properties, net           322,720       299,281
        Cash and cash equivalents                 1,655         1,297
        Restricted cash                           4,806             0
        Rents from tenants and other
         receivables                              5,244         5,890
        Receivables from related parties              1           286
        Prepaid expenses                            607         2,114
        Interest receivables and deposits           289         2,283
        Deferred cost                            16,208        11,075
        Other assets                              3,565         4,044
                                           --------      --------
        Total assets                           $355,095      $326,270
                                           --------      --------
                                           --------      --------
        Liabilities and shareholders' equity
        Notes payable                          $100,972      $ 76,676
        Notes payable to bank under line
         of credit                               69,939        25,267
        Capital lease obligations                   797           805
        Payable related to acquisition                0        11,737
        Accounts payable and accrued
         expenses                                16,022         6,593
        Dividend payables                         6,025             0
        Prepaid rents and security deposit          854         1,852
                                           --------      --------
        Total liabilities                       194,609       122,930
        Shareholders' equity:
        Common stock, $0.01 par value,
         50,000,000 shares authorized,
         11,814,523 and 11,813,599 shares
         issued and outstanding, respectively       118           118
        Additional paid in capital              160,368       203,222
        Retained earnings                
                                           --------      --------
        Total shareholders' equity              160,486       203,340
                                           --------      --------
        Total liabilities and shareholders'
         equity                                $355,095      $326,270
                                           --------      --------
                                           --------      --------
                     Consolidated Statements of Income
                 (in thousands except for per share data)
                                                Three Months
                                             Ended December 31,
                                             1995          1994
        Base and percentage rent               $  9,913      $  9,831
        Recoveries from tenants                   2,883         3,047
        Other income                                184           369
                                           --------      --------
        Total revenue                            12,980        13,247
        Operating                                 6,227         4,989
        General & administrative                 12,102         1,630
        Depreciation and amortization             3,156         2,503
        Interest                                  3,513         2,341
        Writedown of assets held for sale         8,500             0
                                           --------      --------
        Total expenses                           33,498        11,463
        Income from operations                  (20,518)        1,784
         Gain on sale of real estate                  0             0
                                           --------      --------
        Income before extraordinary item        (20,518)        1,784  
        Extraordinary item - loss on
         debt extinguishment                          0           884
                                           --------      --------
        Net income                             $(20,518)     $    900
                                           --------      --------
                                           --------      --------
        Earnings per common share
        Income before extraordinary item       $  (1.74)     $   0.15
        Extraordinary item                         0.00         (0.07)
                                           --------      --------
        Net income                             $  (1.74)     $   0.08
                                           --------      --------
                                           --------      --------
        Weighted average number of
         shares outstanding                      11,815        11,813
                                           --------      --------
                                           --------      --------
                                                Year Ended
                                             Ended December 31,
                                             1995          1994
        Base and percentage rent               $ 39,460      $ 35,373
        Recoveries from tenants                  13,098        11,253
        Other income                                759         1,107
                                           --------      --------
        Total revenue                            53,317        47,733
        Operating                                19,380        15,731
        General & administrative                 15,838         5,680
        Depreciation and amortization            11,900         8,511
        Interest                                 11,145         4,701
        Writedown of assets held for sale         8,500             0
                                           --------      --------
        Total expenses                           66,763        34,623
        Income from operations                  (13,446)       13,110
         Gain on sale of real estate                345             0
                                           --------      --------
        Income before extraordinary item        (13,101)       13,110  
        Extraordinary item - loss on
         debt extinguishment                          0           884
                                           --------      --------
        Net income                             $(13,101)     $ 12,226
                                           --------      --------
                                           --------      --------
        Earnings per common share
        Income before extraordinary item       $  (1.11)     $   1.11
        Extraordinary item                         0.00         (0.07)
                                           --------      --------
        Net income                             $  (1.11)     $   1.04
                                           --------      --------
                                           --------      --------
        Weighted average number of
         shares outstanding                      11,814        11,811
                                           --------      --------
                                           --------      --------
                      Consolidated Statements of Cash Flows
                     (in thousands except for per share data)
                                                Year Ended
                                             Ended December 31,
                                             1995          1994
        Cash flows from operating activities:
        Net earnings (loss)                    $(13,101)     $ 12,226
        Adjustment to reconcile net earnings
         to net cash provided by operating
         activities, net of acquisitions:
         Allowance for uncollectibles              (145)          168
         Depreciation & amortization              9,300         8,511
         (Gain) loss on sale of real estate        (345)            0
         Writedown of assets held for sale        8,500             0
         Amortization of deferred cost            4,143           287
         Changes in operating assets/liabilities:
         Rents and other receivables                976        (3,378)
         Prepaids                                 1,507          (999)
         Interest receivables & deposits          1,994        (1,399)
         Accounts payables & accruals             9,529         3,057
         Dividend payable                         6,025      
         Rents & deposits due tenants              (998)        1,399
                                           --------      --------
        Net cash provided by operating
         activities                              27,385        19,872
        Cash flows from investing activities:
        Proceeds from sale of real estate           576             0
        Additions to outlet center properties   (41,470)      (18,942)
        Changes in restricted cash               (4,806)            0
        Additions to deferred costs and
         other assets                            (8,797)      (11,132)
        Acquisition of properties, net of cash   
         required                                     0       (51,827)
                                           --------      --------
        Net cash used in investing activities   (54,497)      (81,901)
        Cash flows from financing activities:
        Proceeds from issuance of notes payable  95,582        71,222
        Payable related to acquisition of
         properties                             (11,737)       11,737
        Net borrowings (payments) under bank
         revolving line of credit                44,672        25,267
        Principal payments on long-debt:
        Notes payable                           (71,066)      (34,826)
        Capital leases                             (228)         (131)
        Proceeds from the sale of common stock
         net of stock issuance cost                  18         6,791
        Distributions to shareholders           (29,771)      (22,326)
                                           --------      --------
        Net cash provided by financing
         activities                              27,470        57,734
                                           --------      --------
        Net increase (decrease) in cash and
         cash equivalents                           358        (4,295)
        Cash and cash equivalents,
         beginning of period                      1,297         5,592
                                           --------      --------
        Cash and cash equivalents,
         end of period                           $1,655        $1,297
                                           --------      --------
                                           --------      --------
        Supplemental disclosures of
         cash flow information
         Cash paid during period for interest
          (net of interest capitalized of $2,555
        and $1,039, respectively)             $9,848        $6,631
                                            --------      --------
                                            --------      --------
                            Funds From Operations
                  (in thousands except for per share data)
                                    Quarter Ended          Year Ended
                                     December 31,         December 31,
                                    1995      1994       1995      1994
        Weighted Average Shares
         Outstanding                    11,815    11,813     11,814
                                  --------  --------   --------  --------
                                  --------  --------   --------  --------
        Old Definition
         Net (Loss) Income            ($20,518)     $900   ($13,101)
         Add: Extraordinary item -
           loss on debt
           extinguishment                0       884          0       884
          Depreciation and
           Amortization of assets
           related to real estate    3,878     2,718     11,721     8,432
          Other depreciation and
           amortization                 60        25        179        79
          Amortization of
           deferred finance cost       722       215      1,543       287
          Nonrecurring charges      15,000         0     15,000         0
         Less: Gain on sale of real
            estate                       0         0       (345)        0
                                  --------  --------   --------- --------
         Funds From Operations           ($858)   $4,742    $14,997
                                  --------  --------   --------  --------
                                  --------  --------   --------  --------
         Funds From Operations
          Per Share                     ($0.07)    $0.40      $1.27
                                  --------  --------   --------  --------
                                  --------  --------   --------  --------
        New Definition
         Net (Loss) Income            ($20,518)     $900   ($13,101)
         Add: Extraordinary item -
           loss on debt
           extinguishment                0       884          0       884
          Depreciation and
           Amortization of assets
           related to real estate    3,878     2,718     11,721     8,432
          Other depreciation and
           amortization                  0         0          0         0
          Amortization of
           deferred finance cost         0         0          0         0
          Nonrecurring charges      15,000         0     15,000         0
         Less: Gain on sale of real
            estate                       0         0       (345)        0
           Straight line rents         (49)     (182)      (626)     (922)
                                  --------  --------   --------  --------
         Funds From Operations         ($1,689)   $4,320    $12,649
                                  --------  --------   --------  --------
                                  --------  --------   --------  --------
         Funds From Operations
          Per Share                     ($0.14)    $0.37      $1.07
                                  --------  --------   --------  --------
                                  --------  --------   --------  --------

        CONTACT:  Factory Stores of America, Inc., Smithfield
                  John N. Nelli or Linda M. Swearingen, 919/934-9446

The Harvey Group Inc. announces
expected plan of reorganization

            SECAUCUS, N.J. -- March 28, 1996 -- href="chap11.harvey.html">The Harvey
        Group Inc.
("Harvey Electronics" or the "Company") announced
        that it has completed negotiations for its plan of reorganization
        which will be filed in the near future with the bankruptcy court.

            In conjunction therewith, the company is pleased to note that
        its investor group, its secured creditors and unsecured creditors'
        committee have indicated their preliminary support for the proposed
        plan of reorganization.  Specific terms regarding the reorganization
        and reemergence of the company will be disclosed upon the filing of
        the plan.  

            Joseph Calabrese, chief financial officer, stated,  "We are
        pleased to have reached an agreement whereby Harvey Electronics can
        continue to provide high-quality audio/video products and custom
        installation to the community as it restructures into a healthier
        company.  Our bank, vendors and investor group continue to be
        supportive in this endeavor.  The company expects to obtain
        confirmation of a plan and reemerge in or about June 1996."

            Based in Secaucus, Harvey Electronics is an upscale specialty
        retailer of high-quality audio/video consumer electronics and home
        theater products.  The company operates six retail stores in the New
        York City metropolitan area.

        CONTACT: The Harvey Group Inc.,
                 Joseph J. Calabrese;
                 Fax 201/865-0342

        Results Include FASB Statement No. 121 Charge, Other Non-Recurring

            TAMPA, Fla., March 28, 1996 - href="">Walter Industries, Inc.
        (Nasdaq: WLTR) today reported results for its fiscal third quarter
        and nine months ended February 29, 1996.

            Net sales and revenues for the recent quarter were $329.1
        million compared with $338.7 million in the prior year quarter ended
        February 28, 1995.  Earnings Before Interest, Taxes, Depreciation
        and Amortization (EBITDA)for the quarter were $57.6 million versus
        $74.5 million in the fiscal 1995 third quarter.  Earnings are
        reported on the basis of EBITDA to reflect the company's operating
        performance before interest costs and goodwill amortization

            Results for the fiscal 1996 third quarter reflected higher sales
        and profitability in the company's Homebuilding and Related
        Financing segment and improved earnings from Industrial and Other
        Products, primarily aluminum operations.  These factors were offset
        by a loss in the Natural Resources Group due to a previously
        reported fire at its No. 5 mine and various other geological
        problems which impacted the company's coal mining operations.

            Profitability declined in Water and Waste Water Transmission
        Products because of severe winter weather conditions and delays in
        government funding for planned infrastructure projects, which
        resulted in lower shipments of ductile iron pressure pipe and
        related products.  In addition, higher raw material costs continue
        to impact the Group's margins.

            The current quarter included a pre-tax charge of $143.3 million
        ($101.1 million after tax) related to early 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" (FASB 121). Current quarter results also included an
        extraordinary after-tax charge of $5.4 million, or $0.10 per share,
        related to early repayment of 12.19% Senior Notes Due 2000 and
        replacement of a $150 million bank credit facility.  After the
        effect of these items, the company incurred a net loss of $123.6
        million, or $2.42 per share for the quarter, as compared with a
        $233,000 loss in the prior year period.

            FASB 121 requires companies to review long-lived assets and
        certain identifiable intangibles for impairment whenever events or
        changes in circumstances indicate that the carrying amount of such
        assets may not be recoverable.  In performing the review for
        recoverability, companies are required to compare the expected
        future cash flows to the carrying value of long-lived assets and
        identifiable intangibles.  If the sum of the expected future
        undiscounted cash flows is less than the carrying amount of such
        assets and intangibles, the assets are impaired and must be written
        down to their estimated fair market value.

             After performing a review for asset impairment at each of the
        company's business segments, management determined that a non-cash
        impairment charge of $120.4 million pre-tax ($78.2 million after
        tax) was required at two of the company's coal mines to write down
        the fixed assets to their estimated fair market values.  Fair market
        values were based principally on expected future discounted cash
        flows.  A $22.9 million non-cash write-off of goodwill was recorded
        in the Industrial and Other Products Group, substantially all of
        which was at JW Window Components. The FASB 121 charges do not have
        any cash effect on the company's operations, either in the current
        periods or future years.  Going forward, the annual reduction in
        depreciation expense and goodwill amortization will approximate $7
        million and $2 million, respectively.

            Net sales and revenues for the current nine months were $1.087
        billion compared with net sales and revenues of $1.043 billion in
        the prior year. EBITDA was $234.5 million versus $234.0 million in
        the 1996 and 1995 nine month periods, respectively.

            The company's Homebuilding and Related Financing Group generated
        a 10% increase in EBITDA on a 1% increase in revenues in the third
        quarter.  The income gain reflected an increase in gross margins
        versus last year due to higher average selling prices and lower
        lumber costs.  The company noted that it expects margins in
        Homebuilding and Related Financing to remain at the higher level at
        least for the near term.  In December 1995 Jim Walter Homes, the
        company's homebuilding subsidiary, reduced its financing rate to
        8.5% from a previous 10% for its "90% complete" homes on a trial
        basis. The lower rate initially has resulted in increased unit sales
        and higher average selling prices.  Jim Walter Homes' backlog was
        1,700 units at the end of the quarter compared to 1,678 units in the
        prior year period.

            The Water and Waste Water Transmission Products Group's
        operating results were impacted by the federal government's ongoing
        budget debate and lack of action on key legislation.  The
        corresponding slowdown in demand due to funding delays for
        infrastructure projects was exacerbated by unusually severe winter
        weather conditions, which also prevented the start of several
        private sector projects.  The company anticipates that delays in
        infrastructure spending for planned water and sewer pipeline
        projects will continue for the near term leading up to the national
        elections in November 1996.  Additionally, the Group's results
        continue to be affected by higher prices for raw materials.

            EBITDA of the Industrial and Other Products Group increased 70%,
        benefiting from strong demand and margin improvement in its JW
        Aluminum and Sloss Industries subsidiaries.  The company recently
        approved a $7.5 million expansion program at JW Aluminum for fiscal
        1997.  The subsidiary has been operating at near capacity, and this
        program, which was planned for fiscal 1998, has been accelerated to
        prepare for expected increasing demand.

            The Natural Resources Group's operating results reflected lower
        shipments and higher production costs principally associated with
        the previously described recurrence of hot spot conditions.
        Firefighting and idle plant costs during the current quarter
        approximated $14 million.  As a result of the hot spot conditions,
        the company has sealed-off the affected coal panels and is now
        developing a new area of Mine No. 5 where coal reserves are
        estimated to have an anticipated 15-year life at normal production
        levels.  The Group benefited from increased methane gas shipments
        and a $3.5 million gain from the sale of excess real estate.

             Interest expense in the third quarter increased by $17.0
        million, or 48% over the same period last year, reflecting the
        company's post-Chapter 11 capital structure.  Interest expense in
        the fiscal 1996 third quarter does not fully reflect the company's
        refinancing completed on January 22, 1996, which is expected to
        result in annualized interest savings of approximately $25 million,
        or $0.28 per share.

            Capital expenditures were $18.0 million in the third quarter and
        $51.9 million in the fiscal 1996 nine month period, compared with
        $22.5 million and $52.2 million, respectively, for the comparable
        periods in 1995. These expenditures are indicative of the company's
        commitment to ongoing investment in its businesses.

            G. Robert Durham, Walter Industries' Chairman and Chief
        Executive Officer, acknowledged that the mine fire and severe winter
        weather restrained the company's operating performance in the third

            "On balance, however, we continue to view fiscal 1996 as a year
        of transition following last year's successful conclusion of our
        Chapter 11 reorganization," Mr. Durham said.  "Certainly, the
        elimination of our high-cost debt, the FASB 121 write-downs, the
        changes ongoing within our senior management, and other strategic
        operating decisions are actions that support our efforts to position
        Walter Industries for sustainable, long-term growth."

            As previously announced, Mr. Durham, 67, will retire from the
        company effective May 31, 1996.  He will be succeeded by Kenneth E.
        Hyatt, 55, currently President and Chief Operating Officer.

            Walter Industries, Inc., based in Tampa, Florida, is a
        diversified, multi-subsidiary corporation with major interests in
        two business areas: homebuilding and related financing and
        industrial operations. Walter Industries and its subsidiaries employ
        more than 7,800 at manufacturing facilities and sales offices
        throughout the United States, generating sales and revenues in
        excess of $1.4 billion annually.

                                            Quarter Ended
                                                   February 29,    February
        28, ($ in thousands, except per share amount)      1996
        Net sales and revenues (a)               $ 329,142       $336,793
        Cost of sales                              229,386        221,074
        Depreciation                                19,187         18,407
        Selling, general and administrative         35,259         34,799
        Postretirement health benefits               6,848          6,442
        Amortization of goodwill                     9,510          9,386
        Impairment of long-lived assets (b)        143,265             --
        Earnings before interest and taxes        (114,313)        46,685
           Chapter 11 costs, net (a)
        --          5,902
           Interest                                      51,958
           Pretax income (loss)                        (166,271)
        Income tax benefit (expense)                 48,112        (6,022)
        Loss before extraordinary item             (118,159)         (233)
        Extraordinary item - Loss on
         debt repayment                              (5,404)           --
        Net loss                                  $(123,563)        $(233)
        Net loss per share:
        Loss before extraordinary item               $(2.32)           --
        Extraordinary item                             (.10)           --
        Net loss                                     $(2.42)        NM (c)
        Number of shares of common stock
          used in calculation of net loss
          per share                              50,988,626         NM (c)
            (a)  Interest income from Chapter 11 proceedings ($1,898 in
        1995) is excluded from sales and revenues and included in net
        Chapter 11 costs for purposes of determining earnings before
        interest and taxes.
            (b)  Charge resulting from adoption of FASB 121, "Accounting for
        the Impairment of Long-Lived Assets and for Long-Lived Assets to Be
        Disposed Of."
            (c)  Not meaningful due to change in capital structure which
        occurred as a result of the company's reorganization.
                                Nine Months Ended
                                                    February 29,    February
        28, ($ in thousands, except per share amounts)     1996
        Net sales and revenues (a)              $1,087,426    $1,037,669
        Cost of sales                              729,013       682,930
        Depreciation                                56,629        53,094
        Selling, general and administrative        103,515       101,236
        Postretirement health benefits              20,370        19,524
        Amortization of goodwill                    29,479        30,270
        Impairment of long-lived assets (b)        143,265            --
        Earnings before interest and taxes           5,155       150,615
        Chapter 11 costs, net (a)                        --        14,760
        Interest                                    161,451       107,747
        Pretax income (loss)                       (156,296)       28,108
        Income tax benefit (expense)                 37,284       (21,988)
        Income (loss) before extraordinary
          item                                    (119,012)         6,120
        Extraordinary item - Loss on debt
          repayment                                 (5,404)            --
         Net income (loss)                       $(124,416)        $6,120
        Net loss per share:
          Loss before extraordinary item            $(2.34)           --
          Extraordinary item                          (.10)           --
        Net loss                                    $(2.44)        NM (c)
        Number of shares of common stock
         used in calculation of net loss
         per share                              50,988,626         NM (c)
            (a)  Interest income from Chapter 11 proceedings ($4,992 in
        1995) is excluded from sales and revenues and included in net
        Chapter 11 costs for purposes of determining earnings before
        interest and taxes.
            (b)  Charge resulting from adoption of FASB 121, "Accounting for
        the Impairment of Long-Lived Assets and for Long-Lived Assets to Be
        Disposed Of."
            (c)  Not meaningful due to change in capital structure which
        occurred as a result of the company's reorganization.
                       RESULTS BY OPERATING GROUP
                             ($ in thousands)
                             SALES AND REVENUES:
                                                        Quarter Ended
                                                February 29,   February 28,
                                                    1996          1995
        Homebuilding and Related Financing        $100,062       $98,968
        Water and Waste Water Transmission
         Products                                   76,816        80,220
        Natural Resources                           84,047        88,167
        Industrial and Other Products               67,711        69,226
        Corporate                                      506         2,110
        Total                                     $329,142      $338,691
        EBITDA: (c)
        Homebuilding and Related Financing (b)     $54,514       $49,579
        Water and Waste Water Transmission
          Products                                   2,754         5,841
        Natural Resources                             (184)(a)    20,844
        Industrial and Other Products                5,242 (a)     3,086
        Corporate                                   (4,677)       (4,872)
        Total                                      $57,649       $74,478
            (a)   Excludes long-lived asset impairments of $120,400 and
        $22,865 in the Natural Resources and Industrial and Other Products
        Groups, respectively.
            (b)   Before deducting interest expense of $32,498 in 1996 and
        $32,247 in 1995.
            (c)   Reflects addback of depreciation and amortization of
        goodwill, as follows:
                                                        1996           1995
        Homebuilding and Related Financing              $8,257        $8,142
        Water and Waste Water Transmission
         Products                                        7,428         7,192
        Natural Resources                               10,327         9,910
        Industrial and Other Products                    3,533         3,352
        Corporate                                        (848)          (803)
        Total                                         $28,697        $27,793
                       RESULTS BY OPERATING GROUP
                            ($ in thousands)
        SALES AND REVENUES:                             Nine Months Ended
                                                  February 29,    February 28,
                                                        1996           1995
        Homebuilding and Related Financing            $303,528      $305,256
        Water and Waste Water Transmission Products    306,372       295,243
        Natural Resources                              271,560       236,392
        Industrial and Other Products                  204,097       200,130
        Corporate                                        1,869         5,640
        Total                                       $1,087,426    $1,042,661
        EBITDA: (c)
        Homebuilding and Related Financing (b)        $163,710      $155,281
        Water and Waste Water Transmission
         Products                                       33,444        34,600
        Natural Resources                               32,893 (a)    42,852
        Industrial and Other Products                   17,271 (a)    13,240
        Corporate                                      (12,790)      (11,994)
        Total                                         $234,528      $233,979
            (a)   Excludes long-lived asset impairments of $120,400 and
        $22,865 in the Natural Resources and Industrial and Other Products
        Groups, respectively.
            (b)   Before deducting interest expense of $96,747 in 1996 and
        $94,564 in 1995.
            (c)   Reflects addback of depreciation and amortization of
        goodwill, as follows:
                                                         1996           1995
        Homebuilding and Related Financing             $25,676       $26,529
        Water and Waste Water Transmission
         Products                                       21,934        21,446
        Natural Resources                               30,327        27,995
        Industrial and Other Products                   10,633         9,849
        Corporate                                       (2,462)       (2,455)
        Total                                      $86,108         $83,364
                              ($ in thousands)
                                          February 29,       February 28,
                                              1996              1995
        Cash and short-term investments         $66,749            $204,959
        Short-term investments, restricted      157,304              88,650
        Installment notes receivable           4,232,492           4,232,403
        Less - Provision for possible losses    (26,301)            (26,471)
        Unearned time charges                (2,865,532)         (2,846,660)
        Trade and other receivables             149,818             146,753
        Federal income tax receivable            99,875                  --
        Inventories                             202,524             183,812
        Prepaid expenses                         13,481              17,137
        Property, plant and equipment, net      529,482             647,257
        Excess of purchase price over net assets
         acquired (goodwill)                    320,552             382,653
        Deferred income taxes                    57,778                  --
        Other assets                             81,689              68,454
        Total                                $3,019,911          $3,098,947
        Bank overdrafts, accounts payable and
         accrued expenses                      $196,463            $202,660
        Income taxes                             53,137              32,160
        Deferred income taxes                        --              54,783
        Long-term senior debt                 2,212,608             784,815
        Accrued interest                         27,332             298,557
        Accumulated postretirement health
         benefits obligation                    243,133             225,769
        Other long-term liabilities              50,882              48,221
        Liabilities subject to Chapter 11
          proceedings                                --           1,728,215
        Stockholders' equity (deficit)          236,356            (276,233)
        Total                                $3,019,911          $3,098,947

        CONTACT:  David L. Townsend of Walter Industries, Inc.,

Alliance Northwest Industries' principal subsidiary files Chapter 11

            SEATTLE, WA -- March 28, 1996 -- Alliance Northwest
        Industries Inc. announced today that its principal operating
        subsidiary, Seattle Lighting Fixture
, filed a petition for reorganization under Chapter 11 of the US
Bankruptcy Code on March 21, 1996.  

            Jim Scarborough, president and chief executive officer of
        Seattle Lighting, attributed the filing to cash shortages stemming
        from a reduction in sales due to continued declines in housing
        starts in the Metropolitan King County area where the majority of
        the company's operations are centered.  

            According to statistics published by the Master Builders
        Association of King and Snohomish Counties, the number of new single-
        family home permits in King County declined 29% in 1995 vs.  1994.  

            Seattle Lighting was founded in 1917.  Its 200 employees serve
        retail, builder-contractors, and commercial customers from six
        locations in the greater Puget Sound area.  Additionally Seattle
        Lighting operates under the name Builders Lighting with stores in
        Vancouver, Wash.; Gresham, Lake Oswego and Salem, Ore., and Boise,

            Seattle Lighting will continue its operations under current
        management as debtor in possession and plans to emerge from Chapter
        11 as quickly as possible as a stronger and more vibrant company.
        Alliance Northwest Industries, the parent of Seattle Lighting is
        also considering the filing of a bankruptcy petition and will make
        such a determination by April 15, 1996.  

        CONTACT:  Alliance Northwest Industries Inc.
                  Jim Scarborough, 206/689-9444


            ATLANTA, March 28, 1996 - Anacomp,
today announced
        that the U.S. Bankruptcy Court in Delaware has approved the
        company's disclosure statement on a financial restructuring plan.

            The court approval gives Anacomp the go-ahead to distribute the
        disclosure statement to certain of the company's creditors and
        preferred stockholders and to solicit their votes on the refinancing
        plan.  The plan provides for Anacomp's current debt and accrued
        unpaid interest and dividends (including preferred stock) to be
        reduced by approximately $175 million.

            The refinancing plan is the outgrowth of a consensual agreement-
        in- principle reached last month between Anacomp and all of its
        major creditor groups.  The company believes the support of these
        groups provides sufficient votes for the confirmation of the plan.

            The court set a date of May 17, 1996 for a confirmation hearing
        on Anacomp's refinancing plan, which assuming approval would permit
        Anacomp to emerge from Chapter 11 by the end of May.

            Anacomp filed a pre-negotiated plan of reorganization under
        Chapter 11 of the United States Bankruptcy Code on January 5, 1996.
        Since then, the company's business operations have continued as
        normal.  The refinancing plan retains the company's commitment to
        continue to pay its vendors on normal trade terms and to honor all
        obligations to customers.

            Anacomp is a leading provider of multiple-media data management
        solutions, delivering cost-effective strategies that incorporate
        micrographic, digital, and magnetic output media.

        CONTACT:  Jeff Withem, Corporate Communications, 404-876-3361, ext.
        8527, or Nancy Vandeventer, Investor Relations, 800-350-3044, both
        of Anacomp, Inc.