Bankruptcy News For - April 2, 1996

  1. Supercuts reports loss of $7.1 million for 1995 year-end

        Supercuts reports loss of $7.1 million for 1995
        year-end; results include $18.9 million restructuring charge as
        company re-focuses on existing business and franchising

            SAN FRANCISCO -- April 2, 1996 -- Supercuts Inc.
        (NASDAQ:CUTS) today announced an $18.9 million pre-tax restructuring
        charge recorded in the 1995 fourth quarter.

            The majority of the charge relates to significant operating
        losses and negative cash flow from Supercuts' metropolitan New York
        and company-owned and managed store expansion programs from 1993 to

            For the full year ended Dec. 31, 1995, including this charge,
        the company reported a net loss of $7.1 million, as compared to net
        income of $7.3 million for 1994.  The net loss per share for 1995
        was $0.63 vs. net income of $0.66 per share in 1994.

            Total revenues for the year were $100.8 million, a 23 percent
        increase over $82.1 million in 1994.  System-wide comparable store
        sales growth for the year was 3.9 percent.

            According to Steve Price, president and chief executive officer,
        "During the past year, our core established stores, opened prior to
        1993, continued to provide strong store sales, profitability and
        cash flow generation.

            "Unfortunately, our core business strength and performance was
        overshadowed by weak results, overall, in the 246 company-owned and
        managed stores, including 84 stores in the metropolitan New York
        market, that were opened from 1993 to 1995.  The rapid pace of
        expansion during this period severely taxed all our resources, and
        we were not able to achieve acceptable initial and ramp-up sales
        levels in this group of stores."

            Of the total pre-tax restructuring charge, approximately $15
        million relates to store closings or other alternatives such as the
        sale of stores, or markets, to either franchisees or third parties.

            The costs relative to this portion of the charge are composed of
        amounts related to provision for disposal of property and equipment
        and the write-off of non-current receivables related to the
        company's managed store programs (approximately $8.0 million),
        unreimbursable operating lease and lease cancellation costs
        (approximately $6.1 million) and other store restructuring-related

            The board of directors and Price have changed the company's
        strategies and priorities to reflect the reality of the store
        expansion program from 1993 to 1995 and to take advantage of
        opportunities within the Supercuts System.  This shift in focus is
        centered on the following areas:

            The fourth quarter restructuring charge also includes costs
        relating to a lawsuit brought against Supercuts by David Lipson,
        former chairman and chief executive officer, in March 1996.  As
        previously reported, Supercuts plans a vigorous defense of this

            The company and its banks have agreed and entered into an
        amendment of the current credit agreement, which waives prior
        defaults.  This amendment provides that the maximum amount of the
        credit line is $29.3 million and the credit line is subject to
        periodic reductions during the term.

            The company believes cash flow from operations and available
        borrowings will be sufficient to meet its operational expense and
        capital expenditure requirements through fiscal 1996.

            Supercuts Inc. is one of the largest chain providers of
        affordable haircare.  As of Dec. 31, 1995, the company had 1,163
        stores operating in 39 states and Puerto Rico.  During 1995, 127
        stores (net) were opened.  Supercuts is headquartered in San
        Francisco and is traded on the NASDAQ National Market System under
        the ticker symbol "CUTS."

                       Supercuts Inc. and Subsidiaries
                      Consolidated Statements of Income
                  For the years ended Dec. 31, 1995 and 1994
                    (In thousands, except per share data)

                                             For the Year Ended Dec. 31,
                                                  1995         1994
         Franchise operations                       $ 20,789     $ 20,123
         Retail operations                            80,034       61,974
         Total revenues                          100,823       82,097

        Costs and Expenses
         Franchise operations
          Salaries and benefits                        3,726        3,971
          Other expenses                               3,173        3,625
        Total franchise operations                 6,899        7,596
         Retail operations
          Salaries and benefits                       43,676       33,003
          Other expenses                              30,221       20,276
        Total retail operations                   73,897       53,279
         Total costs and expenses                 80,796       60,875

         Franchise operations                         13,890       12,527
         Retail operations                             6,137        8,695
         Total contribution                       20,027       21,222

        Depreciation and amortization expense          5,582        3,962
        Corporate general & administrative expense     6,785        5,798
        Provision for restructuring activities        18,925          --

        Income (loss) from operations                (11,265)      11,462

        Interest (income)                             (1,266)        (814)
        Interest expense                               2,330        1,171
        Other (income) expense, net                   (1,005)        (468)

        Income (loss) before provision for
         (benefit from) income taxes                 (11,324)      11,573

        Provision for (benefit from) income taxes     (4,240)       4,277

        Net income (loss)                           $ (7,084)    $  7,296

        Net income (loss) per common share          $  (0.63)    $   0.66

        Weighted average number of common shares
         and equivalents outstanding during
         the year                                     11,165       11,097

        Note:  The Notes to the Consolidated Financial Statements in the
        1995 Form 10-K are an integral part of these statements of income.

                        Supercuts Inc. and Subsidiaries
                          Consolidated Balance Sheets
                         As of Dec. 31, 1995 and 1994
                     (In thousands, except per share data)

                                                            Dec. 31,
                                                        1995       1994
        Current Assets
         Cash and short-term investments                  $ 2,054    $ 1,504
         Accounts receivable, net of allowance for
          doubtful accounts of $47 and $60, respectively    3,255      3,019
         Prepaid expenses and other assets                  2,059      2,086
         Deferred tax assets                                6,600        987
         Income taxes receivable                            2,493         --
         Inventories                                        1,885      1,415
        Total current assets                           18,346      9,011
        Non-current receivables                            13,917     15,016
        Property and equipment, net                        28,891     26,218
        Other assets
         Intangible assets, net                            35,600     32,175
         Deferred charges and other                           612        693
        Total other assets                             36,212     32,868
          Total assets                                $97,366    $83,113

                      Liabilities & Stockholders' Equity

                                                            Dec. 31,
                                                        1995       1994
        Current Liabilities
         Accounts payable                                 $ 7,380    $ 4,055
         Accrued liabilities                                6,408      5,461
         Deferred franchise fees and other liabilities      1,489      1,421
         Current portion of long-term liabilities             371         33
         Restructuring liabilities                         11,965        --
        Total current liabilities                      27,613     10,970

        Long-term Liabilities
         Revolving line of credit                          25,300     23,500
         Deferred income taxes                              3,408      1,211
         Other                                              2,479      2,080
        Total long-term liabilities                    31,187     26,791
          Total liabilities                            58,800     37,761

        Contingencies & commitments                           --         --

        Stockholders' Equity
         Common stock, $.08 par value -- 30,000,000
          shares authorized; 11,982,385 and 11,942,675
          shares issued at Dec. 31, 1995 and 1994,
          respectively                                        120        119
         Additional paid-in capital                        29,889     29,592
         Retained earnings                                 13,198     20,282
         Less 806,840 shares in 1995 and 1994 of
          common stock held in treasury at cost            (4,641)
        Total stockholders' equity                     38,566     45,352
          Total liabilities and
           stockholders' equity                       $97,366    $83,113

        Note:  The Notes to the Consolidated Financial Statements in the
        1995 Form 10-K are an integral part of these balance sheets.

        CONTACT:  Supercuts Inc., San Francisco
                  Lisa Horn Chainey, 415/693-4726


                   Details of Profit Improvement Plan Reported

            PORTLAND, Ore., April 2, 1996 - William J. Stanners, Jr.,
        Vice President and Chief Financial Officer of Arrow Transportation
        Co. (Nasdaq: ARRW), today announced results for the company's fourth
        quarter and fiscal year ended December 31, 1995.  As the company
        previously indicated, it experienced a loss for the quarter and
        year.  During the fourth quarter, the company recorded a loss of
        $1,505,000 or $0.36 per share on revenue of $6.9 million compared to
        a loss of $212,000 or $0.05 per share on revenue of $8.4 million for
        the same quarter a year ago.  For the year ended December 31, 1995,
        the company reported a loss of $1,820,000 or $0.43 per share on
        revenue of $31.4 million compared to net income of $18,000 or $0.00
        per share on revenue of $34.1 million for the year ended December
        31, 1994.  The results for the fourth quarter and year ended
        December 31, 1995 included pre-tax restructuring charges of $535,000
        associated with the implementation of the company's profit
        improvement plan.

            According to Stanners, both revenue and earnings declined in
        1995 as a result of overly aggressive geographic and fleet expansion
        in 1994 and 1995.  The terminals and carrying capacity added in late
        1994 and early 1995 added to operating and overhead expenses and
        were not effectively utilized because of lower business levels.
        Arrow utilized less than 60% of its carrying capacity in 1995.
        Business volume declined in 1995 as a result of business lost from
        pricing issues, sluggish freight demand from slow growth in the
        durable goods producing sectors of the economy, the impact of
        deregulation of intrastate transportation and business lost as a
        result of service disruptions caused by 1994's labor problems.  This
        low level of capacity utilization and lack of balance in its newer
        longhaul traffic lanes were the primary factors which contributed to
        the losses experienced in 1995.

            Given the company's performance in 1995, in December the
        company's board of directors initiated a restructuring and profit
        improvement plan.  The plan was designed to restructure the company
        to better serve its customers and enhance Arrow's overall
        competitiveness, productivity and efficiency through a reduction in
        operating and overhead costs. Stanners reported as a result of the
        plan's implementation, the company has reduced corporate,
        administrative and terminal personnel by approximately 20% and has
        closed its terminals in Baton Rouge, LA, Chattanooga, TN, and Tulsa,
        OK.  The company is also downsizing its fleet by selling 43 power
        units to reduce excess carrying capacity. Other actions under the
        plan include stringent spending controls with a freeze on all
        corporate, administrative and terminal salaries, a freeze on
        discretionary spending and strict limits on capital spending.  In
        addition the plan calls for a refocused marketing effort on those
        markets where the company believes it has a competitive advantage:
        the Pacific Northwest and California.

            The company will focus its Texas business only on those traffic
        lanes where it can obtain balanced freight with minimal empty miles.
        An integral part of the profit improvement plan is the
        implementation of an integrated total quality management program
        throughout the entire organization.  In January, the company engaged
        a consultant with expertise in chemical manufacturing, distribution
        and bulk liquid transportation to assist it with the implementation
        of the total quality management process.

            The actions taken under the profit improvement plan are expected
        to result in significant cost savings in 1996.  It is expected the
        plan will result in improvement in four key areas of the company's
        operations, business volume, equipment utilization, non-productive
        time and loaded mile ratio.  The company reported it was hopeful the
        actions taken under the plan will allow it to return to
        profitability during 1996.  Stanners indicated although the company
        expects to record a loss in the first quarter of 1996, he expects
        the company will demonstrate improvement on a quarterly basis during
        the year as the benefits of the profit improvement plan and
        integrated total quality management program begin to be realized.

            Arrow Transportation Co. is engaged primarily in the
        transportation of bulk liquid chemical products.  The company serves
        a wide variety of manufacturing and industrial customers in the
        United States and Western Canada.

                           WESTERN TRANSPORTATION CO.
                        Consolidated Statements of Income
                      (in thousands, except per share data)

                                For the Three Months   For the Twelve Months
                                 Ended December 31,     Ended December 31,
                                   1995      1994         1995      1994
        REVENUE                  $ 6,853   $ 8,371      $31,416   $34,110
          Operating expense        7,464     7,857       29,601    30,109
          Depreciation and
           amortization              694       682        2,790     2,670
          Restructuring charges      535        --          535        --

        TOTAL OPERATING EXPENSES   8,694     8,539       32,926    32,779

        OPERATING INCOME (LOSS)   (1,840)     (168)      (1,510)     1,331
          Interest expense           311       303        1,229      1,291
          Net other expense
           (income)                  212      (106)         148         22

          INCOME TAXES            (2,363)     (365)      (2,887)        18
          BENEFIT                    858       153        1,007          0
        NET INCOME (LOSS)        $(1,505)  $  (212)     $(1,820)  $     18

          SHARE                  $ (0.36)  $ (0.05)     $ (O.43)   $  0.00

          SHARE CALCULATION        4,200     4,171        4,189      4,153

        CONTACT:  William J. Stanners, Jr., Chief Financial Officer of
        Arrow Transportation Co., 503-286-3661


            BOCA RATON, Fla., April 2, 1996 - Model Imperial, Inc.
        (Nasdaq: MODL) today announced that, subject to completion of its
        financial statements, it expects that its net loss for 1995 will be
        in excess of $20 million.  The company had previously announced an
        expected net loss of between $7.5 million and $8.5 million for 1995.
        The Company indicated that as its financial statements are
        completed, the actual loss could be determined to be higher.  The
        Company indicated that in addition to a generally weak retail
        environment, as well as increased competition, additional
        promotional activity and decreased margins, factors expected to
        contribute to the net loss are, among others, inventory writedowns,
        reserves for accounts receivable and credits, and costs related to
        downsizing the Company and its inventory levels in association with
        a forbearance agreement being negotiated with the Company's bank

            The Company also announced that it is in the process of
        negotiating a forbearance agreement with its bank lenders, to which
        it presently owes approximately $47.5 million. Pursuant to such an
        agreement as presently being negotiated, the, Company would
        acknowledge that it is in default under its loans and the bank
        lenders would agree to forbear from exercising their default rights,
        subject to compliance with certain conditions, until August 31,
        1996.  The Company believes that it will know shortly whether such
        an agreement will be consummated.

            The Company also announced that Stephen J. Kesh would be
        resigning as Chief Financial Officer and a director of the Company
        and that it was presently expected that he would enter into a
        consulting agreement with the Company for the remainder of the year.

            Model Imperial, Inc. is one of the largest wholesale
        distributors of brand-name fragrances in the United States.  The
        Company primarily distributes prestige fragrances, but also offers
        mass market fragrances and certain cosmetic and beauty care products
        for man and women. The Company is also one of the largest operators
        of licensed retail departments in the country with over 650 retail
        locations throughout the United States.  The Company's principal
        customers include many of the nation's leading mass merchants,
        discount retailers and drug store and supermarket chains, as well as
        numerous independent pharmacies and other specialty retailers.
        Model Imperial's fragrance and cosmetic distribution product line
        comprises approximately 4,000 individual brand-name items.

        CONTACT:  Len Silverstein, Model Imperial, Inc., 407-241-8244


            MILWAUKEE, April 2, 1996 - Allis-Chalmers Corporation
        today announced a 1995 net loss of $1,448,000, or $1.44 per common
        share, compared with a net loss of $4,174,000, or $4.13 per common
        share in 1994.  The Company reported a loss from continuing
        operations of $1,448,000 (including recognition of pension liability
        of $1.1 million), or $1.44 per common share in 1995 compared with a
        loss of $1,087,000, or $1.08 per common share in 1994.  A loss from
        discontinued operations of $231,000, or $.23 per common share was
        incurred in 1994, along with a loss on the sale of its molded fabric
        products division of $2,856,000, or $2.82 per common share in 1994.

            Sales totaled $3,190,000 in 1995, down from $3,380,000 in 1994.
        The decrease resulted from a weakened market for machine repairs and

            For the fourth quarter of 1995, Allis-Chalmers reported a net
        loss of $254,000, or $.26 per common share, compared with a net loss
        of $272,000, or $.27 per common share in the same quarter of 1994.

            Sales in the fourth quarter of 1995 were $798,000 compared with
        $924,000 in the 1994 period.  Fourth quarter gross margin, as a
        percentage of sales, increased to 25.2% in 1995 from 22.7% in 1994.

            In addition to its financial results, Allis-Chalmers noted two
        concerns regarding its future - the significant shortfall in its
        pension plan funding and the difficulty in completing an acquisition
        or financing.

            The Company's lack of cash for investment, restrictions on debt
        financing and the uncertainty associated with the Company's exposure
        for the underfunding of the pension plan all contributed to the
        Company's inability to complete an acquisition or financing in 1995.
        Given the present financial condition of the Company, a meaningful
        acquisition will be very difficult to accomplish.

            Regarding the underfunding of the Company's Consolidated Pension
        Plan, the Company's underfunding on a present value basis is $11.9
        million at December 31, 1995.  This underfunding requires the
        Company to make significant cash contributions to the pension plan
        pursuant to ERISA minimum funding requirements starting in 1996.
        While the first cash contribution to the Consolidated Plan has been
        made in 1996, future cash contributions are estimated at $2.3
        million in 1996, $3.1 million in 1997 and $8.1 million in 1998.
        Based on the Company's limited financial resources, this requirement
        for contributions will have a material adverse effect on the
        Company.  The Company is not optimistic that in its current
        condition it will be able to raise additional capital to meet its
        obligation under the Consolidated Plan. Given the inability of the
        Company to fund such an obligation with its current financial
        resources, a termination of the Consolidated Plan is likely to
        occur, with the consequence of a liability to the Pension Benefit
        Guaranty Corporation (PBGC) in excess of the current net worth of
        the Company.  If the Company is unable to reach an acceptable
        arrangement with the PBGC or to raise additional capital, it will
        have to evaluate its alternatives, which include, among others,
        another bankruptcy filing.

            Financial results for the three and twelve month periods ended
        December 31:

                                         Three Months     Twelve Months
                                         1995    1994     1995      1994
                                          (thousands, except per share)

        Sales                           $ 798    $ 924    $3,190    $3,580
        (Loss) income from:
          Continuing Operations         $(254)   $(280)  $(1,448)  $(1,087)
          Discontinued Operations          --       56        --      (231)
          Sale of molded fabric
            products division              --      (48)       --    (2,856)
          Net loss                      $(254)   $(272)  $(1,448)  $(4,174)
        Average common shares
          outstanding                   1,003    1,003     1,003     1,003
        (Loss) income per common share:
          Continuing Operations        $ (.26)  $ (.28)  $ (1.44)  $ (1.08)
          Discontinued Operations          --      .06        --      (.23)
          Sale of molded fabric
            products division              --     (.05)       --     (2.82)
          Loss per common share        $ (.26)  $ (.27)  $ (1.44)  $ (4.13)

        CONTACT:  Jeffrey I. Lehman of Allis-Chalmers, 610-565-2343


            WASHINGTON, April 2, 1996 - The Nostalgia Network Inc.
        (OTC: NNET) today reported 1995 financial results which reflect
        initiatives to increase the quality of network programming, increase
        ratings and stabilize subscriber counts.  These steps to overhaul
        the network resulted in 1995 revenue of $11.27 million compared to
        $12.45 million in 1994, and a net loss of $9.48 million, compared to
        a net loss of $4.23 million in 1994.

            Jack Heim, President and Chief Executive Officer, said, "The
        overhaul of Nostalgia Television which began two years ago has
        increased our recognition as the only network for the active, fifty-
        plus viewer. Consider all that Nostalgia accomplished last year:

        Revenue Base Changes As Network Cuts Infomercial Time In Half

            Total revenue for the fiscal year ended December 31, 1995 was
        $11.27 million, a decline of 9.5% from 1994's results.  This
        decrease was primarily attributed to decreases in affiliate and
        advertising revenues, partially offset by increases in revenue from
        the Network's shopping service.

            Advertising sales declined 19.3% to $5.81 million primarily as a
        result of the company's decision to significantly reduce its
        dependence on infomercial advertising.  Time allotted to
        infomercials was reduced 54% in 1995.  Infomercials have been
        removed from the Network's mid day schedule. Average advertising
        rates for the remaining infomercial slots were increased 53% during
        the year due to high demand and increased sales and marketing
        efforts.  Revenue from short-format commercial advertising,
        generally two minutes or less in length, increased 4.6%.

            Due to declines in the 1994 subscriber base, affiliate revenue
        declined 16.1% to $4.21 million.  In general, positive changes in
        affiliate revenue lag positive changes in the subscriber base, while
        declines in the subscriber base are reflected immediately.  During
        1995, the number of subscribers stabilized at 8.9 million,
        relatively unchanged from the previous year's count.

            Nostalgia's full day ratings, as measured by Nielsen, doubled to
        0.2 in the quarter ended December 31, 1995, compared to 0.1 in the
        previous year's period.  Nielsen's weekday prime time ratings for
        the same period doubled to 0.4 from 0.2.

            During 1995 the company fully reserved accounts receivable of
        $997,000 relating to the bankruptcy of Via TV!, the Network's former
        Home Shopping Service provider.  These reserves are reflected in
        finance, general and administrative expenses.

        Increases in operating expenses reflect emphasis on quality

            Total operating expenses increased 23.3% to $20.26 million in
        1995. This increase is primarily due to a 133.7% increase in
        programming amortization costs to $6.33 million, which reflect a
        full year of new prime time television series in 1995, compared to
        their inclusion for only four months in 1994.

            Improved quality of programming is necessary for the Network's
        future growth.  In 1995 the Network continued these efforts by
        adding additional shows including more Love Boat episodes, The Paper
        Chase, The Streets of San Francisco, and starting in 1996 The
        Rockford Files. The Network also improved its Feature Presentation
        series by adding Cinema Spotlight, a series of hosted movies
        selected from the libraries of Warner Brothers, Columbia Tri Star
        and Paramount Pictures.  Original programming included the 1995
        premier of Nostalgia Television Issues and Answers, a panel
        discussion show; The Big Beat Broadcast, a music program block which
        includes original cabaret and big band performances; and a series of
        documentaries produced in cooperation with The National Archives of
        the United States.

            Sales and marketing expenses increased 47.2% to $4.51 million in
        1995 due to increased staff and a renewed sales and marketing
        effort. Additionally, to provide for necessary future growth, the
        company has embarked on an aggressive affiliate marketing campaign
        including prominent presence at major trade shows and trade
        advertising.  During 1995 the Network also launched its Lifestage
        Matrix program, which provides affiliates with the tools to
        effectively target the 50 year plus audience in their communities.
        The Network also launched the "Be a Visionary" campaign in
        coordination with the 1.4 million-member Lions Clubs to help the
        blind and visually impaired.

                           THE NOSTALGIA NETWORK, INC.
                             STATEMENT OF OPERATIONS

        Fiscal year ended December 31,       1995           1994

        Affiliate Revenue              $4,205,324     $5,014,547
        Advertising Sales Revenue       5,812,663      7,206,501
        Other Revenue                   1,248,898        231,052

        Total Revenue                  11,266,885     12,452,100

        Operating Expenses

        Programming, production and
          transmission                  4,682,928      4,267,913
        Programming amortization        6,325,975      2,706,898
        Sales and marketing             4,508,084      3,062,181
        Finance, general and
          administrative                4,743,944      4,208,145
        Revaluation of film library,
          relocation and litigation
          settlement                           --      2,180,032

        Total Operating Expenses       20,260,931     16,425,169

        Loss from Operations           (8,994,046)    (3,973,069)

        Interest income (expense)         482,321        258,108
        Net Income (Loss)             $(9,476,367)   $(4,231,177)

        Income (Loss) per Common
          Shares                           $(0.47)        $(0.22)

        Weighted Average Shares
          Outstanding                  20,267,704     19,504,488
        -0-                           4/2/96
        CONTACT: Colleen Harkins of the Nostalgia Network, Inc.,

            SHERMAN OAKS, Calif., April 2, 1996 - The Bankruptcy
        Court governing the Chapter 11 reorganization case of Hamburger
        Hamlet Restaurants Inc.
(Nasdaq: HAMB) (the "Company") on March 28,
        1996 announced that it would enter two significant orders concerning
        the Company's reorganization case.  The first order will extend
        until July 8, 1996 the exclusive period of time during which the
        Company may file its plan of reorganization and extends until
        September 9, 1996 the period during which it may solicit acceptances
        of a plan so filed.  The second order will extend until July 8, 1996
        the stipulation entered into in December, 1995, under which the
        Company is permitted to use cash collateral during the Chapter 11
        proceeding.  This date will automatically be extended to September
        9, 1996 if the Company files a plan of reorganization by July 8,

            Separately, the Company has filed documents with the Securities
        and Exchange Commission indicating that it would not be able to file
        its Form 10-K for the year ended December 31, 1995 on a timely
        basis.  The Company is unable to file this 10-K on a timely basis
        because losses of key personnel in its finance and MIS departments
        (which occurred soon after the Company filed its voluntary petition
        to reorganize under Chapter 11 of the Bankruptcy Code on December 6,
        1995) have delayed the compilation of the Company's financial
        results for 1995.  However, the Company is making efforts to
        complete its 1995 financials and will attempt to file its Form 10-K
        with the Securities and Exchange Commission as soon as it is
        reasonably practical following the completion of its annual
        financial audit.

        CONTACT:  Jack Lavine, 818-995-7333