TCR_Public/960516.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - May 16, 1996



  1. ELSINORE REPORTS FIRST QUARTER RESULTS
  2. SPORTMART, INC. ANNOUNCES IMPROVED FIRST QUARTER RESULTS
  3. MOVIE STAR, INC. REPORTS THIRD QUARTER RESULTS
  4. MIDCOM Communications Inc. Reports First Quarter Results
  5. Ames' first-quarter performance improves
  6. American Gaming & Entertainment release first quarter earnings
  7. BRADLEES' BOARD OF DIRECTORS ELECTS JOHN M. FRIEDMAN TO BOARD
  8. CAMBRIDGE BIOTECH CORPORATION REPORTS FIRST QUARTER RESULTS




ELSINORE REPORTS FIRST QUARTER RESULTS

        
            LAS VEGAS, NV -- May 16, 1996 -- href="chap11.elsinore.html">Elsinore Corporation
        (ASE/PSE:ELS) today reported financial results for the company's
        first quarter ended March 31, 1996.  
        


            Elsinore reported revenues of $15,886,000 for the first-quarter,
        compared with $15,261,000 for the first quarter of 1995.  The
        company reported net income of $344,000, or $0.02 per share on
        15,891,793 weighted average shares outstanding, compared with a net
        loss of $4,132,000, or $0.28 per share on 14,801,884 weighted
        average shares outstanding, for the first-quarter of 1995.  First-
        quarter revenues improved primarily as a result of increased
        patronage at the Four Queens Hotel and Casino, the company's primary
        business.  Operating results and cash flows improved because of the
        increase in patronage and the protection afforded the Company by the
        bankruptcy laws as reorganization proceedings continued during the
        three month period ended March 31, 1996.  
        


            The company reported that first-quarter revenues from the Four
        Queens Hotel and Casino increased to $15,894,000 from $14,710,000.
        The increase resulted primarily from an overall growth in the number
        of visitors to Las Vegas and by a greater number of gaming and hotel
        patrons attracted to the downtown Las Vegas Fremont Street
        Experience, which features a 10-story "celestial vault" canopy with
        an electronic light show choreographed to music, that opened on
        December 13, 1995.  The Fremont Street Experience project has
        connected the Four Queens and nine other major entertainment venues
        in a downtown pedestrian mall that offers a total of 17,000 slot
        machines, 650 blackjack and other table games, 41 restaurants and
        8,000 hotel rooms.  

        
            On March 1, 1996, Elsinore announced that it had filed with the
        U.S. Bankruptcy Court for the District of Nevada, a proposed Plan of
        Reorganization and an accompanying Disclosure Statement related to
        the company's filing for Chapter 11 protection on October 31, 1995
        under the U.S. Bankruptcy Code.  
   

     
            Trading in the company's common stock continues to be halted by
        the American Stock Exchange.  As previously reported, the Exchange
        intends to review the company's continued listing eligibility
        concurrently with its progress in the Chapter 11 proceeding.  
      

  
            Elsinore Corporation owns and operates the Four Queens, a
        downtown Las Vegas Hotel and Casino offering 690 rooms, meeting
        facilities, four restaurants, 1050 slot machines, and numerous
        blackjack, craps and other table games.  
        


        
         
                    ELSINORE CORPORATION AND SUBSIDIARIES
                       SELECTED FINANCIAL INFORMATION
                                      
                    STATEMENTS OF OPERATIONS INFORMATION
                (Dollars in thousands, except per share data)
                                 (unaudited)
        
                                         Three Months Ended
                                            December 31,
                                          1996        1995
        
        Net Revenues                         $15,886     $15,261
        
        Income (Loss) Before Income Taxes       $344     $(4,132)
        
        Income Taxes                               0           0
        
        Net Income (Loss)                       $344     $(4,132)
        
        Income (Loss) Per Share                $0.02      $(0.28)
        
        Weighted Average Number of
        Shares Outstanding            15,891,793  14,801,884
        
                          BALANCE SHEET INFORMATION
                           (Dollars in thousands)
                                      
                                        March 31,    December 31,
                                          1996           1995
                                               (unaudited)
        
        Current assets                       $7,972          $5,578
        Total assets                         38,787          37,101
        Current liabilities                   7,941           6,182
        Long-Term Debt                       62,897          62,858
        Shareholders' Deficit               (43,097)        (43,441)
        

        CONTACT: Elsinore Corporation
                 Thomas E. Martin         
                 Chief Executive Officer  
                 702/387-5110           
                         or
                 The Financial Relations Board
                 Daniel Saks                
                 General Info
                 310/442-0599



SPORTMART, INC. ANNOUNCES IMPROVED FIRST QUARTER RESULTS


            WHEELING, Ill. -- May 16, 1996 -- SPORTMART, INC.
        (NASDAQ/NM: SPMT, SPMTA) today announced net sales from continuing
        operations of $116.2 million for the first quarter ended April 28,
        1996, an increase of 12.6 percent over net sales of $103.2 million
        reported for the comparable year-ago period.  Comparable mart sales
        (units open more than one year) decreased 1.9 percent during the
        quarter.  
        


            Operating income during the quarter was $598,000 versus a loss
        in the prior year of $763,000.  Net loss from continuing operations
        for the quarter was $877,000, or $0.07 per share versus a net loss
        of $985,000, or $0.08 per share reported for the comparable year-ago
        period.  

        
            Andrew S. Hochberg, President of Sportmart, Inc., said, "We are
        very pleased with the improvement we were able to deliver in
        operating income despite the slightly negative comparable mart sales
        performance during what is traditionally a tough quarter for the
        Company.  We are especially pleased with our results in this highly
        competitive environment.  We have super-store competition in most of
        our markets and we have still achieved these comparable mart sales
        results with increased margins.  Sales per mart in Canada, while
        improving, remained at lower than projected volumes."  
   

     
            Mr. Hochberg continued, "We are also very pleased with the
        improvement in the gross margin rate during the quarter, which we
        believe is a direct result of our continued emphasis on controlling
        inventory levels.  In fact, our average inventory levels per mart
        decreased at the end of this year's first quarter by approximately
        11 percent versus the prior year.  Our expenses were also well
        controlled as evidenced by the fact that the expense rate, as a
        percent to sales, was 21.5 percent during this year's first quarter
        versus 22.1 percent last year.  Our focus is on continuing to
        improve our existing super-store business during fiscal 1996 through
        the reorganization of our merchandising into four divisions, or
        `Four Worlds' which will allow us to integrate softlines and
        equipment to make Sportmart an even more exciting and easier place
        to shop.  For the future we will be allocating floor space and
        inventory dollars in a manner that stimulates the customer's
        interest and adds to bottom line results.  Finally, we are limiting
        our new mart openings to no more than six this year, of which four
        have already opened."  
      

  
            SPORTMART currently operates 71 SPORTMART sporting goods super-
        stores, compared with 57 SPORTMART sporting goods super- stores and
        four No Contest! athletic footwear and apparel super- stores at the
        end of the first quarter of last year.


"Safe Harbor" Statement
        under the private Securities Litigation Reform Act of 1995: The
        statements which are not historical facts contained in this release
        are forward looking statements that involve risks and uncertainties,
        including, but not limited to, the effect of economic conditions
        generally, and retail and sporting goods business conditions
        specifically, the impact of competition, the results of financing
        efforts, changes in consumer preferences and trends, weather
        conditions and other risks detailed in the Company's Securities and
        Exchange Commission fillings.


        
                      SPORTMART, INC. AND SUBSIDIARY
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Amounts in thousands, except share data)
         
                                       First Quarter Ended
                                      April 28,   April 30,
                                         1996       1995
         
        Net sales                         $116,209   $103,193
         
        Cost of sales, including buying,
          distribution and occupancy        90,590     81,167
         
        Operating Expenses:
           Mart and general and
        admin. expenses                 24,904     22,705
           Mart pre-opening expenses           117         84
         
        Operating income (loss)                598       (763)
         
        Interest, net                       (1,966)    (1,150)
         
        Other (expense) income                (152)       163
         
        Loss from continuing operations
          before income taxes               (1,520)    (1,750)
         
        Income tax benefit                    (643)      (765)
         
        Loss from continuing operations       (877)      (985)
         
        Loss from discontinued operations,
          net of income taxes                  -         (158)
         
        Net loss                          $   (877)  $ (1,143)
         
        Net loss per share:
          Loss from continuing
           operations                     $  (0.07)  $  (0.08)
          Loss from discontinued
           operations                     $     -    $  (0.01)
          Loss per share                  $  (0.07)  $  (0.09)
         
        Weighted average number of
           common shares outstanding    12,798,000 12,783,000
        

                       SPORTMART, INC. AND SUBSIDIARY
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Amounts in thousands)
         
                                        April 28,       January 28,
                                          1996              1996
        ASSETS
        Current assets:
        Cash and cash equivalents     $    6,352         $   4,017
        Merchandise inventories          186,929           174,952
        Other assets                      24,594            30,567
        Total current assets                 217,875           209,536
        Property and equipment, net           75,251            72,040
        Other assets                           6,036             5,923
         
        Total assets                       $ 299,162         $ 287,499
         
        LIABILITIES AND
          STOCKHOLDERS' EQUITY
        Notes payable                      $  33,115         $  18,213
        Accounts payable                      76,103            67,297
        Other current liabilities             31,947            43,703
        Total current liabilities            141,165           129,213
         
        Long-term liabilities                 57,837            57,490
         
        Total liabilities                  $ 199,002         $ 186,703
         
        Stockholders' equity:
        Common stock                         128               128
        Additional paid-in capital        79,810            79,637
        Cumulative translation
         adjustment                           56               (12)
        Retained earnings                 20,166            21,043
         
          Total stockholders' equity   $ 100,160         $ 100,796
         
        Total  liabilities
         and stockholders' equity          $ 299,162         $ 287,499

        
        CONTACT: Tom Hendrickson
                 Chief Financial Officer
                 (847) 520-0100, ext. 422
                     or
                 Lippert/Heilshorn
                 John G. Nesbett
                 (212) 838-3777, ext. 101



MOVIE STAR, INC. REPORTS THIRD QUARTER RESULTS
        


            NEW YORK -- May 16, 1996 -- MOVIE STAR INC. (ASE:
        MSI) today reported results for the third quarter and nine months
        ended March 31, 1996.

        
            The Company reported that its results continue to be adversely
        affected by lower sales and insufficient gross profits.  The decline
        in sales is primarily attributable to the popular priced intimate
        apparel product line.  Throughout the current fiscal year the
        Company has been confronted with a weak and highly competitive
        market for its products.  The Company announced that it will
        continue its efforts to reduce expenses to bring overhead into line
        with anticipated sales volume and gross profits.  

        
            Commenting, Movie Star's Chairman & CEO, Mark M. David stated,
        "During the past six months our energy has been successfully
        directed toward the consolidation and realignment of our intimate
        apparel divisions, the restructuring of a significant portion of our
        long-term debt, replacement of our short-term credit facility with a
        new lender and the settlement of leasehold obligations for some of
        the space we no longer need.  As a result, we now operate our
        business as a single cohesive unit on one floor and have reduced our
        overhead in excess of $2 million per year, our long-term debt will
        be more manageable and our short-term credit facility, under which
        we now have approximately $5,000,000 in availability, is better
        designed to accommodate our increased emphasis on import operations.
        In addition, we have closed more domestic manufacturing facilities
        to further reduce the costs attributable to excess capacity.  Every
        employee of Movie Star is now dedicated to the task of improving our
        Company's operation and financial performance."  

        
            MOVIE STAR, INC. produces and sells ladies sleepwear, robes,
        leisurewear, loungewear, panties and daywear and also operates 25
        retail outlet stores.


        
                            MOVIE STAR, INC.
               Consolidated Condensed Statements of Operations
                              (Unaudited)
                   (In Thousands, Except Per Share Amounts)
        
                               Three Months Ended   Nine Months Ended
                                    March 31,           March 31,
                                1996        1995      1996     1995
        
        Net sales                 $12,408    $17,327    $70,056   $85,764
                   
        
        Cost of sales               9,633     13,329     56,296    66,349
        
        Gross profit                2,775      3,998     13,760    19,415
        
        Selling, general and
         administrative expenses    3,919      5,237     13,679    15,521
        
        Estimated loss on
         abandonment of leased
          premises                      -        -        1,170         -
        
        Interest expense              794        955      3,169     3,504
        
                                4,713      6,192     18,018    19,025
        
        (Loss) income before
         (benefit from) provision
          for income taxes         (1,938)    (2,194)    (4,258)      390
        
        (Benefit from) provision
         for income taxes              -        (878)         -       156
        
        Net (loss) income        $(1,938)    $(1,316)   $(4,258)  $   234
        
        Net (loss) income
         per share             $    (.14)  $    (.09)  $   (.31)  $   .02
        
        Weighted average number
         of shares outstanding     13,959     13,959    13,959    13,959
        
        
        CONTACT:   Movie Star, Inc.
                   Saul Pomerantz, CFO (212) 684-3400
                          or
                   INVESTOR RELATIONS COUNSEL:
                   The Equity Group Inc.
                   Linda Latman (212) 836-9609



MIDCOM Communications Inc. Reports First Quarter Results


            SEATTLE, WA -- May 16, 1996 -- MIDCOM Communications
        Inc. (NASDAQ: MCCI) today reported a net loss for the quarter ended
        March 31, 1996 of $14.5 million, or $0.95 per share, compared to a
        net loss of $1.3 million, or $0.14 per share, in the same period of
        1995.
        


            Revenue for the quarter rose 16 percent to $53.1 million from
        $45.6 million a year ago.  The increase stemmed primarily from
        incremental sales resulting from strategic acquisitions completed in
        the second half of 1995 and, to a lesser extent, from new sales
        acquired through the company's combined sales channels, offset by
        the impact of attrition.
        


            Gross margins were $15.1 million in the 1996 quarter, down from
        $15.8 million in 1995's first quarter.  As a percent of sales, gross
        margins fell to 28.5 percent from 34.6 percent.  The decline in
        gross margin is primarily attributable to both an increase in
        wholesale revenues as a percentage of total revenues, and other
        changes in the mix of customers.

        
            Selling, general and administrative expenses (SG&A) increased to
        $16.5 million, up 23 percent over first quarter of 1995.  The
        increase was due to higher bad debt expenses, personnel costs
        related to development of management information systems,
        professional fees and fees paid to third party billing agents.
   

     
            MIDCOM's net loss was also affected by an increase in
        amortization expense to $8.8 million from $1.5 million in the
        comparable quarter of 1995.  This increase was primarily due to a
        reduction in the estimated useful life of acquired customer bases
        from five years to three years.

        
            Amortization related to customers bases, non-competition
        agreements and goodwill resulting from acquisitions completed in the
        second half of 1995 also contributed to the increase.
   

     
            "In conjunction with the preparation of the first quarter
        financial statements, the company reviewed its acquisition-related
        intangible assets," said Bob Chamberlain, chief financial officer.
        "Based on certain changes in circumstances that occurred in the
        first quarter, including personnel turnover, sales force reduction
        and continued attrition of acquired customer bases, we determined
        that, effective January 1, 1996, a reduction in the estimated useful
        life of acquired customer bases was appropriate."
      

  
            MIDCOM restructured its operations in March and April 1996 to
        reduce expenses and announced changes in senior management.  The
        company recorded a one-time charge of approximately $1.6 million
        related to its restructuring which is expected to yield annualized
        savings of up to $3.5 million.
        


            "We continue to look closely at our operations to find ways to
        reduce expenses and improve margins, without impacting service to
        our customers," said Paul H. Pfleger, president and chief executive
        officer.  "At the same time, we have also made improvements in our
        operations, particularly in the timeliness of our billing.  MIDCOM
        has a continuing need to obtain additional working capital and is
        actively pursuing a number of possible sources, as well as other
        strategic financial alternatives."

        
            "Fundamentally, our core business remains sound," Pfleger added.
        "While results for the first quarter were affected by non-cash
        expenses associated with increased amortization of acquired customer
        bases, expensing of information systems development and
        restructuring, there are also long term benefits associated with
        these actions."
   

     
        Forward-Looking Statements
      

  
            Statements in this news release concerning future results,
        performance, cost-savings or expectations are forward-looking
        statements.  Actual results, performance, cost-savings or
        developments could differ materially from those expressed or implied
        by such forward-looking statements as a result of known and unknown
        risks, uncertainties and other factors including those identified in
        the company's 1995 Annual Report on Form 10-K and those described
        from time to time in the company's other filings with the Securities
        and Exchange Commission, press releases and other communications.

        
            Founded in 1989, MIDCOM Communications Inc. provides a broad
        range of telecommunications services to small- and medium-sized
        businesses nationwide.  The company is headquartered in Seattle,
        Washington and has regional offices throughout the nation.  MIDCOM
        currently serves more than 150,000 customers.



     
                      MIDCOM COMMUNICATIONS INC.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except per share amounts)
                            (Unaudited)
        
                                              THREE MONTHS ENDED
                                                   MARCH 31,
                                            1996               1995
                                                            (Restated)
        
        Revenues                              $53,055            $45,572
        Cost of Revenues                       37,947             29,807
        
        Gross Profit                           15,108             15,765
        
        Operating Expenses:
          Selling, general and administrative  16,471             13,175
          Depreciation                          1,351                848
          Amortization                          8,678              1,460
          Restructuring charges                 1,620                 --
        
        Total Operating Expenses               28,120             15,483
        
        Operating Income (Loss)               (13,012)               282
        
        Other Expenses:
          Interest expense                      1,366              1,547
          Equity in loss of joint venture          --                 53
          Other expense, net                      122                 18
        
        Total Other Expenses                    1,488              1,618
        
        Loss Before Income Taxes              (14,500)            (1,336)
        Income Tax Expense                         --                 --
        
        Net Loss                             $(14,500)           $(1,336)
        
        Net Loss Per Share                     $(0.95)            $(0.14)
        
        Shares used in computing per share
         data                                  15,199              9,420
        
        
        CONTACT:  MIDCOM Communications Inc. -
                  Robert Chamberlain, 206/628-5174 -or-
                  George Rebensdorf, 206/628-4394
        

Ames' first-quarter performance improves


            ROCKY HILL, Conn. -- May 16, 1996 -- Ames
        Department Stores Inc.(NASDAQ:AMES) today reported a narrowing of
        its first-quarter net loss to $7.0 million, or 34 cents per share,
        for the quarter ended April 27, 1996, compared with a net loss of
        $11.1 million, or 55 cents per share, for the prior year's first
        quarter.
        


            Net sales for the first quarter were $438.7 million, compared
        with net sales of $438.3 million in the prior year's first quarter.
        Comparable-store sales for the quarter, based on 286 stores,
        decreased 1.7 percent.  Net sales for last year have been restated
        to reflect the effect of recording 55 Gold discounts as markdowns,
        which conforms with the current-year treatment.
        


            Joseph R. Ettore, President and Chief Executive Officer, said,
        "We were pleased to report an improvement in first-quarter
        performance, particularly in light of the generally soft Northeast
        economy.  Although first-quarter net sales were essentially flat,
        the gross margin rate improved by approximately 50 basis points to
        26.8 percent.

        
            "Due to our continuing efforts to operate more efficiently and
        reduce costs, selling, general and administrative expenses for this
        year's first quarter were $5.2 million less than last year's first
        quarter, and merchandise inventories at the end of the period were
        $42.5 million less than at the end of the same period last year," he
        said.

        
            "During the first quarter, we opened 10 new stores, which have
        been met with positive enthusiastic customer response and are
        currently generating strong sales results," Ettore said.
   

     
            Ames, which operates 300 stores in 14 Northeastern states and
        the District of Columbia, is the nation's fifth-largest discount
        retailer with annual total sales of $2.1 billion.
      


        
                AMES DEPARTMENT STORES INC. AND SUBSIDIARIES
               CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)
                                (Unaudited)
        
                                   For the Thirteen                         
        
                                     Weeks Ended                          
                                 April 27,  April 29,
                                    1996        1995                        
        
        TOTAL SALES                   $455,677    $457,068     Less: Leased
        department
        
         sales                          17,010      18,756  NET SALES
        438,667     438,312
        
        COSTS, EXPENSES AND (INCOME): Cost of merchandise sold       321,265
        322,967  Selling, general and
        
         administrative expenses       127,802     133,041 Leased department
        and other
        
         operating income               (5,774)     (6,254)  Depreciation
        and amortization
        
         expense                         2,620       1,941 Amortization of
        the excess of
        
         revalued net assets over equity
         under fresh-start reporting    (1,538)     (1,538)  Interest and
        debt expense, net   4,239       5,121
        
        INCOME (LOSS) BEFORE OTHER
         (CHARGES) AND GAINS            (9,947)    (16,966)
        
        Gain on disposition of
         properties                         --         991  INCOME (LOSS)
        BEFORE INCOME
        
         TAXES                          (9,947)    (15,975) Income tax
        benefit               2,949       4,834
        
        NET INCOME (LOSS)              $(6,998)   ($11,141)  
        
        WEIGHTED AVERAGE NUMBER OF
         COMMON SHARES OUTSTANDING      20,472      20,127
        
        NET INCOME (LOSS) PER SHARE     ($0.34)     ($0.55)
        
        Results of Operations as a
         Percent of Net Sales: Net sales                        100.0%
        100.0%  Cost of merchandise sold          73.2        73.7  Gross
        margin                      26.8        26.3  Selling, general and
        
         administrative expenses          29.1        30.4  Leased
        department and other
        
         operating income                 (1.3)       (1.4) Depreciation and
        amortization
        
         expense                           0.6         0.4 Amortization of
        the excess of
        
         revalued net assets over equity
         under fresh-start reporting      (0.4)       (0.4) Interest and
        debt expense, net     1.0         1.2  Income (loss) before other
        (charges)
        
         and gains                        (2.3)       (3.9)  Gain on
        disposition of
        
         properties                         --         0.2   Income (loss)
        before income taxes (2.3)       (3.7) Income tax benefit
        0.7         1.1 Net income (loss)                 (1.6%)      (2.6%)
        
        (Please see the accompanying condensed notes to these consolidated
        condensed financial statements.)
        

                AMES DEPARTMENT STORES INC. AND SUBSIDIARIES
                   CONSOLIDATED CONDENSED BALANCE SHEETS
                                (In thousands)                      
                                  (Unaudited)
        
                                          April 27,   Jan. 27,  April 29,   
        
                                           1996         1996      1995
        
                              ASSETS
        
        Current assets:
         Cash and short-term investments       $18,851     $14,185
        $20,169
         Receivables                            24,585      14,478
        25,121
         Merchandise inventories               477,960     402,177
        520,504
         Prepaid expense and other
          current assets                        20,081      12,793
        14,873
          Total current assets                 541,477     443,633
        580,667 Fixed assets                            84,965      78,487
        54,258 Less -- Accumulated depreciation and
        
         amortization                          (22,547)    (20,259)
        (9,628) Net fixed assets                        62,418      58,228
        44,630
        
        Other assets and deferred charges        5,806       3,965
        5,022
                                          $609,701    $505,826    $630,319
        
                 LIABILITIES AND STOCKHOLDERS' EQUITY
        
        Current liabilities:
         Accounts payable:
          Trade                              $171,586     $112,682
        $150,888
        
          Other                                38,944       43,636
        35,116
        
           Total accounts payable             210,530      156,318
        186,004
        
         Note payable -- revolver              83,480        4,284
        103,147
        
         Current portion of long-term debt
          and capital lease obligations        17,001       17,347
        19,429
        
         Self-insurance reserves               37,692       39,003
        45,393
        
         Accrued expenses and other current
          liabilities                          51,384       54,943
        57,923
        
         Restructuring reserve                 22,224       30,623
        2,551
        
           Total current liabilities          422,311      302,518
        414,447
        
        Long-term debt                         13,962       23,159
        29,581 Capital lease obligations              31,785       29,372
        36,730 Other long-term liabilities             6,144        6,322
        6,258
        
        Unfavorable lease liability            18,252       18,672
        22,432 Excess of revalued net assets over
        
         equity under fresh-start reporting    40,942       42,480
        47,095 Commitments and contingencies
        
        Stockholders' equity:
         Common stock                             205          205
        201
        
         Additional paid-in capital            80,759       80,759
        80,759
        
         Retained earnings
          (accumulated deficit)                (4,659)       2,339
        (7,184)
        
          Total stockholders' equity           76,305       83,303
        73,776
        
                                         $609,701     $505,826     $630,319


              Condensed Notes to News Release Financial Statements

        
        Basis of Presentation: In the opinion of management, the
        accompanying consolidated condensed financial statements of Ames
        Department Stores, Inc., and subsidiaries (collectively the
        "Company")
        contain all adjustments necessary for a fair presentation of such
        financial statements for the periods presented.  Certain prior year
        items have been reclassified to conform to the current year
        presentation.  Due to the seasonality of the Company's operations,
        the results of operations for the interim period ended April 27,
        1996
        may not be indicative of total results for the full year.  Certain
        information normally included in financial statements prepared in
        accordance with generally accepted accounting principles has been
        condensed or omitted.  The accompanying financial statements should
        be read in conjunction with the financial statements and notes
        thereto included in the Company's Form 10-K filed in April, 1996.  
   

     
        Earnings Per Common Share: Earnings per share was determined using
        the weighted average number of common shares outstanding.  Common
        stock equivalents and fully diluted earnings per share were excluded
        as their inclusion would have reduced the reported loss per share.  

        
        Inventories: Inventories are valued at the lower of cost or market.
        Cost is determined by the retail last-in, first-out (LIFO) cost
        method for all inventories.  No LIFO reserve was necessary at April
        27, 1996, January 27, 1996 and April 29, 1995.  
   

     
        Debt: The Company has an agreement with BankAmerica Business Credit,
        Inc., as agent, and a syndicate consisting of seven other banks and
        financial institutions, for a secured revolving credit facility of
        up to $300 million, with a sublimit of $100 million for letters of
        credit (the "Credit Agreement").  The Credit Agreement is in effect
        until June 22, 1997, is secured by substantially all of the assets
        of the Company, and requires the Company to meet certain quarterly
        financial covenants.  The Company is in compliance with these
        financial covenants through the quarter ended April 27, 1996.

        
        Income Taxes:  The Company's estimated annual effective income tax
        rate for each year was applied to the loss incurred before income
        taxes for the thirteen weeks ended April 27, 1996 and April 29,
        1995 to compute non-cash income tax benefits of $2.9 million and
        $4.8 million, respectively.  The Company currently expects that, as
        a result of the seasonality of the Company's business, this year's
        income tax benefit will be offset by non-cash income tax expense in
        the remaining interim periods.  The income tax benefits are included
        in other current assets in the balance sheets as of April 27, 1996
        and April 29, 1995.


        CONTACT: Marge Wyrwas, 203/257-2659 -
                 Bill Roberts, 203/257-2666 -
                 Lynn Riemer, 203/257-2655


        
American Gaming & Entertainment release
first quarter earnings


            ATLANTIC CITY, N.J. -- May 16, 1996 -- href="chap11.amgam.html">American
        Gaming & Entertainment Ltd.
(OTC Bulletin Board: "AGEL"; the
        "Company") reported, as previously disclosed in its Form 10-QSB
        filed with the Securities and Exchange Commission, that net losses
        for common stockholders for the three months ended March 31, 1996
        were approximately $697,000 or ($0.06) per share as compared to
        $5,200,000 or ($0.42) per share for the comparable period in 1995.

        
            Such decrease in net loss for common stockholders was primarily
        attributable to (i) an increase in revenues of $986,000 related to
        the charter of the Gold Coast Casino barge to President Mississippi
        Charter Corporation, (ii) a decrease of $936,000 in personnel and
        legal expenses associated with Company's change in business
        direction in 1996 from the development of gaming projects to the
        management of its equity interests in gaming projects, (iii) a
        decrease of $1,544,000 in equity in losses related to the operations
        of the Company's two Mississippi subsidiaries currently in
        bankruptcy, for which no such losses were recorded in the three
        months ended March 31, 1996, and (iv) a net gain of $948,000 on the
        sale of the Company's keno assets.
   

     
            The Company also announced that J. Douglas Wellington, the
        Company's General Counsel and Secretary, was elected as Controller
        and Principal Accounting Officer.

        
            The Company's Common Stock is traded on the OTC Bulletin Board
        under the symbol "AGEL".
   


           CONTACT: William I. Fasy;
                President & Chief Executive Officer (609/272-7700)
        



BRADLEES' BOARD OF DIRECTORS ELECTS
JOHN M. FRIEDMAN TO BOARD.

        
            BRAINTREE, Mass., May 16, 1996 - The Board of Directors
        of Bradlees, Inc. (NYSE: BLE)
today announced that it has elected
        John M. Friedman, Jr. to the Board.
        


            Mr. Friedman is an attorney and former partner at the law firm
        of Dewey Ballantine.  He joined the firm in 1970 and was admitted as
        a Partner in 1978.  Mr. Friedman's professional areas of
        concentration include bankruptcy, commercial litigation, corporate
        finance, securities laws and corporate governance.  He holds a
        bachelor's degree from Princeton University, a master's from the
        University of Sussex, England and a juris doctorate from the
        University of Chicago Law School.

        
            Mr. Friedman is a Director of the Howard Memorial Fund, which
        provides financial assistance to minority college students, and a
        Director of GlobaLearn, Inc., a not-for-profit corporation
        developing school curricula and student expeditions to foreign
        countries.
   

     
            Commenting on this appointment, Bradlees' Chairman and Chief
        Executive  Mark Cohen said, "John Friedman is an excellent addition
        to our Board.  His extensive knowledge of corporate restructuring
        and governance will significantly enhance our efforts in staging a
        successful turnaround at Bradlees."

        
            Bradlees, Inc., which currently operates 124 discount department
        stores in Maine, New Hampshire, Massachusetts, Connecticut, New
        York, New Jersey, Pennsylvania and Rhode Island, emphasizes a unique
        blend of fashionable, high quality apparel and home furnishings at
        outstanding value to its customers.  Bradlees' common stock is
        listed and traded on the New York Stock Exchange under the symbol
        "BLE".


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



CAMBRIDGE BIOTECH CORPORATION
REPORTS FIRST QUARTER RESULTS
        


            WORCESTER, Mass., May 16, 1996 - href="chap11.cambridge.html">Cambridge Biotech
        Corporation
(Nasdaq OTC Bulletin Board: CBCXQ) today announced
        financial results for the first quarter of 1996 ended March 31,
        1996.  Revenues for the quarter were $7,387,000 and expenses were
        $7,246,000, resulting in a net income of $141,000 or $0.01 per
        share. Comparable numbers for the quarter ending March 31, 1995 were
        revenues of $5,848,000, expenses of $8,553,000 and a net loss of
        $2,705,000 or $0.10 per share.  As of March 31, 1996, the Company's
        cash and cash equivalents totaled $8,797,000.

        
            The first quarter's results primarily reflect growth in
        diagnostic product sales and a one-time increase in certain antigen
        product sales. However, due to the expected Chapter 11
        reorganization of Cambridge Biotech Corp. (CBC), including the
        expected sales of its diagnostic businesses, the Company anticipates
        that it will incur significant losses in subsequent quarters of 1996
        and for the foreseeable future. As part of the restructuring, a new
        company, Aquila Biopharmaceuticals Inc., will be formed to continue
        the development of CBC's products which stimulate the immune system
        for the treatment and prevention of infectious diseases and cancer.

        
            Alison Taunton-Rigby, Ph.D., President and Chief Executive
        Officer of Cambridge Biotech said, "The positive results of this
        quarter reflect the significant changes made in the operations of
        the Company over the last year.  Because of this, we have been able
        to sign agreements to sell our diagnostic businesses to bioMerieux
        Vitek and Carter-Wallace and to file the Company's reorganization
        plan."

        
            Cambridge Biotech Corporation is a therapeutics and diagnostics
        company focused on infectious disease and cancer.  CBC filed for
        protection under Chapter 11 of the United States Bankruptcy Code on
        July 7, 1994, and filed a reorganization plan with the bankruptcy
        court on April 10, 1996.  After bankruptcy court approval of CBC's
        reorganization plan, the assets, liabilities and intellectual
        property of CBC, relating to its biopharmaceutical business, will be
        transfered to Aquila Biopharmaceuticals, Inc.  Aquila will focus on
        developing and commercializing therapeutic and prophylactic vaccines
        for infectious diseases, and immunotherapeutics for cancer.
        Aquila's therapeutics business will include the Stimulon(TM) family
        of adjuvants and proprietary vaccines.  The most advanced adjuvant,
        QS-21, is in clinical development through corporate and academic
        partners.  The proprietary vaccines include a feline leukemia
        vaccine currently on the market and vaccines in development in the
        areas of tick-borne diseases, streptococcal pneumonia, malaria,
        bovine mastitis and canine Lyme disease.  CBC recently announced
        agreements subject to bankruptcy court approval to sell its
        retroviral diagnostic business to bioMerieux Vitek, Inc. for $6.5
        million in cash and its enteric diagnostic business to Carter-
        Wallace for $4.5 million in cash.

        
            Statements in this release which relate to expectations of
        management for future operations or otherwise relate to future
        performance are forward looking statements. Actual results may
        differ from those projected as a result of the Company's success in
        emerging from bankruptcy, product demand, pricing, market
        acceptance, the effect of economic conditions, intellectual
        property, competitive products, risks in product and technology
        development and other risks identified in the Company's Securities
        and Exchange Commission filings.
        



        
                      CONSOLIDATED STATEMENT OF OPERATIONS
        
                                           Three Months Ended March 31
                                                  1996         1995
        
         Revenue                               $7,387,095   $5,848,301
        
         Costs and Expenses                    $7,193,657   $8,453,873
        
         Interest Income/Other (Net)              $92,414      $67,373
        
         Reorganization Items                  ($142,705)   ($165,514)
        
         Income Tax Benefit                      ($2,150)       ($820)
        
         Income/(Loss) from Continuing
          Operations                             $140,997 ($2,704,533)
        
         Net Income/(Loss)                       $140,997 ($2,704,533)
        
         Net Income/(Loss) per Weighted
          Average Share                             $0.01      ($0.10)
        
         Weighted Average Shares
          Outstanding                          26,057,006   26,057,006
        
                           CONSOLIDATED BALANCE SHEET
                       March 31, 1996 / December 31, 1995
        
                                              March 31, 1996  Dec. 31, 1995
        
         Cash and Cash Equivalents                $8,796,748     $6,855,751
        
         Total Current Assets                    $17,748,468    $14,899,054
        
         Total Assets                            $24,997,959    $23,044,579
        
         Total Current Liabilities                $9,060,222     $6,922,450
        
         Total Liabilities                       $20,901,572    $19,090,074
        
         Total Shareholders' Equity               $4,086,514     $3,945,516
        
         Total Liabilities and Shareholders'
          Equity                                 $24,997,959    $23,044,579


        CONTACTS: Alison Taunton-Rigby, President and Chief Executive
        Officer of Cambridge Biotech Corporation, 508-797-5777 or Robert
        Gottlieb, Senior Vice President of Feinstein Partners Inc.,
        617-577-8110