InterNet Bankruptcy Library - News for September 24, 1996

Bankruptcy News For September 24,  

  1. Hayes To Launch Major TV Advertising Campaign

  2. Best Products Co., Inc., Files Second Chapter 11 Case

  3. Fretter, Inc., Files Chapter 11 Petition

Hayes To Launch Major TV Advertising Campaign

ATLANTA, GA Sept. 24, 1996 - Hayes
Microcomputer Products, Inc.
the company that  
invented the modem for personal computers, is launching a national TV advertising  
campaign with 60-second spots that will saturate national cable TV networks starting  
September 23.

The advertising campaign, conceived around the themes "How Fast Do You Want to Get  
There?," is intended to stimulate demand for the company's ACCURA line of high-speed  
modems. Special promotions and dealer incentives will complement the pull marketing  
effort behind the ACCURA, an analog data communications product operating at top  
speeds of 33.6 kbps and boasting the full compatibility and ease of use that have made  
Hayes the industry standard.

The initial TV campaign, created by Lighton Colman of Chicago, will deliver over 1  
billion targeted advertising impressions on major cable networks, including CNN, ESPN,  
CNBC, CNN/Headline News, Sci-Fi Channel, MSNBC, Discovery Channel and Comedy  
Central during the period of the campaign, which will carry through to the end of January  

The TV blitz is part of an aggressive new marketing focus at Hayes, which has emerged  
from Chapter 11 with new investors, a restructured business model and a greatly  
strengthened management team. Since its reorganization, Hayes has posted the two best  
financial quarters in the history of the company. The company recently hired Marshall  
Toplansky, a former top marketing executive and growth strategist at U.S. Robotics, along  
with other senior marketing and channel executives. In addition to the new advertising  
campaign, Hayes also has initiated a full-fledged international public relations program  
under the direction of Edelman Worldwide.

"We intend to generate demand for our modems by communicating to consumers the  
essence of the Hayes brand...we make it fast and easy to communicate through your  
computer," said Toplansky, who serves as Hayes' vice president of corporate marketing.  
"It is clear, for example, that there is an amazing wealth of information and entertainment  
on the Internet. People just cannot get at it without a high-speed modem. And while the  
industry - including Hayes - pursues higher and higher bandwidth solutions, such as cable  
modems and ADSL, our research indicates firmly that 33.6 kbps over standard phone lines  
is the 'here and now' opportunity in the marketplace."

The new TV advertising campaign will work hand-in-glove with the company's print  
campaign running already in industry trade magazines. The print ads for the ACCURA 33.6  
kbps line highlight Hayes' aggressive pricing to both consumers and value-added resellers.

"Historically, the Hayes brand has stood for rugged dependability, ease-of - use and the  
best service and support in the business," Toplansky said. "Our marketing also will begin  
to underscore the affordability of the products."

The TV spots will incorporate an aggressive call to action laden with dealer incentives  
and promotions. Buyers of the new ACCURA 36.6 kbps, for example, will be offered a  
$20 rebate on the purchase plus 30 days of free, unlimited access to the Internet through  
their choice of America On-line, CompuServe's WOW or Netcom. A toll-free number,  
1-888-336-HAYES, will help people find a dealer near them. The ACCURA line will be  
carried by leading retailers, including CompUSA, Best Buy, MicroCenter, Fry's and  
Future Shop.

Based in Norcross, Georgia, Hayes markets its ACCURA, OPTIMA, Practical Peripherals  
and CENTURY brands of personal computer modems and remote connectivity system  
products worldwide. With distributors in more than 45 countries, it is one of the largest  
manufacturers of modems in the world.

NOTE: Hayes and the Hayes logo are trademarks of Hayes Microcomputer Products, Inc.  
Other trademarks are trademarks of their respective companies.

CONTACT: Angela Hooper, Hayes  
Microcomputer Products, Inc.,770-840-9200, ext. 6030; Fax: 770-441-1238 or Internet:;  

Fretter, Inc. Files Chapter 11
            BRIGHTON, Mich., Sept. 24, 1996 -- href="chap11.fretter.html">Fretter, Inc. (Nasdaq
        OTC Bulletin Board: FTTR) announced today that it filed for relief
        under Chapter 11 of the United States Bankruptcy Code.  The filing
        was made in the United States Bankruptcy Court in Cleveland, Ohio,
        where Fretter owns a number of parcels of valuable real estate.

            "Fretter has been in the process of closing all of its store
        locations and liquidating its assets to pay creditors over the past
        year," a Fretter spokesperson stated.  "Although it had been hoped
        that the liquidation could be completed without a bankruptcy filing,
        it became clear to the Company that, under the circumstances, the
        liquidation of our remaining assets and distributions to our
        creditors could be completed in the most orderly, efficient manner
        possible through a Chapter 11 filing."

        /CONTACT:  Jim Potts of Fretter, 810-220-5040/

Best Products commences Chapter 11 Case
            RICHMOND, Va.--Sept. 24, 1996--Best
        Co., Inc.
(Nasdaq: BEST) today announced that it has commenced a
        case under Chapter 11 of the United States Bankruptcy Code in the
        United States Bankruptcy Court in Richmond, Va.  

            Daniel H.  Levy, Best Products' Chairman and Chief Executive
        Officer, said: "The decision to file was a difficult one.  Best
        Products has been considering all its alternatives, including the
        consideration of a proposed offer of merger made by Ocean Reef
        Management, which was withdrawn.  However, in the circumstances of
        contracting credit and the necessity to preserve the value of the
        assets and properties of Best Products, it was determined that the
        overall interests of of our customers, vendors, associates and
        stockholders required immediate action be taken so normal operations
        may resume as expeditiously as is possible."

            "As the case goes forward, Best Products will continue to
        evaluate and take actions that will serve the best interests of all
        parties," Levy said.  "In the interim, Best Products will continue
        the process begun earlier this year of transforming its business
        from a retail catalog showroom to a more customer-friendly retail
        format. We believe this action will minimize the impact to our
        vendors and associates."

            Best Products also announced it has obtained a Chapter 11 debtor-
        in-possession credit facility from CIT Group/Business Credit, Inc.,
        subject to approval by the bankruptcy court, in the amount of $250
        million with a sublimit of $100 million for the issuance of letters
        of credit.  The debtor-in-possession facility has a term of 30
        months and is unsecured.  

            Levy said, "The commencement of the Chapter 11 was precipitated
        by Best Products' continuing sales decline and resulting
        deterioration of vendor support.  These factors disrupted the
        transition to the new format, and the process of stabilizing the
        company became increasingly difficult.  Without adequate and
        balanced inventories for the important holiday season, Best Products
        would not realize the benefits of the changes being implemented.
        The CIT debtor-in-possession credit facility will enable Best
        Products to restore merchandise shipments and allow it to take
        advantage of the Christmas retail season."

            Best Products, a specialty retailer offering category-dominant
        assortments of jewelry and home furnishings, operates 169 Best
        stores in 23 states.  The company also operates 11 Best Jewelry
        stores and a nationwide mail-order service.  

        CONTACT: Investor Relations
                 Nora Crouch
                 (804) 261-2179
                 Media Contact:
                 Ross Richardson   
                 (804) 261-2157