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InterNet Bankruptcy Library - News for May 15, 1997

Bankruptcy News For May 15, 1997

  1. Marvel Reports 1Q97 Results

  3. Titan Acquires 19 Percent of Condere

  5. Grossman's releases first quarter
            results and balance sheets

  7. Pudgie's Chicken Announces 1997 First
            Quarter Results

  9. Today's Man Announces First Quarter
            Earnings and Comparable Store Increases; Earnings Up
            $0.40 per Share; Comp Store Sales Up 3.2%

Marvel Reports 1Q97 Results

NEW YORK, NY - May 15, 1997 - Marvel
Entertainment Group, Inc.
(NYSE: MRV) announced that for the
first quarter ended March 31, 1997, net revenues were $156.7
million compared to $189.6 million with a net loss of $27.8
million or ($0.27) per share compared to a net loss of $4.4
million or ($0.04) per share. Comparisons are to the year-ago

Compared to the year ago quarter, the Company believes that
trading card and toy revenues declined due to concerns among mass
market retailers related to the Company's Chapter 11 proceedings
and that licensing revenues declined due to similar concerns
among potential licensees. In addition, entertainment card and
sticker revenues declined due to fewer releases and lower
commercial success of third party entertainment properties.

Meanwhile, Marvel's core, hobby-oriented comic book
publishing, sports trading card and European soccer sticker
businesses performed generally in line with expectations. In
addition, Marvel's Debtor-in-Possession (DIP) financing
continues, enabling the Company to pay all employees and bills on
time and in full and maintain normal credit terms with suppliers
and licensors.

For more information, visit the Company's web sites at

                           MARVEL ENTERTAINMENT
                           GROUP, INC.
                        CONSOLIDATED STATEMENTS
                        OF OPERATIONS
               (Dollars in millions, except per
               share data) (unaudited)

                                      Ended March

        Net revenues                  $156.7  

        Cost of sales                  104.5   
        113.9 Selling, general &
         administrative expenses        48.5    
        Depreciation & amortization      4.8     
        4.4 Amortization of goodwill,
         intangibles & deferred charges  4.3     
        Interest expense, net           15.6    
        13.7 Foreign exchange loss/(gain),
         net                            (0.7)    
        Equity in net income of
         unconsolidated subsidiaries
         and other, net                  0.1     

        Loss before reorganization items,
         provision for income taxes,
         and minority interest         (20.2)   
        Reorganization items             3.4     

        Loss before provision for
         income taxes &
         minority interest             (23.6)   
        Provision for income taxes       3.8     

        Loss before minority interest  (27.4)   
        (2.4) Minority interest in earnings
         of Toy Biz                      0.4     

        Net loss                      ($27.8)  

        Loss per share                ($0.27) 

        Number of common shares
         outstanding (in millions)     101.8   

Forward Looking Statements: When used in this news release,
the words "intend", "estimated",
"believe", "expect" and similar expressions
which are not historical are intended to identify forward-looking
statements that involve risks and uncertainties. Such statements
include, without limitation, Marvel's expectations as to
financial performance. In addition to factors that may be
described in the Company's Securities and Exchange Commission
filings, the following factors, among others, could cause the
Company's financial performance to differ materially from that
expressed in any forward-looking statements made by, or on behalf
of, the Company: (i) the ability of Marvel to successfully
reorganize in bankruptcy and the timing and outcome of such
bankruptcy proceedings; (ii) the ability of Marvel to continue to
draw on the debtor-in-possession ("DIP") financing and
to obtain additional DIP financing subsequent to the maturity of
its current DIP financing on June 30, 1997 or in the event of an
earlier termination of Marvel's current DIP financing; (iii)
continued weakness in the comic book market which cannot be
overcome by the Company's new editorial and production
initiatives in comic publishing; (iv) continued general weakness
in the trading card market; (v) the failure of fan interest in
baseball to return to traditional levels that existed prior to
the 1994 baseball strike, thereby negatively affecting the
Company's baseball card business; (vi) the effectiveness of the
Company's changes to its trading card and publishing
distribution; (vii) a decrease in the level of media exposure or
popularity of the Company's characters resulting in declining
revenues based on such characters; (viii) the lack of continued
commercial success of properties owned by major licensors which
have granted the Company licenses for its sports and
entertainment trading card and sticker businesses; (ix)
unanticipated costs or delays in completing projects associated
with the Company's new ventures including media, interactive
software, on-line services and theme restaurants; (x) consumer
acceptance of new product introductions, including those for
toys; and (xi) imposition of tariffs or import quotas on toy
manufacturers in China as a result of a deterioration of trade
relations between the U.S. and China.

SOURCE Marvel Entertainment Group, Inc. /CONTACT: Gary
Fishman, Investor Relations of Marvel Entertainment Group,

Titan Acquires 19 Percent of Condere

QUINCY, Ill., May 15, 1997 - Titan Tire Corporation, a
subsidiary of Titan Wheel International, Inc. (NYSE: TWI),
announced the acquisition of 19 percent of href="chap11.condere.html">Condere Corporation, the parent
company of Fidelity Tire Manufacturing Company of Natchez,
Mississippi, effective May 14, 1997.

Condere posted sales of $120 million in 1996, but also
declared more than $8 million in losses. Condere filed Chapter 11
bankruptcy on May 13, 1997.

On May 14, the Condere Board of Directors elected Titan CEO
and President Maurice Taylor Jr. as chairman, CEO and president
of Condere Corporation, with an annual salary of one dollar.

"It is my intent to try and turn around Fidelity Tire. I
have a proven record of turning losing companies into shining
stars, but there is no doubt that Fidelity will be a real
challenge," stated Taylor. "As with any company in
bankruptcy, past practices must be overcome. For the sake of the
employees' jobs, I hope everyone pulls together to make Fidelity
a winner."

Titan Wheel International, Inc. is a global manufacturer of
mounted tire and wheel systems for off-highway equipment used in
agriculture, construction, mining, military, recreation and
grounds care. Titan has manufacturing and distribution facilities
throughout the United States and Europe.

SOURCE Titan Wheel International, Inc./CONTACT: Phillip
Stanhope, Director of Communications, of Titan, 217-221-4399/

Grossman's releases first quarter
results and balance sheets

CANTON, Mass.--May 15, 1997--

Announces court order protecting NOL's by requiring notice
before certain stock and debt trading

Grossman's Inc. (NASDAQ-GROS),
which is operating as a debtor- in-possession following its April
7, 1997 filing for Chapter 11 protection, today released its
financial statements for the quarter ended March 31, 1997.

The company also announced that it filed its Quarterly Report
on Form 10-Q with the Securities and Exchange Commission. This
Report contains a discussion of the company's financial condition
and its results of operations.

The company also announced that the U.S. Bankruptcy Court for
the District of Delaware entered an order yesterday granting
interim approval of procedures requiring prior written notice to
the company by any party or group proposing to (i) acquire shares
of the company's stock resulting in a more than 1,350,000 share
block, or (ii) acquire prepetition unsecured claims against the
company or certain of its subsidiaries resulting in a more than
$6 million block of such claims. The procedures would also
require such notice by any party or group proposing to acquire
such stock or claims if such party or group hold or are acquiring
both stock and claims. If the company objects during a 30 day
period after such notice, the transaction would become effective
only upon Court approval. A final hearing date on the procedures
has been set for June 17, 1997. The company believes that this
relief is necessary to protect its net operating loss
carryforwards (approximately $300 million at December 31, 1996),
which it believes will be critical to its ability to reorganize.

Sales from ongoing operations for the three months ended March
1997 totalled $49.4 million, 24.0% below the $65.0 million for
the same period in 1996. Comparable store sales for the three
months ended March 1997 were 29.0% below the 1996 level.

For the first quarter of 1997, the company reported a net loss
of $12.0 million, or 43 cents per share, compared to a net loss
of $54.7 million, or $2.10 per share in 1996. The 1996 loss
included a $40.2 million charge related to the closing of 60

Grossman's Inc. operates 15 stores under the name Contractors'
Warehouse in California, Indiana, Kentucky and Ohio, and 28
stores under the name Mr. 2nd's Bargain Outlet in Massachusetts,
New York and Rhode Island.

Statements contained in this release that are not based on
historical fact are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Important factors, beyond the company's control, that could
cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the
need for approvals by the Bankruptcy Court, competition,
stability of customer demand, and the sufficiency of its capital
resources. Undue reliance should not be placed on these forward
looking statements, which speak only as of the date hereof. The
company undertakes no obligation to publicly release revisions to
these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence
of unanticipated events.

Grossman's Inc. press releases and public filings can be
accessed on the Internet through Business Wire's Home Page:

Mr. 2nd's Bargain Outlet maintains a web site for product
information, store locations and feedback: http;//www.bargain-

                             GROSSMAN'S INC.

                                                  Three Months Ended
                                                      March 31,      
                                                    1997      1996   
                                                    ----      ----   

         SALES                                    $ 49,375  $112,981   
         COST OF SALES                              39,358    86,481   
                                                  --------- ---------  
           Gross Profit                             10,017    26,500   

           Selling and administrative               20,864    38,034   
           Depreciation and amortization             1,022     1,849   
           Store closing expense                        -     40,150   
           Store preopening expense                    134       361   
                                                  --------- ---------
                                                    22,020    80,394
                                                  --------- ---------  
       OPERATING LOSS                             (12,003)  (53,894)

           Interest expense                            687     1,620    
           Net gain on disposals of
            property                                    -        (27)  
           Other                                      (669)   (1,008)  
                                                  --------- ---------  
                                                        18       585    
          UNCONSOLIDATED AFFILIATE                      -        208    
                                                  --------- ---------  
         LOSS BEFORE INCOME TAXES                  (12,021)  (54,687)  
         PROVISION FOR INCOME TAXES                     -         -     
                                                  --------- ---------  
         NET LOSS                                 $(12,021) $(54,687)  

           (PRIMARY AND FULLY DILUTED)            $  (0.43) $  (2.10)   

          (PRIMARY AND FULLY DILUTED)               27,818    26,089   


                             GROSSMAN'S INC.
                       CONSOLIDATED BALANCE SHEETS
                             (IN THOUSANDS)

                                      March 31,  December 31,  March 31,
                                        1997         1996        1996
                                      ---------  ------------  ---------

    Cash and cash equivalents       $  4,702    $  1,058      $
    Receivables, net                   4,625      10,710
    Inventories                       39,360      56,662
    Property held for sale            11,139      15,199
    Other current assets               3,265       1,559
                                      --------    --------      --------
     Total current assets             63,091      85,188

    PROPERTY, PLANT AND          
     EQUIPMENT, NET                   50,955      25,549
  -           -         31,294
    PREPAID PENSION ASSET              9,466       9,536            -
    OTHER ASSETS                       2,874       3,168
                                      --------    --------      --------
         TOTAL ASSETS                 $100,581    $123,441      $166,244


    Accounts payable and
     accrued liabilities            $ 59,520    $ 60,626      $
    Revolving term note payable       21,359      30,024
    Current portion of
     long-term debt and
     capital lease obligations        11,331      12,228
                                      --------    --------      --------
     Total current liabilities        92,210     102,878

  -           -             68
     LEASE OBLIGATIONS                   358         634
  -           -          8,206
    OTHER LIABILITIES                  7,238       7,241
                                      --------    --------      --------
        Total Liabilities               99,806     110,753       147,136

    STOCKHOLDERS' INVESTMENT             775      12,688
                                      --------    --------      --------
     STOCKHOLDERS' INVESTMENT       $100,581    $123,441

CONTACT: Grossman's Inc. Steven L. Shapiro (617) 830-4020

Pudgie's Chicken Announces 1997 First
Quarter Results

UNIONDALE, N.Y., May 15, 1997 - Pudgie's
Chicken, Inc.
(Nasdaq: PUDGQ), an operator of quick service,
takeout and delivery Pudgie's restaurants, announced today a loss
for the first quarter ended March 31, 1997.

The Company, which filed a petition for reorganization under
Chapter 11 of the Bankruptcy Code on September 18, 1996, incurred
a loss before reorganization items of $560,531 for the first
quarter ended March 31, 1997 and a net loss of $816,303, or $0.18
per share, as compared to a net loss of $1,220,365 or $0.28 per
share for the comparable quarter last year.

Total revenues for the 1997 fourth quarter were $1,733,948 as
compared to $2,706,409 for the same period last year. There was a
net decrease in the number of Company-owned restaurants from 26
at March 31, 1996 to 17 at March 31, 1997. The number of
franchised restaurants decreased from 36 at March 31, 1996 to 30
at March 31, 1997.

Pudgie's Chicken operates and franchises quick service
Pudgie's Famous Chicken restaurants with an emphasis on Home
Delivery that offer tasty, reasonably priced meals featuring
fresh skinless fried chicken. Pudgie's also offers barbecued
ribs, shrimp, corn on the cob, mashed potatoes, rice, salads and
other side dishes.

You can also contact Pudgie's on their Web Site

This release contains certain forward-looking statements which
involve known and unknown risks, uncertainties or other factors
not under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance, or other expectations
implied by these forward-looking statements. These factors
include, but are not limited to, those detailed in the Company's
periodic filings with the Securities and Exchange Commission.

                        Consolidated Statements of Operations

                                                  Three Months
                                                   March 31,
                                             1997              1996

        Restaurant sales               $   1,509,095    $    2,442,561
        Franchise and advertising
          royalties                          205,884           241,316
        Interest income and other revenue     18,969            22,532
           Total                           1,733,948         2,706,409

        Restaurant cost of sales             588,649           961,663
        Restaurant operating expenses        813,320         1,468,109
        Franchising costs                     25,067            30,030
        General and administrative           710,286           901,377
        Advertising expenses                  42,099           206,462
        Depreciation and amortization        112,552           253,097
        Interest expense                       2,506           106,036
           Total                           2,294,479         3,926,774
        Loss before reorganization
         items                              (560,531)       (1,220,365)
        Reorganization items:
        Loss on closing of restaurants        56,388                --
        Professional fees                    199,384                --

        Net loss                         $  (816,303)     $ (1,220,365)

        Loss per share                   $     (0.18)     $      (0.28)

        Weighted average number of
         common shares outstanding         4,488,385         4,416,836

SOURCE Pudgie's Chicken, Inc./CONTACT: Steven Wasserman,
President & CEO of Pudgie's Chicken, 516-222-8833; or Joe
Calabrese or Kerry Thalheim of The Financial Relations Board,

Today's Man Announces First Quarter
Earnings and Comparable Store Increases; Earnings Up $0.40 per
Share; Comp Store Sales Up 3.2%

MOORESTOWN, N.J., May 15, 1997 - Today's
Man, Inc.
(Nasdaq: TMANQ), operating under the protection of
Chapter 11 of the U.S. Bankruptcy Code as a Debtor-In-Possession,
announced continued improvement in its financial and operational
performance with first quarter net income of $158,700, or $0.01
per share, on sales of $43.9 million and a comparable store sales
increase of 3.2 percent for the 25 superstores in operation at
the end of each quarter, respectively. For the corresponding
period last year the Company lost $4,208,700 ($0.39 per share) on
sales of $46.4 million. The results for the first quarter of 1997
also included a gain of nearly 8% in gross margin to more than
36%. The Company had 10,861,005 weighted average shares
outstanding for each quarter.

"These results are further evidence that our turnaround
plan is working and that the Company is on the right track to
file a plan of reorganization and successfully emerge from
bankruptcy protection," said Chairman and CEO David Feld.
"I commend all Today's Man associates for their continued
focus on improving sales, enhancing margins and managing
expenses, which enabled Today's Man to post its first quarterly
profit in seven quarters. Although we still have much work to do,
I am cautiously optimistic about the Company's future

The Company's better in-stock positions, uninterrupted
merchandise flow and enhanced merchandise assortment enabled
Today's Man to operate with less promotional sales and markdowns,
which supported the dramatic improvement in gross margin for the
quarter. Today's Man also continued to focus on expense
management and achieved significant reductions in operating
expenses. The increase in net income also included an increase in
interest income of approximately $250,000 due to higher invested
balances and a reduction of reorganization expenses of
approximately $400,000.

Today's Man, Inc., which currently operates 25 menswear
superstores in the greater Philadelphia, New York and Washington
markets, is a men's apparel superstore retailer offering a wide
selection of tailored clothing, furnishings, sportswear and shoes
at everyday low prices.

Safe Harbor Statement under Private Securities Litigation
Reform Act of 1995: Certain statements in this press release
which are not historical facts, including, without limitation,
statements as to the Company's planned results for 1997 or as to
management's beliefs, expectations and opinions, are
forward-looking statements that involve risks and uncertainties
and are subject to change at any time. Certain factors,
including, without limitation the risk that the assumptions upon
which the forward-looking statements are based ultimately may
prove to be incorrect, risks associated with the Company's
Chapter 11 petition, and other risks detailed from time to time
in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K, can cause
actual results and developments to be materially different from
those expressed or implied by such forward- looking statements.

                                  TODAY'S MAN, INC.
                         Consolidated Statement Of Operations

                                                   For Thirteen Weeks
                                                 May 3, 1997
  May 3, 1996

      Net sales                                  $43,928,900

      Cost of goods sold                          27,997,800

      Gross profit                                15,931,100

        Selling, general and
       administrative expenses                    15,062,000

      Income(loss) from operations                   869,100

      Reorganization items, net                      653,700

      Interest expense and other income, net           2,800

      Income/(loss) before income tax benefit        212,600

      Income tax expense                              53,900

      Net income/(loss)                             $158,700

      Net income/(loss) per share                      $0.01

      Weighted average shares outstanding         10,861,005

SOURCE Today's Man, Inc. /CONTACT: Frank E. Johnson, Executive
Vice President and C.F.O., 609-722-6380, or David Feld, Chairman
of the Board & C.E.O, 609-722-6340, both of Today's Man; or
Michael Kempner,, or Carreen Winters,, both of MWW/Strategic Communications, Inc., 201-507-9500/