Craig Consumer Electronics Announces
Change in Executive Management
CERRITOS, Calif.--Sept. 3, 1997--Craig
Consumer Electronics Inc. (CREG) Wednesday announced the
appointment of Richard Williamson as the company's chairman of
the board and chief executive officer.
Richard Berger will remain president of the company and will
continue to be responsible for the oversight of product
acquisition and relationships with customers.
Berger, endorsing the move to involve Williamson in the
executive management of the company, stated, "Richard has
extensive experience in dealing with turnaround enterprises, and
the company needs someone skilled in the operation of a business
in Chapter 11 in order to timely and effectively manage its
credit relationships and deal with a set of variables unique to
the process and with the demands of the company's various
constituents during that process."
The ability to rely on Williamson's skill in managing
turnaround businesses will also free up Berger to devote his time
to vendor and customer relationships during the company's busiest
time of the year.
The appointment of Williamson is intended to facilitate the
efficient operation of the business, improve management of the
company's credit and banking relationships, taking into account
the reorganization process, and to provide an experienced (from a
distressed business perspective) and fresh look at the business
decisions that will ne necessary throughout the bankruptcy
process.
Williamson stated: "I am looking forward to the challenge
of attempting to maximize the value of the Craig franchise. The
set of circumstances that gave rise to the company's current
predicament would be difficult for any management unit.
"My objective, with the help of Mr. Berger in assuring
the service necessary to maintain our vendor and customer
relationships, is to attempt to maximize the potential for a
successful reorganization of this business by providing
management efficiency and a coordinated effort to continue to
work things out with the company's senior lender, and by helping
to effect timely reaction to market forces and the demands of the
company's constituents.
"The nature of the company's business requires a
cooperative relationship with existing, and hopefully future,
financiers of the company, and my attention will have to be
directed in large part at this necessary business element, among
others. We have our work cut out for us, but the Craig name has
survived for decades and reorganization would be the most
favorable possible outcome for all those with an interest in the
business."
Since 1989, Williamson has been engaged as an executive or
consultant in various crisis management situations, including
most recently for Freuhauf Trailer Corp. Williamson is also a
Certified Public Accountant who practiced for approximately 10
years with Arthur Andersen.
CONTACT: Craig Consumer Electronics Inc., Cerritos Kelly J.
Conley, 310/926-9944, ext. 197
L. Luria & Son, Inc. Seeks Bids for
Inventory at Six Remaining Stores
MIAMI, FL - Sept. 3, 1997 - L.
Luria & Son, Inc. (NYSE: LUR) announced today that Ilia
Lekach, Chairman of the Board of Luria's and an investor group,
are submitting an offer to the Creditors' Committee for the
resolution of all general unsecured claims against L. Luria &
Son., Inc.
Mr. Lekach intends to continue the operations of the Company
and its six remaining stores if his offer meets with the
Creditors' Committee approval and support.
According to Paul Singerman, bankruptcy counsel to Luria, the
Creditors' Committee advised last week their unanimous resolution
requesting the liquidation of the Company's six remaining stores.
Following a solicitation for bids from retail liquidating firms,
the Company expects all bids to be received by Monday, September
8, 1997.
Presently, the Debtor and the Committee are working
cooperatively together in order to maximize the value of the
estate for creditors.
SOURCE L. Luria & Son, Inc. /CONTACT: Paul S. Singerman,
Esq. of Berger, Davis & Singerman, 305-755-9500, for L. Luria
& Son, Inc./