TCR_Public/980601.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
     
      Monday, June 1, 1998, Vol. 2, No. 106

                  Headlines

ALLIANCE ENTERTAINMENT: Operating Results for April
APRIA HEALTHCARE: Reshuffles Board
BOSTON CHICKEN: Auditor Says Substantial Doubt to Continue
BOSTON CHICKEN: Loss of $312 Million Pummels Stock
DOPPLER COMPUTER: Hartco Expands due to Doppler's Demise

FRESH FOODS: S & P Announces Outlook Stable
ELDER BEERMAN: Sales Improve 6 Percent Post-Bankruptcy
HILLS STORES: Loss of $10.6 Million for First Quarter
HUFFY: To Close Largest U.S. Factory
KENETECH WINDPOWER: Settlement Gets Court Okay

MARVEL ENTERTAINMENT: Toy Biz Announces Stay Lifted
MONTGOMERY WARD: Closing Nine Additional Stores
PEGASUS GOLD: Update on Plan Filing
SIERRA-ROCKIES: Files Chapter 11 With New Management
SPECTRUM TECHNOLOGIES: SEC Accuses Accountants

UNISON HEALTHCARE: Announces Chapter 11 Filing
UNIROYAL: EPA, Salvage Crews to Secure Uniroyal
UNITED TRI STAR: Final Approvals Of Koch/UTS Purchase
VENTURE STORES: Seeks OK to Add Merchandise
WCIN-FM: Owner Files for Chapter 11 Protection

WEINER'S STORES: Changes in Accountant
ZENITH ELECTRONICS: Trading Suspended

                  *********

ALLIANCE ENTERTAINMENT: Operating Results for April
---------------------------------------------------   
Alliance Entertainment Corp. filed its monthly operating
report and announced that following an expected positive
outcome of the June 23, 1998 hearing on the adequacy of  
its Disclosure Statement, it will commence with the
solicitation process for approval of its Plan of
Reorganization.  In the report filed with the Office of the
United States Trustee, the Company reported a consolidated
net loss of $4.5  million on net sales of $23.4 million.  
The loss includes $2.3 million in  interest and
reorganization expenses.  The April results compare with a  
consolidated net loss of $3.2 million on net sales of $25.8
million, and $2.5  million in interest and reorganization
expenses for the March reporting period.

The Company's Plan calls for the majority of the equity in
the newly reorganized Alliance to be distributed to the
secured bank claim holders with The Chase Manhattan Bank
acting as agent for the syndicate of banks included.  
The Plan also calls for the cancellation of the current
common stock with no distribution to the shareholders.  The
cancellation will occur in conjunction with the
confirmation of the Plan.


APRIA HEALTHCARE: Reshuffles Board
----------------------------------
Directors of troubled Apria Healthcare Group Inc., the
nation's largest provider of home care services, have
decided to end the search for a merger partner and move
ahead under a new board. Five directors, including two who
were involved in potential bids for the company, resigned
Wednesday. Ralph V. Whitworth will remain as chairman.
During the last year, the company has put itself up for
sale and replaced its top three executives. During that
time, Apria stock has lost half its value.


BOSTON CHICKEN: Auditor Says Substantial Doubt to Continue
----------------------------------------------------------
Boston Chicken Inc.'s independent auditor said there is
substantial doubt about the ability of the operator of
Boston Market restaurants to continue as a going concern.  
The auditor, Arthur Andersen LLP, expressed its opinion
with the reissuance of Boston Chicken's financial
statements in a regulatory filing Thursday. The  
operator of 1,150 restaurants said earlier this month it
expected its auditor to include a "going concern" remark in
the financial statements.  The auditor's opinion highlights
concern that Boston Chicken may have little choice but to
file for Chapter 11 bankruptcy court protection, analysts
said. The company has denied it's considering bankruptcy,
but stated it needs to sell assets and  renegotiate terms
with lenders to avoid it.


BOSTON CHICKEN: Loss of $312 Million Pummels Stock
--------------------------------------------------          
A day before its annual shareholders' meeting, Boston
Chicken Inc., based in Golden, reported a huge net loss for
the first quarter Tuesday, which sent the  stock plunging
to an all-time low closing price of $3.015 per share.

At one point during Tuesday's trading on the Nasdaq Market
System, the stock  dipped to $3 per share - a record low
for the company that went public in November 1993. A year
ago, on May 19, 1997, the stock was at $22.125 per share.

Tuesday's volume of trading was 10.85 million shares, more
than three times the normal daily volume, as the stock
dropped $1.23 per share.

Boston Chicken's first quarter financial results, which
sent the company's stock reeling, included a net loss of
$312.6 million, or $4.38 per share. That compares with net
income of $21.5 million, or 31 cents per share during the  
same quarter last year.  System wide sales, however,
increased to $211.7 million for the first quarter
this year compared with $116.8 million in the first quarter
of 1997.

Sales were up in part because Boston Chicken is buying back
restaurants from franchisees; sales at the stores that were
purchased now are credited to the company. The company's
announcement of its first-quarter financial troubles came
the day before the scheduled annual shareholder's meeting
in Golden. The meeting, where the restaurant company's new
chief executive, Michael Jenkins, will speak to
shareholders, is scheduled to begin at 10 a.m. today.

Besides the sales problem, Boston Chicken must deal with
the possibility of massive defaults by franchisees who
borrowed hundreds of millions of dollars from the company
to finance construction of the restaurant chain.

The company took a $202 million charge in the first quarter
to reflect potential losses on loans to franchisees, on top
of a $128 million writedown in the fiscal fourth quarter.
Boston Chicken also took a $58.1 million charge to  
recognize losses at a partnership that owns equity stakes
in most of the franchisee organizations.

Jenkins, who's held Boston Chicken's top job for 19 days,
was brought in when company founders Saad Nadhir and Scott
Beck resigned. Jenkins, formerly the head of Vicorp
Restaurants Inc., based in Denver, has a reputation for  
rescuing ailing restaurant businesses.

Under the company's loan agreements, the Boston Market
stores are required to have weekly revenues of at least
$17,500 for each quarter. Per-store revenues for the first
quarter were roughly $17,525, and the requirement gets  
tougher, increasing to $18,000 during the second quarter.
Jenkins said he will discuss a new strategy with Boston
Chicken's lenders that will allow the company to base its
performance on the increase in customer transactions,
rather than on total weekly per- store sales.

Another company goal is to reduce overhead to a rate of 6
percent of revenue through reductions in spending, Jenkins
told the analysts.  Rugen said the company wants to
eliminate $30 million out of a projected $95 million in
overhead for the year.  "We've already identified $15 to
$20 million in annual overhead savings primarily from
eliminating travel, consultants and special projects that
are not essential to the business at this time," she said.

The new version of Boston Market restaurants that's being
tested in seven Charlotte, N.C., stores, will expand in the
next few months to five stores in each of four additional
regions across the country, including Denver.  (DenverPost-
05/20/98 - Bloomberg News contributed to this report )


DOPPLER COMPUTER: Hartco Expands due to Doppler's Demise
--------------------------------------------------------
Montreal based Hartco Enterprises Inc. announced today that
it will be expanding CompuSmart, its large format retail
network into Vancouver and Calgary The plans to enter these
two major markets were greatly aided by the recent
bankruptcy of Doppler Computer Superstores.

In Calgary, CompuSmart will be taking over the 20,000
square foot Doppler location vacated on Calgary's busiest
thoroughfare, McLeod Trail. In Vancouver, CompuSmart had
already secured a downtown location but the Doppler
bankruptcy  has allowed the soon to be opened location to
more easily secure trained staff  and customers looking for
a new place to buy.

Figures released indicate that the two Doppler locations
were generating revenues in excess of $60 million for the
year ended 1997. After some minor renovations, the two
locations are scheduled to open in late June, expanding the
CompuSmart network to 14 locations across the country.


FRESH FOODS: S & P Announces Outlook Stable
-------------------------------------------
Standard & Poor's today assigned its single- 'B'-minus
rating to Fresh Foods Inc.'s $100 million senior
subordinated notes due 2006, and its double-'B'-minus
rating to the company's $75 million revolving credit
facility due 2003. A single-'B'-plus corporate credit
rating also was assigned to the company.

The outlook is stable. The ratings reflect Fresh Foods'
weak financial profile, pro forma for the pending $122
million leveraged acquisition of the bulk of the Pierre
Foods  Division from Tyson Foods Inc. and the associated
integration risk.  These factors are partially offset by
the company's solid position as a vertically integrated
producer and marketer of fully cooked branded and private-
label meat  products and microwaveable sandwiches for the
highly competitive domestic food  service and home meal
replacement markets. The integration risk associated with
Pierre is mitigated by the fact that Fresh Foods had a
long-term co- packing arrangement with the company.  The
company's exposure to commodity  protein costs is also a
rating concern. However, Fresh Foods is somewhat
diversified within the meat industry, manufacturing beef,
pork, and poultry products.  The cost of these raw
materials do not necessarily move together.

On a pro forma basis, operating lease-adjusted earnings
before interest, taxes, depreciation, and amortization
(EBITDA) to total interest is weak at about 2.0 times (x),
and debt levels are high, with operating lease-adjusted  
total debt to EBITDA at about 5.8x.  However, cash flow is
expected to improve initially as the company reduces costs
by integrating the Pierre acquisition. Cash flow should
continue to improve once capital spending declines
following the completion of the restaurant conversion,
expected in 2000.  Required debt amortization is minimal
for the next few years, and financial flexibility is  
enhanced by availability under the company's $75 million
revolving credit facility.

The bank facility is rated double-'B'-minus, one notch
higher than the corporate credit rating.  The facility is
secured by substantially all the assets of the company, and
borrowings are limited by a borrowing base.  In the  
event of a bankruptcy, it is anticipated that the company
would retain value as  a business enterprise.  Under
Standard & Poor's simulated default scenario, the  
company's cash flows were severely discounted and
capitalized by an EBITDA  multiple reflective of its peer
group.  Under this scenario, the distressed  enterprise
value is sufficient to fully cover the bank facility.  
The rating is based on preliminary documentation, and is
subject to review once final documentation is received.


ELDER BEERMAN: Sales Improve 6 Percent Post-Bankruptcy
------------------------------------------------------
Elder-Beerman Stores Corp. said Thursday that sales
improved 6 percent and losses were down sharply in the
first quarter of its fiscal year. The quarter ended May 2.
The retailer lost $436,000, or 3 cents a share on a diluted
basis, compared with a loss of $3.3 million, or $26.38 a
share, during the first quarter one year ago. Revenues were
$133.2 million, compared with $126.6 million for the same
quarter one year earlier. The formerly family-run company
operated under Chapter 11 bankruptcy protection from
October 1995 to December 1977.


HILLS STORES: Loss of $10.6 Million for First Quarter
-----------------------------------------------------
Hills Stores Co. reported a loss of $10.6 million for the
first quarter, compared with a $9.8 million loss in last
year's first period. Despite the mounting losses, the
Canton-based discount retailer said the results represent a
"third consecutive quarter of improved operating cash flow,
which shows Hills' turnaround is on course."

The company emerged from bankruptcy in 1993,and stated as
its primary objective for the first quarter, to continue
the positive sales momentum that was built over the past
several months.  Gregory Raven, president and chief
executive of Hills said a higher advertising budget
contributed to deeper losses.

Hills interest expenses rose to $11.7 million, from $11.3
million a year ago, primarily because of increased
borrowing this year.  Also, selling and administrative
expenses increased by $2.5 million. (Patriot Ledger Quincy
- 05/21/98)


HUFFY: To Close Largest U.S. Factory
------------------------------------
Huffy Corp. plans to close a bicycle plant in Celina, Ohio,
and cut 1,000 jobs, about 25 percent of its work force, as
competition from Asian companies lowers prices and erodes
profit margins.  Huffy will take a 1998 charge of $10  
million to $12 million, or 78 cents to 98 cents a share,
for a reorganization that will include moving production of
some lower-priced bikes to Mexico.  Wholesale bicycle
prices have fallen 25 percent in the last four years
because of competition from low-cost bike producers,
primarily in Asia, Chief Financial  Officer Thomas
Frederick said. Almost 60 percent of bikes purchased in the  
United States are imported because overseas models cost
10 percent to 20 percent less than U.S.-made rivals, he
said.


KENETECH WINDPOWER: Settlement Gets Court Okay
----------------------------------------------
The court has approved the settlement reached by Kenetech
Corp., its Kenetech Windpower Inc. (KWI) unit, KWI's
official creditors' committee, and the indenture trustee
for Kenetech's bondholders, according to an attorney for
the company. The parties reached a settlement that
eliminates or subordinates more than $240 million of claims
against KWI. The settlement calls for Kenetech and
subsidiary Kenetech Energy Systems Inc. to make payments to
the KWI estate totaling $6.5 million. (Courtesy of The
DailyBankruptcy Review Copyright c May 29, 1998 - ABI 29-
May-98)


MARVEL ENTERTAINMENT: Toy Biz Announces Stay Lifted
---------------------------------------------------
Toy Biz, Inc. announced the lifting of the stay previously
issued by the United States Court of Appeals for the Third
Circuit which had prevented a hearing on the confirmation
of the  Plan of Reorganization for Marvel Entertainment
Group, Inc. put forward by Toy Biz and Marvel Entertainment
Group's Senior  Secured Lenders.  As a result of this
decision, the previously scheduled hearings to consider the
settlement of certain litigation among Marvel, Toy  Biz,
Marvel's Senior Secured Lenders and certain other parties
and the hearing  on the confirmation of the Plan of
Reorganization can move forward.

As previously announced, Toy Biz, John J. Gibbons, Chapter
11 Trustee of Marvel, representatives of Marvel's Senior
Secured Lenders and certain other parties have agreed to
settle litigation commenced by Marvel against those  
parties and litigation commenced by Toy Biz against Marvel.  
That settlement is subject to the approval of the United
States District Court which is overseeing  Marvel's
bankruptcy.

Joseph Ahearn, President and CEO of Toy Biz said, "We are
now back on track for the hearing on approval of the
settlement scheduled to be held June 12 and the hearing on
confirmation of our Plan scheduled to begin on June 29."


MONTGOMERY WARD: Closing Nine Additional Stores
-----------------------------------------------
Montgomery Ward & Co., Incorporated announced today that it
has identified nine additional underperforming stores  
for closure as part of its ongoing operations and strategic
initiatives to return to profitability.  Subject to
bankruptcy court approval, these nine  locations will begin
going out of business sales this June.

"As we have stated on numerous occasions, continual
monitoring of performance is a critical part of any
retailers ongoing operations, and is particularly important
in a turnaround situation.  These nine locations were  
not meeting Wards performance criteria relative to the
business plan, and will be closed as a means of maintaining
our focus on best-performing locations," said Roger Goddu,
Wards CEO.  "Our remaining 291 locations are responding
well to our strategy and we are particularly pleased with
our progress in the areas of margin improvement and
softlines sales, which are showing double digit  
increases year to date and are meeting projections.  We
will continue to closely monitor the financial performance
of all locations as we go forward."

Stores will close in Fort Smith,  AR; Savannah, GA; Coeur
D'Alene, ID; Carbondale, IL; Gaithersburg, MD;  
Bloomington, MN; Roseville, MN; St. Paul, MN and New Bern,
NC.The store closings will affect approximately 793
associates.  


PEGASUS GOLD: Update on Plan Filing
-----------------------------------
Pegasus Gold Inc. reports that its efforts to file a Plan
of Reorganization by July 31, 1998 are on track pending the
continued cooperation of all parties.

On May 13, 1998, the Bankruptcy Court granted the Company
an extension to the exclusive period to file a Plan of
Reorganization to July 31, 1998.  The exclusive period to
solicit acceptances of such plan has been extended to  
September 30, 1998.

Based on evaluations of the Company's assets at current
gold prices, the preliminary work on the Plan of
Reorganization indicates that common shareholders of
Pegasus Gold Inc. are unlikely to receive any value.

Pegasus Gold Inc. is Spokane, Washington.  The Company
operates three gold mines in the Western United States and
carries out exploration internationally through offices  
located in Argentina and the United States.  The common
shares of Pegasus are traded under the symbol PGU on the
Montreal Exchange.  The common shares also trade over the
counter in the United States under the symbol PSGQF.


SIERRA-ROCKIES: Files Chapter 11 With New Management
----------------------------------------------------      
Sierra Rockies Corporation (SIRK) announced today that it
has filed for Bankruptcy Relief under Chapter 11 Proceeding
effective today.  Daniel Lezak, President of SIRK,  
indicated that this would be a re-organization that is in
the best interests of  the shareholders and creditors.  He
indicated that the process would take approximately 6 to 8
months.

SIRK, formerly known as Gallery Rodeo International, went
through an evolution from retail art dealer to a failed
attempt to enter the gaming industry.  Lezak indicated that
neither of these would be in the future of the company.
Management is already working on a Plan to complete this
re-organization as rapidly as possible.  Details of this
Plan will be made public after the filing of the Plan and
Disclosure data with the Bankruptcy Court.


SPECTRUM TECHNOLOGIES: SEC Accuses Accountants of Lies
------------------------------------------------------
Federal regulators said yesterday that two Arthur Andersen
partners violated securities laws when they advised a
company over the phone on accounting policies that resulted
in the company reporting profits when it really had  
losses.

If the allegations by the Securities and Exchange
Commission are upheld, the case would greatly increase
auditors' responsibility for companies' quarterly  
financial reports. Quarterly reports are not audited but
are heavily relied upon by investors and analysts.

A spokesman for Arthur Andersen LLP said it stood behind
the actions of the two partners, both based in New York
City, who had given advice to executives at Spectrum
Information Technologies Inc., once a high-flying
technology company in Purchase, N.Y. The spokesman said the
SEC was trying to impose "a new and unrealistic obligation
on independent accountants."

But Linda Chatman Thomsen, an assistant enforcement
director at the SEC, said the partners' advice had been
"flat-out wrong" and resulted in false financial
information. For example, she said, Spectrum reported a
$650,000 profit in the second quarter of 1993, when it
actually had "a significant loss."

Matthew Gonring, Arthur Andersen's managing partner for
communications, said the partners -- Jeffrey Steinberg and
John Geron -- relied on information that Spectrum gave them
during phone conversations that was incorrect.

The SEC had already brought charges against Spectrum, which
filed for bankruptcy in 1995. The SEC contended that
Spectrum inflated its 1993 profits.  The company settled
that complaint about a year ago, neither admitting nor  
denying wrongdoing.  In 1993, Spectrum executives told
investors that the company had patents to technology for
transmitting data over cellular phones, and invited
companies to sign licensing agreements to use the new
technology. Three companies signed up and agreed to pay
millions in fees.

But unknown to investors, Spectrum signed a second
agreement with the three companies that obligated Spectrum
to pay the companies an equal amount in fees,  allegedly
for advertising. The effect: Millions of dollars would come
in to Spectrum over the next few years, but an equal amount
would go out.

According to the SEC's complaint, Steinberg and Geron
advised Spectrum officials that they could list the
licensing revenue as profit immediately, but delay
recording the advertising expenses. As a result, the
company reported a profit in the first and second quarters
of 1993, the SEC said, when it had losses.

Spectrum dismissed Arthur Andersen in late 1993 in part,
the firm said, because of disagreements with management
over "an accounting matter." The company then hired KPMG
Peat Marwick.

In October 1993, Spectrum hired former Apple Computer
Chairman John Sculley to take its helm. But in February
1994, Sculley resigned, saying he had been deceived about
the company's grave accounting problems and kept in the
dark about an SEC investigation. KPMG also soon resigned.

Spectrum emerged from bankruptcy last year. Its stock
trades at little more than $1 a share.(Baltimore Sun -
05/27/98)


UNISON HEALTHCARE: Announces Chapter 11 Filing
----------------------------------------------        
Unison HealthCare Corporation announced today that it has
filed a petition for reorganization under Chapter 11 of the
United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Arizona. The Chapter
11 filing covers Unison and all of its operating
subsidiaries, other than those which were the subject of a
previously announced Chapter 11 filing involving the
Company's Texas and Indiana operations. It is anticipated
that the earlier pending proceedings will be consolidated
with the Chapter 11 proceeding filed by Unison today.

The filing was made after Unison's efforts to renegotiate
restructuring of the Company's debt and equity with
representatives of Omega HealthCare Investors, Inc. and
representatives of Unison's $20 million 13% Senior Notes  
due 1999 and $100 million 12.25% Senior Notes due 2006
reached an impasse. The filing was necessitated to avoid or
delay actions by the Company's creditors and lessors which
could materially adversely affect or cause cessation of the  
Company's operations.


UNIROYAL: EPA, Salvage Crews to Secure Uniroyal
-----------------------------------------------
Before any walls come tumbling down at Uniroyal, a parade
of experts must have a good look inside.  The federal
Environmental Protection Agency is ready to begin its
cleanup of the various ecological time bombs that were left
behind when Uniroyal phased back, shut down and left town
last year.

"This is a monumental project," said Jeffrey L. Rea, city
director of economic development. "This will take an
astronomical amount of time and money."  The Redevelopment
Commission on Tuesday gave its permission for the city to  
hire a person to work with the EPA to seek out any toxic
substances that must be removed from the site.

The EPA will reimburse the salary of the city's project
coordinator as long as the agency is at the site. And the
coordinator's job will be to make sure the EPA doesn't
leave until all the toxic items are removed.

The current guess is that the EPA will spend at least three
months at the site. But as more problems are found, the
cleanup project could be extended to a year or more, Rea
said.  Ideally, the city will be able to hire someone with
intimate knowledge of the factory--someone who knows where
all the barrels are buried.

During its heyday, Uniroyal employed about 10,000 workers.
Hundreds of them still live in Mishawaka.   Once all the
details are worked out, the coordinator will be paid an
hourly rate as recommended by the EPA. When the EPA phase
is completed, the coordinator may stay on until all 100 or
so buildings are demolished.

Once the pollution and salvage issues are tackled, it will
be time to find the money to level all the buildings. Every
building, even the newer ones, will be demolished. (South
Bend Tribune - 05/28/98)


UNITED TRI STAR: Final Approvals Of Koch/UTS Purchase
-----------------------------------------------------
United Tri-Star Resources Ltd. announces that the Koch /
UTS purchase of Athabasca Oil Sands Leases will be
finalized. The Bankruptcy Court in New Mexico  and the
Court of the Queens Bench in Alberta gave final clearance
to previously  announced agreements of March 16th, 26th and
May 8th, 1998.

As a result of these agreements, UTS's interest in the
Athabasca Oil Sands Project (the Project) increases to 22
percent with Koch Oil Sands LP ("Koch") acquiring the
balance of 78 percent and becoming the operator of the
Project.

UTS funded its increased interest through the issuance of 5
million treasury shares and payment of $4.4 million in
cash. As previously announced, UTS completed on March 10,
1998, a private placement of 7,398,250 Common Share  
Purchase Warrants for total proceeds of $5,808,600. The
balance of these funds,  after the purchase and associated
expenses, are to be used for working capital  purposes.

The Project is comprised of two oil sands leases covering
55,874 acres in Alberta's Athabasca Oil Sands Region.
Depending on further delineation drilling results,  
long term production from the leases should be between
60,000 and 90,000 barrels of bitumen per day. Koch is the
largest exporter of heavy oil from Canada.
Along with its interest in the Project, UTS holds a 31
percent interest in International Reef Resources (IRF)
which will increase to 100 percent upon anticipated
completion of a proposed merger with IRF on June 25th,
1998. IRF is  actively pursuing the development of an
innovative fine coal recovery process for recovering and
pelletizing coal from tailings ponds. The Company is  
currently finalizing a number of coal supply agreements in
Pennsylvania and West Virginia. Commercial production is
expected by year end with an initial production goal of one
million tons yearly by the end of 1999. UTS significant  
and growing cash flow from its fine coal operations in the
years prior to commencement of the Athabasca Oil Sands
Project.

In addition, UTS holds a 35 percent interest in Tri-Star
Gold Corp. (TSG),  which has one of the largest mineral
property holdings in the Ghanaian gold belts of West
Africa. TSG, with its partner Minorca Resources Inc., is  
currently conducting an extensive exploration program in an
effort to determine  the size of potential reserves.


VENTURE STORES: Seeks OK to Add Merchandise
-------------------------------------------
Venture Stores Inc. hopes to entice customers into shopping
at some of the 73 stores it is liquidating by bringing in
shoes and other merchandise.  The U.S. Bankruptcy Court in
Wilmington, Del., was asked for quick approval of the  
request by Venture to add new merchandise to the stores.  
Venture says in a  court filing that its liquidator, a
joint venture of Gordon Bros. Retail Partners and
Hilco/Great American Group, could enhance the going-out-of-
business sale by bringing in shoes worth $5 million to $7
million at retail, along with up to $1 million of other
goods.  The liquidator would pay Venture 7 percent of the
revenue from sales of these new items, a maximum of
$560,000. Many states regulate going-out-of-business sales.   
But bankruptcy judges have the power to override these
laws. Lawyers say they often do, going along
with  debtors' arguments that creditors will get more money
if liquidators can add to the merchandise mix.


WCIN-FM: Owner Files for Chapter 11 Protection
----------------------------------------------
The owner of WCIN-FM radio has filed for Chapter 11
bankruptcy but expects to reorganize to escape nearly $2.1
million in debt.  After it emerges from bankruptcy, it
plans to expand its reach throughout Greater Cincinnati,
its lawyer said Wednesday.

The station, one of only a handful here targeted to
African-Americans, was delayed in getting Federal
Communications Commission approval to move its  
broadcast tower to a better site, said James Ferris, the
attorney representing  the company in bankruptcy court.

Without the move, the station's signal could not reach the
West End, some parts of Northern Kentucky and other
potential markets, he said. It needs access to $150,000 in
an escrow account to get the new tower up and running,  
but a venture fund that has invested in WCIN won't release
it, he added.

J4 Broadcasting of Cincinnati Inc., which operates WCIN,
has lost money the last several months, Ferris said. The
company has assets of $1.2 million and liabilities of $2.1
million, it said in its filing in federal bankruptcy
court. (Cincinnati Post-05/21/98)


WEINER'S STORES: Changes in Accountant
--------------------------------------
On May 20, 1998, Weiner's Stores, Inc., a Delaware
corporation, dismissed the accounting firm of Deloitte &
Touche LLP, which had previously been engaged as the
Company's independent auditor to audit the Company's
financial statements.

Deloitte & Touche LLP's reports on the Company's balance
sheets as of January 31, 1998 and January 25, 1997, and the
related statements of operations, changes in stockholders'
equity (deficiency) and cash flows for the twenty-three
weeks ended January 31, 1998, the thirty weeks ended August
25, 1997, and the years ended January 25, 1997 and January
27, 1996 did not contain any adverse opinion or disclaimer
of opinion, and such reports were not modified or qualified
as to uncertainty, audit scope or accounting principles,
except that Deloitte & Touche LLP's reports on the
Company's financial condition for the fiscal years ended
January 25, 1997 and January 27,1996 contained a going
concern qualification.

Furthermore, during the aforementioned periods, the Company
had no disagreements with Deloitte & Touche LLP on any
matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of
Deloitte & Touche LLP, would have caused it to make
reference to the subject matter of the disagreements in
connection with its report(s).

On May 20, 1998, the Company retained the accounting firm
of Ernst & Young LLP as its new independent auditor to
audit the Company's financial statements for fiscal year
1998 ending January 30, 1999.

The decision to change accounting firms was recommended by
the Audit Committee of the Company's Board of Directors and
approved by the Company's Board of Directors, and is
subject to ratification by the Company's stockholders
at the Company's Annual Meeting of Stockholders scheduled
to be held on June 25, 1998.


ZENITH ELECTRONICS: Trading Suspended
--------------------------------------
The New York Stock Exchange Friday suspended trading of
Zenith Electronics Corp. shares and said it will apply to
the Securities and Exchange Commission to delist Zenith.
The exchange said Zenith fell below NYSE requirements of at  
least $12 million in tangible assets available to common
stock and average after-tax income for the past three years
of $600,000 minimum. Zenith has indicated it plans to file
for bankruptcy court protection and become a closely held
unit of its largest shareholder, LG Electronics Inc. of
South Korea. Under the plan, Zenith's common shares would
be canceled, making them worthless.

                  *********

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conferences@bankrupt.com are encouraged.  

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Capital Partners, Dallas, Texas.  

S U B S C R I P T I O N   I N F O R M A T I O N     
Troubled Company Reporter is a daily newsletter, co-
published by Bankruptcy Creditors' Service, Inc.,
Princeton, NJ, and Beard Group, Inc., Washington, DC.  
Debra Brennan and Lexy Mueller, Editors.   
  
Copyright 1998.  All rights reserved.  This material
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at 301/951-6400.  
       
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