BUDDY L INC., SUBSIDIARY OF SLM INTERNATIONAL, INC., ANNOUNCES BANKRUPTCY FILING Negotiations; Continue on Possible Sale of Buddy L to Empire of Carolina, Inc.

NEW YORK, N.Y--(BUSINESS WIRE)--March 2, 1995--Buddy L Inc., a subsidiary of SLM International, Inc. (Nasdaq:SLMI), announced today that it has filed a voluntary petition for reorganization under Chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Under Chapter 11, Buddy L would continue to operate its business in the ordinary course under Court protection from creditors, while seeking to work out a plan of reorganization.

SLMI also stated that it is continuing to negotiate the sale of certain assets and liabilities of Buddy L to Empire of Carolina, Inc. (AMEX:EMP). The companies previously announced on January 23, 1995 that SLMI and Empire had signed a letter of intent in this regard. No assurance can be given that an agreement will be entered into. If any such agreement is entered into, it would be subject to approval by the Bankruptcy Court.

The Chapter 11 filing by Buddy L Inc. does not constitute a bankruptcy filing by its parent company, SLM International, Inc., nor by SLMI's other subsidiaries, which include: Buddy L Canada; Sport Maska Inc.; Maska U.S. Inc.; No. 1 Apparel, Inc.; or No. 1 Apparel Canada Inc. Buddy L Inc. is primarily engaged in the manufacturing and marketing of toys and related products. SLMI's other operations are primarily engaged in the manufacturing and marketing of sporting goods.

SLMI also announced that Buddy L yesterday completed a reduction in force of approximately 150 employees at its Gloversville, N.Y. facility. This represented approximately 25% of the work force at that facility.

"The bankruptcy filing by Buddy L Inc. is intended to facilitate the reorganization and eventual sale of the toy business, by reducing the liabilities of this subsidiary. This is consistent with our goal of repositioning SLMI's business to focus on opportunities in the sporting goods sector," said Howard J. Zunenshine, Chief Executive Officer of SLMI.

Customers and suppliers of Buddy L Inc. and others seeking additional information on the bankruptcy filing are requested to call [phone], extension 258.

CONTACT: SLM International, Inc.

Howard Zunenshine

Chief Executive Officer

[phone]

John Sarto

Chief Financial Officer

[phone]

or

Edward Nebb, Melissa Garelick,

Jeff Majtyka (investors)

Lisa Bradlow (media)

Morgen-Walke Associates

[phone]