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RATNERS GROUP COMPLETES WATCHES OF SWITZERLAND SALE

 RATNERS GROUP COMPLETES WATCHES OF SWITZERLAND SALE
 NEW YORK, June 11 /PRNewswire/ -- Ratners Group plc (NASDAQ: RATNY),


the world's largest jewelry retailer, announced today that it has sold Watches of Switzerland Limited ("Watches of Switzerland") to Asprey plc ("Asprey") for a cash consideration of 23.2 million pounds sterling. In addition, Ratners is retaining the interest in Watches of Switzerland's headquarters in Aylesbury and the benefit of any past years' corporation tax recoverable. The aggregate of the cash consideration and the retained benefits should amount to approximately 24 million pounds.
 The consideration could be subject to final balance sheet adjustments, but any adjustment is not expected to be material.
 Watches of Switzerland sells high quality Swiss watches from 25 prime retail locations. In the year ended Feb. 1, 1992, Watches of Switzerland had sales of 21.7 million pounds and made a profit of 887,000 pounds before exceptional items and tax. At that date its net assets excluding inter-company balances were approximately 19.2 million pounds.
 Watches of Switzerland has operated as a separate entity within Ratners and has limited synergy with the rest of the business. The proceeds of sale will be available for Ratners' working capital requirements in the core jewelry business.
 Jim McAdam, the chairman of Ratners, said "The sale of Watches of Switzerland will be to the benefit of both Ratners and Asprey. Watches of Switzerland fits in particularly well with the other businesses in the Asprey portfolio, and I am sure that customers and staff will be happy with the new arrangements."
 London-based Ratners is the largest specialty retailer of fine jewelry and fashion accessories in the United Kingdom and the second largest specialty retailer of fine jewelry in the United States. In the U.S., the company operates approximately 950 jewelry stores in 43 states and 46 leased jewelry departments under the names Sterling Jewelers, Kay Jewelers, J.B. Robinson, Belden, Hudson Goodman Jewelers, Weisfield, LeRoy's Jewelers, Osterman, Shaw's Jewelers, Friedlander's Jewelers, Roger's Jewelers, Goodman, and Black, Starr & Frost.
 -0- 6/11/92
 /CONTACT: James McAdam, chairman of Ratners Group, 011-44-71-499-1000 (In London); or Eileen M. Halsch or Jeffrey G. Gibson of Broadgate Consultants, 212-229-2222, for Ratners Group/
 (RATNY) CO: Ratners Group plc; Asprey plc ST: New York IN: REA SU: TNM


SH -- NY017 -- 9153 06/11/92 10:04 EDT
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Date:Jun 11, 1992
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