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BANKRUPTCY COURT CONFIRMS P.A. BERGNER & CO. REORGANIZATION PLAN

 MILWAUKEE, Oct. 15 /PRNewswire/ -- Federal Bankruptcy Judge Russell A. Eisenberg today confirmed P.A. Bergner & Co.'s reorganization plan, paving the way for the plan to be consummated and the company to emerge from Chapter 11 protection on Oct. 30, 1993.
 An overwhelming majority of voting creditors and equity holders, including Maus Freres, S.A., voted to accept the reorganization plan. The reorganization plan provides for the settlement of the debts of P.A. Bergner & Co. and its debtor affiliates, and establishes the company's future financial structure. With the court's confirmation, no major obstacles remain to the company's emergence from Chapter 11.
 Stanton J. Bluestone, president and chief executive officer of P.A. Bergner, commented, "The last two years have been very difficult, but at the outset of the Chapter 11 process we committed ourselves to concentrating on our core business and eliminating unproductive assets and unfavorable contractual commitments."
 Bluestone continued, "We are a stronger company now with a solid balance sheet, and a comprehensive business strategy that focuses on both the customer and the achievement of our long-term financial objectives."
 The final step necessary for P.A. Bergner & Co. to emerge from Chapter 11 is consummation of the reorganization plan. The consummation of the reorganization plan is subject to certain conditions. The company fully expects that such conditions will be satisfied and that the plan will be consummated on Oct. 30, 1993.
 Upon consummation, P.A. Bergner will change its corporate name to Carson Pirie Scott & Co. and be included for quotation on the NASDAQ, National Market System. A new board of directors will also be elected. Joining Bluestone and Michael R. MacDonald, chief administrative officer, on the company's board will be Mark Dickstein and Mark Kaufman of Dickstein Partners Inc., and John F. Nickoll of the Foothill Group, Inc. Dickstein Partners and Foothill will be among Carson Pirie Scott & Co.'s new shareholders.
 In addition, John W. Burden III, former chairman and chief executive officer of Federated Department Stores and currently a retail consultant, has been named to be an outside director. One additional outside director will be named in the near future, completing the seven- person board.
 P.A. Bergner & Co. filed for Chapter 11 protection on Aug. 23, 1991, in the United States Bankruptcy Court Eastern District of Wisconsin.
 P.A. Bergner & Co. is the 10th largest department store retailer in the United States with sales in excess of $1.1 billion and 63 stores in the Upper Midwest. Its operations include 38 Carson Pirie Scott stores in Greater Chicago, Indiana and Minnesota; 14 Bergner's in downstate Illinois and Wisconsin; and 11 Boston Stores in Wisconsin.
 -0- 10/15/93
 /CONTACT: Edward P. Carroll, Jr., executive vice president, Sales Promotion & Marketing, of P.A. Bergner & Co., 414-347-5340/


CO: P.A. Bergner & Co. ST: Wisconsin IN: REA SU:

LC-AR -- CL026 -- 2977 10/15/93 18:03 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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