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BEN FRANKLIN RETAIL STORES FILES STATEMENT FOR COMMON STOCK OFFERING; A NATIONAL INTERGROUP, INC. SUBSIDIARY

BEN FRANKLIN RETAIL STORES FILES STATEMENT FOR COMMON STOCK OFFERING;
 A NATIONAL INTERGROUP, INC. SUBSIDIARY
 CAROL STREAM, Ill., Nov. 12 /PRNewswire/ -- Ben Franklin Retail Stores, Inc., a subsidiary of National Intergroup Inc. (NYSE: NII), announced today that it has filed a registration statement with the Securities and Exchange Commission in connection with a proposed initial public offering of two million shares of Ben Franklin. This offering represents 40 percent of its common stock, all of which is being offered by National Intergroup. Whale Securities Co., L.P. will serve as underwriter for this offering.
 Ben Franklin is a national wholesale supplier of variety and craft merchandise, as well as a franchisor of more than 760 variety stores and 225 craft stores in 47 states.
 It is currently estimated that the initial public offering price of the stock will be $5 per share. Net proceeds from the offering will go to National Intergroup for general corporate purpose.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A prospectus relating to these securities may be obtained from Whale Securities Co., L.P., 650 Fifth Avenue, New York, New York 10019, 212/484-2000.
 -0- 11/12/91
 /CONTACT: John Menzer of Ben Franklin Retail Stores, 708-462-6312/
 (NII) CO: Ben Franklin Retail Stores, Inc.; National Intergroup Inc. ST: Illinois IN: REA SU: OFR KD -- NY089 -- 3659 11/12/91 17:24 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 12, 1991
Words:315
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