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BEST PRODUCTS NAMES DANIEL LEVY CHAIRMAN AND C.E.O.; Will Lead Initiatives to Reposition the Specialty Retailing Company.

RICHMOND, Va.--(BUSINESS WIRE)--April 24, 1996--Best Products Co., Inc. (Nasdaq:BEST) today announced that Daniel H. Levy has been named Chairman and Chief Executive Officer. Mr. Levy, 52, is an experienced senior merchant with a broad background including jewelry, home furnishings, housewares and electronics retailing. He will succeed Stewart M. Kasen as part of a planned management transition announced in February 1996. The appointment of Mr. Levy will be effective immediately.

Mr. Levy spent a significant portion of his career (1987-1993) at Montgomery Ward, eventually becoming Vice Chairman and Chief Operating Officer. At the end of his tenure, the Company had volume of approximately $5 billion and over 340 stores. Subsequently, Mr. Levy participated in the effort to turn around the Conrans chain. He recently has served as a retailing consultant and serves on the Board of Dot's Apparel Co. and Chernin's Shoes.

Between 1981 and 1987, Mr. Levy was a senior executive of the BATUS Retail Group, serving as Chairman and C.E.O. of Gimbels, among other responsibilities. Prior to that, he served with the Kaufmann's unit of May Department Stores, rising to the position of Vice Chairman. Mr. Levy is a graduate of the Wharton School of the University of Pennsylvania.

Commenting on the appointment, Best Products Director Donald D. Bennett said, "Daniel Levy has a great depth of experience in many categories of retailing, and has been responsible for a wide range of key functions, including merchandising, marketing, store operations and strategic planning. Our efforts to reposition the Company will benefit from his broad perspective and strong leadership."

Mr. Levy noted, "While the tasks ahead will be challenging, Best Products has many factors in its favor, including a solid commitment to improving its competitive position and a strong balance sheet. I look forward to getting down to work and making a solid contribution to the future of the Company."

The Company previously announced a number of measures to improve its financial performance, including closing underperforming stores, refocusing its merchandising assortment, strengthening its marketing program, and enhancing the customers' shopping experience.

Best Products, a specialty retailer offering category-dominant assortments of jewelry and home products, operates 175 Best stores in 23 states. The Company also operates 11 Best Jewelry stores and a nationwide mail-order service.

CONTACT: Fred Kraegel

Best Products Co., Inc.



Betsy Brod


Stacy Berns

Morgen-Walke Associates

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Publication:Business Wire
Date:Apr 24, 1996
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