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CHILDREN'S PALACE/CHILD WORLD MAKES FINAL $12 MILLION VENDOR PAYMENT

   CHILDREN'S PALACE/CHILD WORLD MAKES FINAL $12 MILLION VENDOR PAYMENT
    AVON, Mass., Dec. 18 /PRNewswire/ -- Children's Palace/Child World, Inc. today announced that it has mailed a $12 million payment, its second in two weeks, to trade creditors.  With this payment, Children's Palace/Child World has now retired a total of just under 50 percent of last year's trade debt, in accordance with its obligations under the company's successful restructuring plan.
    "We remain totally up-to-date on the 'old' trade debt owed to our suppliers as well as all 'new' trade debt for merchandise shipped since the company's restructuring in June," said W. John Devine, chairman and CEO of Child World.  "We're on time and on target.  We've paid back the trade close to $93 million in less than six months.  We've also paid down over two-thirds of our $100 million revolving credit line and will bring the remainder down to zero before Christmas, as required."
    Devine noted that shipments from suppliers for the week ending Dec. 8 were the highest this year.  "We've run close to 90 percent of our projected sales through the difficult economic environment of the past six months," Devine said.
    "Comparable store sales, which were off 35 percent from year-earlier levels when we took over this summer, are now finally running almost even with last year."
    Devine attributed this growth in sales to improvements at store- level, better product mix and the company's new policy of giving 110 percent of the difference between its prices and competitors' advertised specials.  "This Christmas customers are looking for selection, service and value," he added.  "At Children's Palace/Child World, they get all three."
    Children's Palace/Child World, Inc., which operates 154 stores, is the second largest discount toy retailer in the country.
    -0-        12/18/91
    /CONTACT:  Gregory William Miller of Children's Palace/Child World Inc., 212-484-7404/ CO:  Children's Palace/Child World Inc. ST:  Massachusetts IN:  REA SU: FC-KW -- NY048 -- 3438 12/18/91 13:02 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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