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DRS INDUSTRIES SUBSIDIARY, GENERAL TEXTILES, COMPLETES REORGANIZATION

 NEW YORK, May 28 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) announced today that its subsidiary, General Textiles, has completed its reorganization and has emerged from bankruptcy. In connection with the reorganization plan, DRS contributed $3 million in equity into General Textiles in exchange for ownership of 100 percent of the General Textiles common stock. DRS acquired General Textiles in December 1992 while General Textiles was operating in bankruptcy.
 John A. Selzer, chief executive of DRS, said, "We are excited about General Textiles emerging from bankruptcy and look forward to a future of growth and profitability." Mr. Selzer thanked the General Textiles lenders, creditors, and employees for their part in completing the bankruptcy proceedings expeditiously.
 General Textiles operates 79 Family Bargain Center off-price apparel retail stores in California, Arizona, New Mexico, Oregon and Washington. In the fiscal year ended January 1993, General Textiles' sales were $119 million.
 -0- 5/28/93
 /CONTACT: John A. Selzer of DRS Industries Inc., 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York IN: REA SU:

CK-LR -- NY020 -- 3336 05/28/93 10:37 EDT
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Publication:PR Newswire
Date:May 28, 1993
Words:179
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