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DRS TO COMPLETE REORGANIZATION OF GENERAL TEXTILES

 NEW YORK, May 26 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS) announced today that it has secured the $3.0 million required to complete the Chapter 11 reorganization of its General Textiles subsidiary.
 Under the General Textiles plan of reorganization, DRS will invest $3.0 million in equity into General Textiles. DRS expects the reorganization to become effective and the General Textiles investment to be completed by Friday, May 28, 1993. Following the effectiveness of the reorganization plan, DRS will own 100 percent of the common stock of General Textiles.
 General Textiles operates 79 Family Bargain Center off-price retail apparel stores in California and four other Western states.
 -0- 5/26/93
 /CONTACT: John A. Selzer of DRS Industries, 212-980-9670/
 (DRSS)


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

SM-PS -- NY022 -- 2382 05/26/93 10:44 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:139
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