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FABRI-CENTERS OF AMERICA, INC. FILES PROPOSED PUBLIC OFFERING OF $65 MILLION SUBORDINATED CONVERTIBLE DEBENTURES

 FABRI-CENTERS OF AMERICA, INC. FILES PROPOSED PUBLIC OFFERING
 OF $65 MILLION SUBORDINATED CONVERTIBLE DEBENTURES
 CLEVELAND, Feb. 20 /PRNewswire/ -- Fabri-Centers of America, Inc. (NYSE: FCA), has filed with the Securities and Exchange Commission a registration statement relating to a proposed public offering of $65 million of Convertible Subordinated Debentures due in 2002.
 Montgomery Securities, Smith Barney, Harris Upham & Co., Incorporated, and McDonald & Company Securities, Inc., have been named managing underwriters.
 Net proceeds from the sale of the debentures will be used to repay bank borrowings, and increase working capital (particularly for financing new store openings). Proceeds may also be used for general corporate purposes.
 Fabri-Centers, based in Hudson, Ohio, operates 664 fabric stores in 38 states, primarily under the name of Jo-Ann Fabrics, and 29 Cargo Express housewares stores in Ohio and Michigan.
 Though the registration statement relating to these securities has been filed with the Securities and Exchange Commission, it 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 the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that State.
 EDITOR'S NOTE: Copies of the prospectus may be obtained from any of these underwriters.
 -0- 2/20/92
 /CONTACT: Robert Norton or Alan Rosskamm both of Fabri-Centers, 216-858-2600/
 (FCA) CO: Fabri-Centers of America, Inc. ST: Ohio IN: REA SU: OFR


DA -- CL001 -- 0777 02/20/92 08:34 EST
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Publication:PR Newswire
Date:Feb 20, 1992
Words:277
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