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FURR'S/BISHOP'S ELECTS NEW CHAIRMAN;KL GROUP ACQUIRES SHARES AND OPTION FROM MICHAEL LEVENSON

 LUBBOCK, Texas, June 24 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) announced today that Kevin E. Lewis has been elected Chairman of Furr's/Bishop's and a company controlled by Lewis has agreed to purchase for $.96 per share an aggregate of approximately 1,119,000 shares of Class B Common Stock of Furr's/Bishop's from Michael J. Levenson, who was Chairman of Furr's/Bishop's until today, and members of Levenson's family, and acquired a six month option to acquire an aggregate of approximately 3 million shares from Levenson and members of his family for $.96 per share and a three year option to acquire the approximately 4.4 million remaining shares of Class B Common Stock held by Levenson and members of his family for a per share price beginning at $1.81 and increasing quarterly on a formula basis to $2.46 in the fourth quarter of 1996. Levenson has also agreed to grant Lewis's company an irrevocable proxy to vote the shares held by Levenson following the exercise of the initial, six-month option.
 Lewis was a managing director in the New York office of Houlihan Lokey Howard & Zukin, an investment banking firm, until today, and has a masters of business administration from the University of California at Berkeley Graduate School of Business.
 William E. Prather, president and chief executive officer of Furr's/Bishop's, said, "I have known and worked with Kevin Lewis for over a year and a half. Speaking for myself and all the employees of Furr's/Bishop's, I welcome his joining the Furr's/Bishop's team as chairman and believe it is a positive step in the development of Furr's."
 Former Chairman Michael Levenson originally purchased Furr's Cafeteria's, Inc. and Bishop's Buffet's, Inc. from Kmart Corporation for $237 million in cash in late December 1986 and has served as Chairman since that time. In connection with the termination of Levenson's employment with Furr's/Bishop's, Levenson will receive termination payments and benefits pursuant to his existing employment agreement for 26 months.
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States, operating 119 cafeterias and buffets in 11 states in the Southwest, West and Midwest under the name "Furr's," 19 cafeterias and buffets in five states in the Midwest under the name "Bishop" and nine specialty operations in six states.
 -0- 6/24/93
 /CONTACT: Joe W. Conner, CFO of Furr's/Bishop's, Incorporated, 806-792-7151/
 (CHI)


CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU: PER

SH -- NY059 -- 5367 06/24/93 14:04 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
Words:419
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