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HIGHLAND TO BE LIQUIDATED

 PLYMOUTH, Mich., March 16 /PRNewswire/ -- Highland Superstores, Inc. (OTC Bulletin Board: HIGH) announced today that its Chapter 11 Creditors Committee voted not to support Highland's plan of reorganization and that, accordingly, an orderly liquidation of the company's assets would begin soon. Highland filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code on Aug. 24, 1992. Since then it has been working diligently to improve its operating performance and to formulate a reorganization plan which would maximize the return to its creditors.
 "We have exceeded our projections since last September and recently proposed a plan of reorganization which would have continued the company's operations and preserved jobs for our employees," stated Ira Mondry, Highland's president and chief executive officer. "However, without the approval of our Creditors Committee, reorganization is not possible."
 There will be no recovery for shareholders under the liquidation plan.
 Highland's 30 stores in Michigan, Ohio and Indiana are now closed and will reopen to conduct liquidation sales in the near future. Highland and its creditors intend to seek court approval to continue to honor service contracts previously sold from those stores.
 "We are proud of our 60-year history and all of the employees who made it possible," said Mondry. "We have been pleased to serve our customers and their communities, and we are saddened that we will be unable to continue to do so in the years ahead."
 Highland Superstores, Inc. is headquartered in Plymouth (Detroit). Its shares are traded over the counter and are quoted on the NASD OTC Bulletin Board under the symbol HIGH.
 -0- 3/16/93
 /CONTACT: Danette Wineberg, vice president of Highland Superstores, 313-451-3532/
 (HIGH)


CO: Highland Superstores, Inc. ST: Michigan IN: REA SU: BCY

DH -- DE003 -- 6396 03/16/93 08:59 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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