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HORNE'S CONSULTS INVESTMENT FIRM TO EXPLORE STRATEGIC OPTIONS

 PITTSBURGH, Jan. 4 /PRNewswire/ -- Joseph Horne Co., Inc. announced that it has retained the investment banking firm of CS First Boston Corporation to conduct a thorough evaluation of the company's strategic options and to review the best course of action for Horne's in today's rapidly changing retail market.
 "Horne's is weighing the advantages and disadvantages of a range of options, including a merger by Horne's with another retailer, acquisition by another retailer, and debt refinancing," said Michael L. Pulte, Horne's chairman, president and CEO. "We hired First Boston to help us assess these and other options in a comprehensive and professional manner."
 Horne's chairman placed today's announcement in the context of "persistent, unsolicited inquiries" by several major national and regional retailers, who have expressed an interest in the company. He stated that Horne's intends to consider the company's options as they relate to the best interests of all its shareholders, while also taking into account the interests of its employees, its customers, its suppliers and its communities.
 Pulte noted that Horne's board and management have not come to any conclusions or made any decisions at this time. "We're still in the exploratory stage," he stressed. "We want to stay in step with industry trends and make informed choices."
 Horne's has a responsibility to its shareholders to evaluate sincere inquiries from other companies, Pulte added. "But we have a number of possible choices to consider," he noted. "First Boston's assessments will give us a sound basis for making informed decisions that serve our best interests for the long run."
 "We have a valuable retail franchise with prime locations in major western Pennsylvania markets," he said. "We've just completed a successful holiday season, which indicates the strength of our consumer support. Horne's has great potential."
 Joseph Horne Co., Inc. is an independently owned department store chain concentrating on fashion and quality merchandise. The company currently operates 10 stores in Pittsburgh and Erie, Pa., with a total of more than 2,100 employees.
 -0- 1/4/94
 /CONTACT: Jack Kennedy of Ketchum Public Relations, 412-456-3586, for Horne's/


CO: Joseph Horne Co., Inc.; CS First Boston Corporation ST: Pennsylvania IN: REA SU:

KC -- PG002 -- 8852 01/04/94 11:06 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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