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SPECIALTY RETAIL GROUP COMPLETES $6.75 MILLION EQUITY PLACEMENT

 GREENWICH, Conn., Oct. 22 /PRNewswire/ -- Specialty Retail Group, Inc. (NASDAQ: SRGC) announced today that it has completed an offshore placement of 3 million common shares raising gross proceeds of $6.75 million. Value Investing Partners, Inc., an international investment bank headquartered in Westport, Conn., acted as placement agent in the transaction.
 Glenn S. Meyers, Specialty Retail Group's chairman and chief executive officer, stated, "The net proceeds of the transaction will be available for the company's program to acquire and expand specialty retailers who offer attractive profitability and long-term growth prospects, as well as to fund the expansion of the company's wholly owned subsidiary, Building Blocks, a specialty retailer of children's developmental and play toys."
 -0- 10/22/93
 /CONTACT: Russ S. Fein of Specialty Retail Group, 203-622-7670/
 (SRGC)


CO: Specialty Retail Group, Inc. ST: Connecticut IN: REA SU:

JS-CK -- NY078 -- 5922 10/22/93 17:09 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
Words:147
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