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SUNBEAM-OSTER UNABLE TO COMPLY FULLY WITH ATTORNEY'S REQUEST

 PROVIDENCE, R.I., June 7 /PRNewswire/ -- Attorneys for the principal stockholders of Sunbeam-Oster Company, Inc. (NYSE: SOC) today informed the Delaware Chancery Court that Sunbeam-Oster was unable to comply fully with a request for documents made by attorneys for Paul Kazarian, the former chairman and chief executive officer, who was dismissed by the board of directors in January.
 The Chancery Court suit is seeking to affirm Mr. Kazarian's removal from the company and the board.
 The company said that at the time of Mr. Kazarian's dismissal, an inventory was made by outside counsel of all documents in Mr. Kazarian's office at company headquarters in Providence. A copy of the inventory was provided to attorneys for Mr. Kazarian. Last week, in the course of readying documents listed in the inventory for inspection by Mr. Kazarian's counsel, the company learned that a number of documents in the inventory had been discarded by company employees.
 Charles J. Thayer, chairman, said that while the company and its board of directors have no reason to believe that this was anything other than a misunderstanding of the need to keep all inventoried documents, they were nevertheless dismayed to learn of the carelessness of certain employees.
 Although the company is not party to the suit, it was responsible for providing the documents.
 Mr. Thayer said the company's business will not be affected. "We are two months into the second quarter, and are pleased with the financial results we expect to report for the quarter. We are encouraged about the future of Sunbeam-Oster, and are confident that the company will continue to meet its sales and earnings growth targets for the remainder of 1993," he added.
 Mr. Thayer also announced that the board has authorized the repurchase of up to $50 million in Sunbeam-Oster common stock. The company intends to repurchase the shares in the open market from time to time, depending on market conditions. Mutual Series Fund and Steinhardt Partners have notified the board that Sunbeam-Oster Equities, L.P., the company's majority stockholder, does not intend to sell any of its shares into this program.
 As announced yesterday, the board also granted indefinite leaves of absence to Michael G. Lederman, general counsel, and Robert H. Setrakian, chief financial officer. Mr. Lederman also resigned as a director. Henry R. Rauzi, the controller, was named acting chief financial officer.
 Sunbeam-Oster is a leading international consumer products company that develops, manufactures and markets a diversified portfolio of outdoor, household and specialty brand name products. The company's Sunbeam and Oster brands have been household names for generations, and the company is a market share leader in many of its product categories.
 -0- 6/7/93
 /CONTACT: Daniel Ferguson of Sunbeam-Oster, 401-831-0050/
 (SOC)


CO: Sunbeam-Oster Company, Inc. ST: Rhode Island IN: HOU SU:

PS -- NY016 -- 5800 06/07/93 08:05 EDT
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Publication:PR Newswire
Date:Jun 7, 1993
Words:470
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