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SUNSHINE-JR. ANNOUNCES VOLUNTARY FILING OF CHAPTER 11

 PANAMA CITY, Fla., Dec. 18 /PRNewswire/ -- Sunshine-Jr. Stores, Inc. (AMEX: SJS) announced today that it has filed a voluntary petition for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida in Tampa, Fla. This petition is effective immediately and will allow the company to continue its operations as debtor-in-possession while it develops and implements a reorganization plan.
 Lenard J. Miller, president and chief executive officer of the company, stressed that, "This filing will not affect our day-to-day operations. Our stores will remain open and are not going out of business. Our employees will continue in their jobs and be paid as usual."
 The company has been attempting to restructure its unsecured debt and to obtain concessions from certain of its suppliers. Miller said, "Notwithstanding our efforts, it became clear that a restructuring of the company's unsecured debt could not be effected without the protection of Chapter 11 in a manner consistent with the interests of the company and all of its creditors. Also, the company has in recent days experienced a temporary deterioration in its cash position and the loss of trade credit from certain suppliers."
 Miller said, "In light of these developments, it became apparent to the board of directors that a decision to file under Chapter 11 was the only recourse available that would effectively preserve the company's assets and ensure its ongoing operations while also providing equitable treatment of all creditors."
 The company said that the Chapter 11 filing will enable it to resume receiving deliveries and that its stores will continue operating as usual. The company does not anticipate any near-term changes in its method of operating or its levels of staffing. Miller said, "The company will work closely with its creditors to complete a proposed reorganization plan and present it to the court. We are committed to ensuring that the company achieves a successful reorganization for the benefit of our creditors, customers, suppliers, employees, and shareholders."
 Sunshine-Jr. Stores operates 284 convenience stores located in Florida, Alabama, Mississippi, Georgia and Louisiana and four supermarkets in and around Panama City, Fla.
 -0- 12/18/92
 /CONTACT: Amy Logan of Sunshine-Jr. Stores, Inc., 904-769-1661/


CO: Sunshine-Jr. Stores, Inc. ST: Florida IN: REA SU: BCY

SS-JB -- FL013 -- 8351 12/18/92 15:44 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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