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SUNSHINE-JR. STORES REPORTS $7 MILLION ADJUSTMENT TO 1992 EARNINGS

 PANAMA CITY, Fla., June 21 /PRNewswire/ -- Sunshine-Jr. Stores, Inc. (AMEX: SJS) announced today that it expects to report pre-tax one time bankruptcy restructuring adjustments and other adjustments of approximately $7 million to its 1992 results of operations. The other adjustments include an accrual of anticipated environmental cleanup and compliance costs, an increase in the workers' compensation reserve and accrual of anticipated costs associated with store closings. After these adjustments, the company expects to report a 1992 net loss of approximately $7,500,000 or $4.41 per share. The company previously announced that it expected to report a $562,000 1992 net loss, subject to adjustment in connection with its year-end audit.
 The company also announced that it still expects to complete and file its audited 1992 financial statements and 1992 Annual Report on Form 10-K with the Securities and Exchange Commission by approximately June 30, 1993.
 Due to the company's history of losses and Chapter 11 filing, the company no longer meets the minimum requirements for continued listing on the American Stock Exchange, and no assurances can be given that the company's listing on the Exchange will be continued.
 Sunshine-Jr. Stores, Inc. operates, as debtor-in-possession, approximately 276 convenience stores located in Florida, Alabama, Mississippi, Georgia and Louisiana and four supermarkets in and around Panama City, Fla.
 -0- 6/21/93
 /CONTACT: Scott Coffman of Sunshine-Jr. Stores, Inc., 904-769-1661/
 (SJS)


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

AW-RC -- FL003 -- 4023 06/21/93 11:56 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
Words:248
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