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SUNSHINE-JR. STORES REPORTS ON STATUS OF CHAPTER 11 FILING

 PANAMA CITY, Fla., Dec. 22 /PRNewswire/ -- Sunshine-Jr. Stores, Inc. (AMEX: SJS) announced today that it is pleased with the cooperation and support it has received from its suppliers and employees after its Friday, Dec. 18 filing of a voluntary Chapter 11 bankruptcy petition. All of the company's stores have remained open, and the company continues to anticipate operations as usual during its reorganization.
 The company also commented on various public statements made by a prospective investor apparently interested in acquiring majority control of the company.
 The investor has characterized the company's bankruptcy filing as unnecessary. The company reiterated that its bankruptcy filing was unavoidable as a result of, among other things, loss of liquidity and could not have been delayed without severe damage to the company's operations.
 The investor stated his belief that the company's board of directors was unaware of the investor's intentions to inject capital into the company. The company said that the investor has never made any proposal of any type to the company. In fact, the investor has refused the company's invitation to meet with company representatives as well as the company's specific request for a written description of the investor's proposal.
 The investor has stated that the company's board of directors has the power to withdraw the company's bankruptcy petition. The company and its board of directors have no such power without the consent of all of its creditors and the bankruptcy court. Further, the shares intended to be purchased by the investor are not property of the company; the bankruptcy simply does not prevent the sale of the stock to the investor.
 The company regrets the adverse and possibly damaging publicity created by the investor's statements. Nevertheless, consistent with its duties to its creditors, shareholders and other constituencies, the company continues to welcome any reasonable, bona fide proposals from responsible parties that could aide the company in its efforts to reorganize for the benefit of its 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- 12/22/92 R
 /CONTACT: Amy Logan of Sunshine-Jr. Stores, Inc., 904-769-1661/
 (SJS)


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

AW-JJ -- FL017X -- 9485 12/23/92 10:28 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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