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VALUE MERCHANTS, INC. LISTING OF ADDITIONAL SHARES APPROVED BY NEW YORK STOCK EXCHANGE

 MILWAUKEE, July 23 /PRNewswire/ -- Value Merchants, Inc. (NYSE: VMI) announced today that the New York Stock Exchange has accepted the company's application to omit shareholder approval for listing additional shares on the Exchange to be issued upon conversion of its newly created Convertible Notes. Application was made in conjunction with Value Merchants' previously announced offer to exchange up to $8,748,000 of newly issued 9 percent Convertible Subordinated Notes due Aug. 1, 1999, for its outstanding 11 percent Subordinated Notes due Aug. 1, 1999.
 The Exchange Offer would normally require shareholders' approval in accordance with the Shareholders' Approval Policy of the New York Stock Exchange. According to an exception provided in the Exchange's Shareholders' Approval Policy, the audit committee of the company's board of directors has approved the company's action to initiate the Exchange Offer without shareholder approval after determining that the delay caused by securing shareholder approval prior to the completion of the Exchange Offer would seriously jeopardize the financial viability of the company.
 The company is mailing all shareholders a letter notifying them of its intention to issue the Convertible Notes.
 -0- 7/23/93
 /CONTACT: Gary I. Kastel, director of communications, Value Merchants, Inc., 414-274-2976/
 (VMI)


CO: Value Merchants, Inc. ST: Wisconsin IN: REA SU:

KL -- CL014 -- 5319 07/23/93 17:06 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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