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WAREHOUSE CLUB ANNOUNCES COMPLETION OF RIGHTS OFFERING

 WAREHOUSE CLUB ANNOUNCES COMPLETION OF RIGHTS OFFERING
 CHICAGO, Dec. 2 /PRNewswire/ -- Warehouse Club, Inc. (NASDAQ: WCLB),


the Chicago-headquartered wholesale cash-and-carry merchandiser, announced today the successful completion of its rights offering which had commenced on Oct. 23, 1991.
 The company has received subscriptions for 21,250,000 units, including approximately 7.4 million units subscribed to by the company's majority shareholder in excess of his pro rata share of the offering. The company will distribute one common share, along with one warrant to purchase one additional share at any time prior to Nov. 13, 1994. The company anticipates distribution of the certificates in the next two weeks.
 The $8.5 million in proceeds raised through the rights offering will be used to implement the company's business plan developed earlier this calendar year. A substantial majority of the proceeds will be used to increase inventory levels in order to improve the company's in-stock position and to support increased sales volumes. The company's major lenders have agreed to extend the term of loan agreements and, in some cases, to defer principal amortization and to reduce interest rates as a result of the company raising the additional equity through the rights offering.
 Warehouse Club, Inc. operates a chain of 10 wholesale cash-and-carry members-only warehouse stores selling high-quality merchandise at wholesale or near-wholesale prices. The company's stores are located in metropolitan areas in the upper Midwestern United States. The company's customers are comprised of businesses that purchase items for commercial use or resale and selected groups of individual retail customers.
 -0- 12/2/91
 /CONTACT: Steven J. Zabel of Warehouse Club, 708-679-6800/
 (WCLB) CO: Warehouse Club, Inc. ST: Illinois IN: REA SU: OFR


CK -- NY055 -- 8407 12/02/91 13:54 EST
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Publication:PR Newswire
Date:Dec 2, 1991
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