Exhibit 99.1



                          GIANT GROUP, LTD. WITHDRAWS
                        EXCHANGE OFFER FOR RALLY'S STOCK



Beverly Hills, California-April 22, 1996-GIANT GROUP, LTD. (GPO-NYSE) announced
today that, at the request of the Board of Directors of RALLY'S HAMBURGERS, INC.
(RLLY-NASDAQ), GIANT has withdrawn its previously announced exchange offer to
acquire additional shares of RALLY'S.  GIANT presently owns approximately 47% of
RALLY'S common stock.

     BURT SUGARMAN, GIANT'S Chairman and Chief Executive Officer, said:  "We
continue to be committed to a turnaround by RALLY'S.  We have great confidence
in DON DOYLE, RALLY'S new Chief Executive Officer, and believe that under his
leadership, RALLY'S will continue to make progress toward recovery.  As RALLY'S
largest stockholder, GIANT is supportive of management's efforts and the
judgment of RALLY'S Board of Directors that RALLY'S long range interests will be
best served by having a wider dispersion of its stock.  GIANT intends to work
closely with RALLY'S to explore ways to strengthen RALLY'S."

For further information contact:  Terry Christensen at (310) 553-3000.