EXHIBIT 99.1


                                  [LETTERHEAD]


              REGIS CORPORATION TO MERGE WITH SUPERCUTS, INC.
                       INDUSTRY LEADERS TO COMBINE

     MINNEAPOLIS, MN (July 15, 1996) -- In a joint press release, it was 
announced today that Regis Corporation (Nasdaq: RGIS), the largest owner and 
operator of mall-based hair and retail product salons in the world, has 
signed a merger agreement with Supercuts, Inc., (Nasdaq: CUTS), a national 
owner, operator and franchisor of over 1,150 affordable hair care salons, in 
a stock-for-stock merger transaction valued at approximately $150 million.

     Terms of the agreement call for each shareholder of Supercuts to receive 
0.40 shares of Regis common stock, or approximately 4.6 million shares in 
total, representing a fully diluted ownership interest of approximately 19.5 
percent of the combined companies. Based on Regis' closing stock price of 
$33.00 per share on Friday, July 12, 1996, Supercuts shareholders would 
receive value of approximately $13.20 per share. The transaction is intended 
to be accounted for as a pooling-of-interests.

     Paul Finkelstein, President and CEO of Regis Corporation said, "We are 
extremely pleased to announce a strategic merger of this magnitude between 
two salon industry leaders. This transaction provides the platform to 
significantly enhance our future growth opportunities outside the regional 
shopping mall environment."

     Steve Price, President and CEO of Supercuts stated, "This transaction is 
a marriage of great trade names and of complementary salon concepts."

     The transaction is subject to shareholder approval of both companies, 
and is anticipated to be completed in late calendar 1996. Regis expects 
minimal earnings dilution for the balance of the fiscal year ended June 30, 
1997, absent a one-time special charge associated with transaction-related 
costs. The transaction is expected to be accretive to earnings in fiscal 
1998, the first full year of operations for the merged companies.

     Merrill Lynch is serving as financial adviser to Regis Corporation for 
this transaction. Donaldson, Lufkin & Jenrette is representing Supercuts.

     Regis Corporation, based in Minneapolis, currently operates over 1,950 
salons in five divisions: Regis Hairstylists, MasterCuts, Trade Secret, 
Wal-Mart and International. Supercuts, Inc., based in San Francisco, 
currently operates over 500 salons and franchises over 650 salons.


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