EXHIBIT 99.1

BEST PRODUCTS COMMENCES CHAPTER 11 CASE

RICHMOND,  Va.,  September 24, 1996 -- Best Products Co., Inc.  (Nasdaq:  BESTQ)
today  announced  that it has  commenced  a case under  Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court in Richmond, Va.

Daniel H. Levy, Best Products' Chairman and Chief Executive Officer,  said: "The
decision to file was a difficult one. Best Products has been considering all its
alternatives,  including the consideration of a proposed offer of merger made by
Ocean Reef Management,  which was withdrawn.  However,  in the  circumstances of
contracting  credit and the  necessity  to preserve  the value of the assets and
properties of Best Products, it was determined that the overall interests of our
customers,  vendors,  associates and stockholders  required  immediate action be
taken so normal operations may resume as expeditiously as is possible."

"As the case goes  forward,  Best  Products  will  continue to evaluate and take
actions  that serve the best  interests  of all  parties,"  Levy  said.  "In the
interim,  Best  Products  will  continue the process  begun earlier this year of
transforming   its  business   from  a  retail   catalog   showroom  to  a  more
customer-friendly retail format. We believe this action will minimize the impact
to our vendors and associates."

Best Products also  announced it has obtained a Chapter 11  debtor-in-possession
credit facility from CIT Group/Business Credit, Inc., subject to approval by the
bankruptcy  court, in the amount of $250 million with a sublimit of $100 million
for the issuance of letters of credit. The  debtor-in-possession  facility has a
term of 30 months and is unsecured.

Levy  said,  "The  commencement  of the  Chapter  11 was  precipitated  by  Best
Products'  continuing  sales  decline  and  resulting  deterioration  of  vendor
support.  These  factors  disrupted the  transition  to the new format,  and the
process of  stabilizing  the  company  became  increasingly  difficult.  Without
adequate  and  balanced  inventories  for the  important  holiday  season,  Best
Products  would not realize the benefits of the changes being  implemented.  The
CIT  debtor-in-possession  credit  facility will enable Best Products to restore
merchandise  shipments and allow it to take  advantage of the  Christmas  retail
season."

Best Products,  a specialty retailer offering  category-dominant  assortments of
jewelry and home furnishings, operates 169 Best stores in 23 states. The company
also operates 11 Best Jewelry stores and a nationwide mail-order service.

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