EXHIBIT 99.3

BEST PRODUCTS TO CLOSE 81 STORES

RICHMOND,  Va., October 7, 1996 -- Best Products Co., Inc. (Nasdaq: BESTQ) today
announced  plans  to  close  81 of its 169  Best  stores  and  three of its four
distribution  centers during the next several  months.  The affected  stores are
located  throughout the country,  with a significant  number of closings  taking
place in Texas, Colorado, Oregon, California and Washington state.

Best Chairman and Chief  Executive  Officer Daniel H. Levy said, "We regret that
many dedicated  associates who have worked diligently on behalf of Best Products
are affected by this decision.  However,  we have carefully studied our business
and we do not believe  these  locations  will  contribute  significantly  to the
company's future profitability."

Levy said the company has  decided to close a  substantial  number of stores now
rather than closing stores in stages.  "We believe it's in the best interests of
the  company  and its  associates  to  finalize  closing  plans  now and  remove
questions about which locations will continue to operate."

The closing  announcement follows Best Products' filing for Chapter 11 under the
United States Bankruptcy Code September 24.

The company said it expects  "going-out-of-business" sales will begin at closing
stores during the second half of October and end in late  December.  About 2,000
full-time employees and 2,500 part-time  employees will be affected.  Each store
employs about 25 full-time  and 30 part-time  employees.  Best Products  employs
about 5,500 employees in its other operations.

These stores will be closing:

Arizona:          Tucson (East), Tucson (West) and Yuma
California:       Anaheim,   Campbell,   Cerritos,   La  Mesa,   Mission  Viejo,
                  Montclair,  Mountain  View,  Northridge,   Oceanside,  Pinole,
                  Pleasant Hill, Pleasanton,  Riverside, Sacramento (South), San
                  Bernardino,  San  Jose,  San  Leandro,  Santa  Ana,  Stockton,
                  Thousand Oaks, Torrance, Ventura, Westminster and West Covina
Colorado:         Aurora, Boulder, Denver (Southwest),  Fort Collins,  Lakewood,
                  Littleton and Westminster
Idaho:            Lewiston
Michigan:         Kentwood and Wyoming
Montana:          Great Falls and Missoula
Nevada:           Henderson and Las Vegas
New Jersey:       Cherry Hill, Eatontown and Mays Landing
N. Mexico:        Farmington
N. Carolina       Raleigh
N. Dakota         Bismarck and Grand Forks
Ohio:             Sandusky
Oregon:           Beaverton, Eugene, Gresham, Milwaukie, Salem and Tannasbourne
Penn.:            Springfield
S. Dakota:        Rapid City and Sioux Falls
Texas:            Amarillo,  Austin, Corpus Christi, El Paso, Killeen,  Lubbock,
                  San Antonio (North) and San Antonio (West)
Virginia:         Springfield
Wash.:            Bellevue, Bellingham, Everett, Federal Way, Lynnwood, Olympia,
                  Puyallup,   Silverdale,   Spokane,   Spokane  Valley,  Tacoma,
                  Tri-Cities and Tukwila
Wyoming:          Cheyenne

The  distribution  centers being closed  include two contract  operations in the
Denver,  Colo. and Seattle,  Wash. markets and a company-owned  operation in Las
Vegas, Nev. About 75 employees work in those facilities.

Best Products,  a specialty retailer offering  category-dominant  assortments of
jewelry  and home  furnishings,  now  operates  169 Best  stores  in 23  states.
Following the  closings,  Best Products will continue to operate 88 stores in 17
states.

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