<ARTICLE>           5
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-START>                             JAN-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                       1,130,000
<SECURITIES>                                         0
<RECEIVABLES>                                1,477,000
<ALLOWANCES>                                  (976,000)
<INVENTORY>                                  9,028,000
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                         405,000
<DEPRECIATION>                                (332,000)
<TOTAL-ASSETS>                              11,486,000
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                     21,500,000
<COMMON>                                       332,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                  2,000,000
<OTHER-SE>                                 (22,609,000)
<TOTAL-LIABILITY-AND-EQUITY>                11,486,000
<SALES>                                              0
<TOTAL-REVENUES>                               122,000
<CGS>                                                0
<TOTAL-COSTS>                                    6,000
<OTHER-EXPENSES>                               203,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             573,000
<INCOME-PRETAX>                               (660,000)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (660,000)
<EPS-PRIMARY>                                     (.25)
<EPS-DILUTED>                                     (.25)
<FN>
<F1> CURRENT ASSETS AND CURRENT LIABILITIES VALUES ARE ZERO BECAUSE
     OF AN UNCLASSIFIED BALANCE SHEET.