FOR IMMEDIATE RELEASE

                         GIANT GROUP, LTD. CLOSES ACQUISITION
                            OF PERISCOPE SPORTSWEAR, INC.


          December 14, 1998 - GIANT GROUP, LTD. (NYSE:GPO) announced today
          the closing of its acquisition of Periscope Sportswear, Inc.
          GIANT issued 953,093 shares of its Common Stock in exchange for
          100% of the outstanding Common Stock of Periscope.

          Periscope provides an extensive line of high-quality women's and
          children's clothing in the moderate price category to major
          retailers, primarily for sale under private labels.  The Company
          achieves attractive profit margins on its knit products by
          controlling all aspects of its production process.  Approximately
          80% of the Company's sales currently consist of knit products. 
          The Company's products are sold nationwide through department and
          specialty store chains including Charming Shoppes (Fashion Bug),
          Cato Stores, and Goody's and through mass merchants including
          Kmart, Montgomery Ward, Sears, Costco and Kohl's.  For the year
          ending December 31, 1998, Periscope expects to achieve net sales
          of approximately $80 million.  In May 1996, Periscope completed
          an $18 million leveraged recapitalization with BankBoston, N.A.
          and BancBoston Ventures, Inc.  The loan was prepaid at closing.

          Burt Sugarman, Chairman and Chief Executive Officer of GIANT
          stated "We are delighted to welcome Periscope and its founder,
          Glenn Sands to the GIANT family.  GIANT has been searching for an
          exciting, growth oriented operating company for over two years. 
          We now feel that our patience has been rewarded.  We are
          impressed with Glenn's ability to grow Periscope's business over
          the course of many years.  We are confident that the combination
          of GIANT's strong financial resources and Periscope's impressive
          track record and reputation in its industry will result in
          superior growth for our shareholders."

          Glenn Sands, who has been in the apparel industry for over 20
          years, said "We are very excited about our combination with GIANT
          GROUP.  GIANT's public company profile, financial resources and
          management skills will substantially accelerate our growth plan. 
          The transaction results in Periscope having virtually no debt and
          will free our people to concentrate on growing the business and
          pursuing select apparel related acquisitions."

          The Private Securities Litigation Reform Act of 1995 provides a
          "Safe Harbor" for forward-looking statements.  Certain
          information included in this press release (as well as
          information included in oral statements or other written
          statements made or to be made by GIANT) contains statements that
          are forward-looking, such as statements relating to plans for
          future activities.  Such forward-looking information involves
          important risks and uncertainties.


          For further information contact:


          Glenn Sands
          President and Chief Executive Officer
          Periscope Sportswear, Inc.
          (212) 382-3660


          Burt Sugarman
          Chairman of the Board and Chief Executive Officer
          GIANT GROUP, LTD.
          (310) 273-5678