Exhibit 99.1

Gristede's Foods, Inc. Announces $175 Million Offering of Senior Notes

     New York, N.Y., June 18 - Gristede's Foods, Inc. (AMEX: GRI) announced
today that, in connection with its proposed acquisition of Kings Super Markets,
Inc., it is offering $175 million of senior notes due 2012, to be sold through a
Rule 144A offering. If the offering is completed, the net proceeds will be used
to purchase the capital stock of Kings Super Markets, Inc., repay a portion of
Gristede's outstanding indebtedness, pay related fees and expenses of the
offering and for general corporate purposes.

     The notes have not been and will not be registered under the Securities Act
of 1933, as amended (the "Act"), and may not be offered or sold in the United
States absent registration or pursuant to an applicable exemption from the
registration requirements of the Act. The notes will be offered and sold only to
qualified institutional buyers in reliance on Rule 144A of the Act and to
certain persons in offshore transactions in reliance on Regulation S under the
Act. This press release does not constitute an offer to sell or the solicitation
of an offer to buy the notes.

     This news release contains forward-looking statements that involve risks
and uncertainties that may affect the company's business and future operating
results including, but not limited to, economic conditions, governmental
regulations, technological advances, pricing and competition, acceptance by the
marketplace of new products, retention of key personnel, the sufficiency of
financial resources to sustain and expand the company's operations, and other
factors described in the periodic reports that the company files with the
Securities and Exchange Commission. Readers should not place undue reliance on
such forward-looking statements, which speak only as of the date hereof, and
should be aware that, except as may be otherwise legally required of the
company, the company undertakes no obligation to publicly update any such
forward-looking statements to reflect events or circumstances that may arise
after the date hereof.