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                                                                    EXHIBIT 12.2


                   TOWN & COUNTRY CORPORATION AND SUBSIDIARIES

 
                                   HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES,
                                EXCHANGEABLE PREFERRED STOCK DIVIDENDS AND ACCRETION
                                     AND CONVERTIBLE PREFERRED STOCK DIVIDENDS


                                                                  Historical
                                                                  ----------

                                                   Fiscal Year Ended       Three Months Ended
                                                   February 25, 1996          May 26, 1996
                                                       (Unaudited)            (Unaudited)
                                                   -----------------       ------------------

                                                                              
Fixed charges:
Interest expense (including amortization of
    debt discount and expense)..................        $ 13,154                $ 3,159
Interest element of rental expense..............             640                    183
                                                        --------                -------
Total fixed charges.............................          13,794                  3,342

Dividends on Convertible Preferred Stock........              --                     --    
Accretion of discount and dividends on                                       
    Exchangeable Preferred Stock................           1,040                    223
                                                        --------                -------
Total fixed charges and preferred stock                                      
    accretion of discount and dividends.........        $ 14,834                $ 3,565
                                                        ========                =======
Earnings:                                                                    
Net loss attributable to common stockholders....        $ (2,906)               $(2,078)
Provision for income taxes......................             164                     80
Fixed charges and preferred stock dividends.....          14,834                  3,565
                                                        --------                -------
    Total                                               $ 12,092                $ 1,567
                                                        ========                =======
                                                                             
Ratio of total earnings to fixed charges and 
    preferred stock dividends(1)................             .82x                   .44x
                                                                             
<FN>                                                                         
- ---------------                                                     

(1)  Calculated by dividing total earnings by total fixed charges and preferred
     stock accretion of discount and dividends for the period. For the year
     ended February 25, 1996, the Company's earnings before fixed charges and
     preferred stock accretion of discount and dividends were insufficient to
     cover fixed charges by approximately $2.7 million. For the three months
     ended May 26, 1996, the Company's earnings before fixed charges and
     preferred stock accretion of discount and dividends were insufficient to
     cover fixed charges by approximately $2 million. The Company assumed no tax
     provision on the preferred stock dividends.