FOR IMMEDIATE RELEASE               Contact:           Veronica Zsolcsak
                                                       Chief Financial Officer
                                                       617-884-8500

            TOWN & COUNTRY CORP. REACHES AGREEMENT IN PRINCIPLE WITH
                    MAJOR BONDHOLDERS ON RESTRUCTURING PLAN

                            Subsidiaries Not Affected

CHELSEA, MA (Nov. 17, 1997) -- Town & Country Corporation (AMEX: TNC), the
international jewelry manufacturer, today announced that the company has
voluntarily filed a pre-arranged plan to reorganize under Chapter 11 of the
Bankruptcy Code. The filing will take place at the holding company level only
and does not involve the company's operating subsidiaries, Town & Country Fine
Jewelry Group, Essex and Anju, or their relationships with employees, customers
and suppliers.

Town & Country Corporation, the parent company, said its major bondholders have
agreed, in principle, to the terms of a restructuring plan in which almost all
of their debt will be converted into equity. Town & Country Corporation expects
to complete the proceeding in 90 days because it has the support of the largest
bondholders.

"Following intense negotiations, we are very pleased to have reached an
agreement that is in the best interest of our company. This means that we can
continue business as usual with our employees, customers, suppliers and
vendors," said Chairman William Schawbel. "The restructuring plan will enable
Town & Country Corporation to eliminate almost all of our bond debt so that we
can concentrate on building a strong business in a very competitive market."
Further, he said "I am confident that upon completion of the reorganization
process Town & Country Corporation will emerge as one of the most financially
stable companies in the industry."

"The reorganization is the culmination of a year-long strategic restructuring
and turnaround plan that has already achieved significant progress. We have been
able to sell non-core assets and gain close to 99% ownership of our Thai
subsidiary. We have been able to eliminate several layers of management to
simplify decision-making and we have streamlined distribution. In the Fine
Jewelry Group, we have been able to improve our performance with our top
customers through customer teams."

 "Implementing this last piece of the process will provide the necessary capital
that will allow our Fine Jewelry Group to concentrate its efforts on growing and
developing its core business," Schawbel said.

Town & Country Corporation, through its subsidiaries, is an international
manufacturer of fine jewelry, with facilities in Massachusetts, New York, Texas,
Hong Kong and Thailand.