Main Street and Main Inc. announces appointment of John F. Antioco as new chairman of the board

Business Wire, August 9, 1996

PHOENIX, Ariz.--(BUSINESS WIRE)--Aug. 9, 1996--Main Street and Main Incorporated (Nasdaq NM Symbol: MAIN), the nation's largest franchisee of T.G.I. Friday's(R) restaurants, today announced that effective immediately, John F. Antioco, a current director, has become Chairman of the Board of Main Street and Main Incorporated (Main Street).

Antioco will succeed Steven Sherman, who is resigning as Chairman to devote his time to various interests in the telecommunications industry.

Sherman stated, "Today marks a momentous beginning for Main Street and Main. I am excited to announce that John Antioco will succeed me as Chairman. I am confident he will successfully lead the company and feel strongly that John's energy and knowledge of the retail industry will benefit the company's employees and shareholders."

Antioco was appointed as a member of the Board of Main Street in January 1996. Joe Panter will remain President and Chief Executive Officer and will work closely with Antioco. The company noted, that in conjunction with his acceptance of the Chairmanship, Antioco is planning to purchase 500,000 shares of Main Street and Main stock from the company. He also may purchase additional shares through private transactions or in the open market. Antioco is receiving options for 800,000 additional shares at prices ranging from approximately $2.00 to $5.00.

Antioco was previously Chairman and Chief Executive Officer of Circle K Corporation, the largest operator of company-owned convenience stores in the United States. Antioco joined Circle K in September 1991 while it was in bankruptcy. He is largely credited with turning Circle K around through the bankruptcy process and its initial public offering in March 1995. In May 1996, Antioco completed the sale of Circle K to Tosco Corporation (NYSE: TOS). Previously, Antioco served as Chief Operating Officer of Pearl Vision Centers, and Senior Vice President of Store Operations for The Southland Corporation (NASDAQ: SLCM), which conducts business principally under the name "7- Eleven."

Antioco stated, "As the largest franchisee of T.G.I. Friday's and a significant player in the casual dining segment, I believe Main Street's core business provides a terrific platform on which to grow. We will be aggressively exploring ways to maximize the potential of this platform inside our industry segment and in the broader food service arena."

Panter, president of Main Street, further stated, "With great excitement, we announce that John is taking an more active role in Main Street. As we have witnessed since working with him since January, he has extensive hands-on managing experience and possesses a wealth of multi-unit retail operating knowledge. We believe his experience and knowledge will be invaluable to Main Street as we pursue our objectives."

The company is in the process of evaluating its nonstrategic assets and some of its underperforming core assets which could result in a valuation adjustment and/or the filing of an extension on release of second quarter results.

Main Street and Main Incorporated is the world's largest T.G.I. Friday's franchisee, operating 42 T.G.I. Friday's restaurants and one Front Row(R) Sports Grill in the western United States.

CONTACT: Main Street and Main Inc., Phoenix

Mark Walker, VP, Finance, 602/852-9000

or

Lippert/Heilshorn & Associates Inc., New York

Richard Foote, Jeffrey Volk, 212/838-3777

E-Mail: Rick@SMTP.LHAI.COM