Contractors' Warehouse President resigns; Grossman's President & COO to assume responsibility as existing executive search continues

Business Wire, Dec 3, 1996

CANTON, Mass.--(BUSINESS WIRE)--Dec. 3, 1996--The president of Grossman's Inc.'s (Nasdaq-GROS) Contractors' Warehouse division, David T. Krawczyk, resigned Monday to accept another position.

Robert K. Swanson, chairman and chief executive officer, said Grossman's Inc. president and chief operating officer, Stanley G. Berman, will assume interim responsibilities for day-to-day operations of Contractors' Warehouse while an existing executive search continues for future management.

Swanson said a number of current Grossman's executives are under consideration, as well as outsiders.

Krawczyk began his career with Grossman's on the east coast and, after holding several positions, became president of Contractors' Warehouse in 1993.

Grossman's Inc. operates 42 retail stores - 16 Contractors' Warehouse facilities in California, Indiana, Kentucky, Nevada and Ohio, and 26 Mr. 2nd's Bargain Outlets in Massachusetts, New York and Rhode Island.

Contractors' Warehouse stores cater to area remodelers, independent contractors, homebuilders and other professionals. These stores, which range in size from 80,000 to 110,000 square feet, provide value-added specialized services, including 40,000 to 55,000 square foot covered drive-thru lumber yards; multiple grades, sizes and quantities of lumber and building materials; special order showrooms, computer estimating services, preparation of material lists and prices from blueprints, quick bid job quotes, professional tool rental, specialized delivery services, early opening hours and architectural services at some locations.

Mr. 2nd's Bargain Outlet stores cater to do-it-yourself and professional customers who seek cost effective alternatives to traditional home improvement centers. These stores offer steep discount pricing on close-outs, seconds and over-stocks in a broad range of building materials, building-related merchandise and non- repeat merchandise in limited quantities.

Grossman's Inc. press releases and public filings can be accessed on the Internet through Business Wire's Home Page: http://www.businesswire.com/cnn/gros.htm

Mr. 2nd's Bargain Outlet maintains a web site for product information, store locations and feedback: http://www.bargain-outlets.com

CONTACT: Robert K. Swanson

(617) 830-4471

OR

Michael J. Shea

(617) 830-4255

OR

Steven L. Shapiro

(617) 830-4020

Joanne Ralston

Joanne Ralston & Associates

(602) 951-9200