Craig E. Barnett Joins Bear Stearns As Managing Director in Merchandising Group

Business Wire, June 17, 1997

NEW YORK--(BUSINESS WIRE)--June 17, 1997--Bear, Stearns & Co. Inc. announced today that Craig E. Barnett has joined the firm as a managing director in the Merchandising Group in the Investment Banking Division. Mr. Barnett's position represents an expansion of Bear Stearns' corporate finance coverage of the retail, apparel, and other consumer-related industries.

Mr. Barnett comes to Bear Stearns from The Blackstone Group L.P. where he was a managing director since 1994. At Blackstone, he was a member of the Advisory Committee and worked with Blackstone's advisory, restructuring, and principal investment groups focusing on a broad range of merchandising and consumer-related companies. Previously he was a vice president and director in the Consumer and Mergers and Acquisitions groups with Lehman Brothers in New York and London. Mr. Barnett is a graduate of The Wharton School.

The Merchandising Group assists growth-oriented companies in the retail, apparel, and other consumer-related industries in a range of financing and advisory services. The group is supported by four equity research analysts and two fixed income research analysts, and has participated in a number of significant transactions. Recent transactions include lead managing a $223 million IPO for Planet Hollywood, lead managing a $186 million convertible debt offering for Nine West Group, representing Fay's Inc. in its sale to JC Penney, and, most recently, representing HFS in its approximately $11 billion merger with CUC International.

Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm, is the major subsidiary of The Bear Stearns Companies Inc. (NYSE: BSC). With approximately $10.6 billion in total capital, Bear Stearns serves governments, corporations, institutions, and individuals worldwide. The company's business also includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, correspondent clearing, securities lending, and custody services. Headquartered in New York City, the company has over 8,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva, Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore, and Tokyo.

CONTACT: Mary Flounders Green (212) 272-4356

Christine Illes (212) 272-4395