PAY 'N PAK <PNP> TO EXPLORE ITS ALTERNATIVES
Pay 'N Pak Stores Inc said it
intends to explore all alternatives for the purpose of
maximizing its value to stockholders.
    The company said it also retained Salomon Brothers Inc as
its financial advisor to assist it in this regard.
    Last week investor Paul Bilzerian reported that he holds a
7.2 pct stake in Pay 'N Pak and is considering seeking control
of the retail building materials firm.
    In a filing with the Securities and Exchange Commission
Bilzerian said he and a Tampa, Fla., investment firm he
controls called Bicoastal Financial Corp, may acquire
additional Pay 'N Pak shares, or they may seek to acquire one
or more positions on the company's board.
    He also said in the filing that he may attempt to obtain  a
controlling interest through a tender offer or otherwise.
 Reuter
