January 24, 1997 Mr. Steven E. Glass 1720 Post Road East Westport, Connecticut 06880 Dear Steven: This will confirm our agreement that effective immediately, all of the options to purchase Common Stock of Specialty Retail Group, Inc. granted pursuant...

                                                                    EXHIBIT 10.4

                          SPECIALTY RETAIL GROUP, INC.
                               0000 Xxxx Xxxx Xxxx
                           Xxxxxxxx, Xxxxxxxxxxx 00000


                                January 24, 1997

Xx. Xxxxxx X. Xxxxx
0000 Xxxx Xxxx Xxxx
Xxxxxxxx, Xxxxxxxxxxx 00000

Dear Xxxxxx:

            This will confirm our agreement that effective immediately, all of
the options to purchase Common Stock of Specialty Retail Group, Inc. granted
pursuant to your employment agreement dated April 1, 1996 and your prior
consulting agreement held by you are terminated and with no further force and
effect.

            Kindly indicate your agreement to the foregoing by countersigning
the enclosed copy of this letter.

                                    Very truly yours,

                                    SPECIALTY RETAIL GROUP, INC.


                              By:   /s/ XXXXX X. XXXXXX
                                    --------------------------------------------
                                    Xxxxx X. Xxxxxx, Authorized Signatory

ACCEPTED AND AGREED:


/s/ XXXXXX X. XXXXX
------------------------------
Xxxxxx X. Xxxxx