
<PAGE>   1
                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE

                                                   FOR MORE INFORMATION CONTACT:
                                                           PETER VANDENBERG, JR.
                                           PRESIDENT AND CHIEF OPERATING OFFICER
                                                               (973)473-3240 X15

                                                                FEBRUARY 5, 1999





                      BISCAYNE APPAREL FILES FOR PROTECTION
                           UNDER CHAPTER 11 BANKRUPTCY
              AND ANNOUNCES PENDING SALE OF M&L INTERNATIONAL, INC.

CLIFTON, NJ - (February ,1999) Biscayne Apparel, Inc. ("the Company,") or
"BISCAYNE"), (NASDAQ over-the-counter (OTC) bulletin board: BISD) today
announced that it and its subsidiary, M&L International, Inc. ("M&L") filed for
protection under Chapter 11 of the Bankruptcy Code. The Chapter 11 petitions
were filed with the United Sates Bankruptcy Court for the Southern District of
New York.

Concurrent with the Chapter 11 filings, Biscayne announced that M&L has entered
into an Asset Purchase Agreement and an Interim Agreement and Security Agreement
(collectively "the Agreements") with a subsidiary of Amerex (USA) Inc. ("NEWCO")
to purchase a substantial portion of M&L's assets and operations, subject to the
approval of the Bankruptcy Court.

As previously announced, the Company did not make the interest payment due on
December 15, 1998 relating to its 13% Subordinated Notes due December 15, 1999
(the "Subordinated Notes"). Pursuant to the Indenture for the Subordinated
Notes, the Company's non-payment of interest became an Event of Default. Once an
Event of Default occurs and is continuing, the Trustee by notice to the Company,
or the holders of a majority in principal amount of the Securities then
outstanding by notice to the Company and the Trustee, may declare to be due and
payable immediately on all outstanding Subordinated Notes an amount equal to the
sum of the outstanding principal balance of the Subordinated Notes and any
accrued interest. If the Subordinated Notes, and accrued interest thereon, were
accelerated, the Company would not be able to operate without immediate
alternative financing becoming available.

Additionally, the Company has not been in compliance with certain requirements
of its Loan Agreement, relating to collateral coverage and levels of tangible
net worth. The Company's lenders have allowed the Company to remain in violation
of its Loan Agreement. However, a Reservation of Rights and Waiver agreement was
entered into whereby the company's bank lenders agreed to extend credit at their
discretion without waiving any rights that arose upon the events of default.

The Company had discussed its continuing financing needs for 1999 with its
existing lenders and other lenders. Neither existing lenders or any such lenders
agreed to fund such needs or otherwise to provide working capital financing that
would permit the company to operate as it has in the past.

Without immediate financing available for M&L, the company was faced with the
alternative of a sale or liquidation of M&L. If M&L were unable to open letters
of credit on a timely basis, the value of M&L's assets and operations, as a
going concern, would rapidly diminish. Therefore, the company entered into the
agreements, which provide that NEWCO would open letters of credit for M&L and in
turn receive an assignment of related customer order backlog against such goods,
and a second lien on M&L's assets, subordinated to M&L's current bank lenders.
The Agreements are subject to the approval of the Bankruptcy Court.

Therefore, in order to effect an orderly sale of M&L, the Company and M&L filed
for protection under Chapter 11 of the Bankruptcy Code. M&L anticipates that the
net proceeds from finalization of the sale and liquidation of its assets shall
be sufficient to ultimately repay its liabilities, however, such sale is
contingent upon the approval of the Bankruptcy Court and various terms and
conditions within the agreements being satisfied.

Previously, Biscayne announced that it had retain the investment banking arm of
Kurt Salmon Associates, an Atlanta-based consultant to retailers and consumer
products companies, to advise the Company on strategic alternatives. As a result
of this process, the Company determined to dispose of the majority of the assets
of its subsidiaries' Biscayne Apparel International, Inc. ("BAII") and
Mackintosh of New England Co. ("Mackintosh"). The Company is in the process of
finalizing the sale and liquidation of the remaining assets of these
subsidiaries.

This news release contains certain forward-looking statements which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward looking statements involve risks and
uncertainties that could cause actual results to differ materially from these
forward-looking statements. Disposition of some or all of the remaining
operating units and/or assets of the Company may not be completed within the
foreseeable future. All forward-looking statements should be considered in light
of these risks and uncertainties.
