
                                                                    EXHIBIT 12.0

                             APS HOLDING CORPORATION
                    COMPUTATION OF EARNINGS TO FIXED CHARGES
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>
                                              YEAR ENDED     YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED
                                              JANUARY 31,    JANUARY 25,   JANUARY 27,   JANUARY 28,   JANUARY 29,
                                                  1998          1997          1996          1995          1994
                                             ------------   -----------   ------------   -----------   -----------
<S>                                            <C>             <C>           <C>          <C>           <C>    
Earnings (loss) before writedown on 
   available-for-sale securities 
   interest expense and income taxes .......   ($41,066)       $11,213       $30,939      $38,372       $26,144
Portion of operating rents deemed
   representative of an interest factor ....      8,946          9,597         5,745        3,780         2,858
                                               --------        -------       -------      -------       -------

Earnings (loss) before fixed charges .......   ($32,120)       $20,810       $36,684      $42,152       $29,002
                                               ========        =======       =======      =======       =======

Interest expense ...........................   $ 32,590        $27,296       $16,256      $10,500       $22,039
Portion of operating rents deemed
   representative of an interest factor ....      8,946          9,597         5,745        3,780         2,858
                                               --------        -------       -------      -------       -------

Fixed charges ..............................   $ 41,536        $36,893       $22,001      $14,280       $24,897
                                               ========        =======       =======      =======       =======

Earnings to fixed charges (1)...............      --              --             1.7          3.0           1.2
                                               ========        =======       =======      =======       =======
</TABLE>

(1)     Fiscal year 1998 and 1997 earnings are not adequate to cover fixed
        charges. The coverage deficit for fiscal year 1998 and 1997 was 
        $73,656, and $16,083, respectively.

