EXHIBIT 10.13

                                    RELEASE


     FOR VALUE RECEIVED, each of the undersigned, PERISCOPE SPORTSWEAR, INC.,
("Periscope"), GIANT GROUP, LTD. ("Giant") together with their respective
successors, assigns, executors and administrators (collectively, the
"Releasors") hereby release, acquit and forever discharge CENTURY BUSINESS
CREDIT CORPORATION, as well as its successors, assigns, directors, officers,
agents, servants and employees, past and present, and each of them
(collectively, "Releasee"), from any and all claims, demands, liens, agreements,
contracts, covenants, actions, suits, causes of action, obligations,
controversies, debts, costs, expenses, damages, judgments, orders and
liabilities of whatever kind or nature in law, equity or otherwise, which
against the Releasee, any Releasor, ever had, now has or hereafter can, shall or
may have, for, upon, or by reason of or in respect of any matter, cause or thing
whatsoever relating to the transactions contemplated by the Factoring Agreement
dated as of August 10, 1999 between Releasee and Periscope (as amended,
restated, supplemented and modified from time to time) and (b) the Limited
Guaranty dated August 9, 1999 made by Giant in favor of Releasee (as amended,
restated, supplemented and modified from time to time), from the beginning of
the world to the day of the date of this Release.

     This Release is not intended to be and shall not be deemed, construed or
treated in any respect as an admission of liability by any person or entity for
any purpose.

     This Release may not be changed orally.

     IN WITNESS WHEREOF, the Releasors have executed this Release on the 31st
day of October, 2000.

                                    PERISCOPE SPORTSWEAR, INC.


                                    By: /s/ RAY KUSLANSKY
                                       ------------------------------
                                    Title: Vice President
                                          ---------------------------


                                    GIANT GROUP, LTD.


                                    By: /s/ DAVID GOTTERER
                                       ------------------------------
                                    Title: Vice Chairman
                                          ---------------------------


STATE OF NEW YORK   )
                    ) ss.:
COUNTY OF NEW YORK  )


          On this 31 day of October, 2000, before me personally came Ray
Kuslansky to me known, who, being by me duly sworn, did depose and say that he
is the Vice President of PERISCOPE SPORTSWEAR, INC., the entity described in and
which executed the foregoing instrument and that he is authorized to execute
said instrument on behalf thereof.

                                               /s/ LOUKIA HARRIS
                                         ------------------------------
                                                  NOTARY PUBLIC


STATE OF NEW YORK   )
                    ) ss.:
COUNTY OF NEW YORK  )


     On this 31 day of October, 2000, before me personally came David Gotterer,
to me known, who, being by me duly sworn, did depose and say that he is the Vice
Chairman of GIANT GROUP, LTD., the corporation described in and which executed
the foregoing instrument and that he is authorized to execute said instrument on
behalf of said corporation.

                                             /s/ LOUKIA HARRIS
                                         --------------------------
                                                Notary Public