Document:

<PAGE>
                                                                   EXHIBIT 10.14

                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is made on December 1, 2002,
between Frank's Nursery & Crafts, Inc., a Delaware corporation (the "Company"),
and Mr. John Heidt ("Employee").

                                     RECITAL

         A. The Company is engaged in the operation of retail stores that sell
lawn and garden products, Christmas trim-a-tree merchandise, artificial flowers
and arrangements, garden and floral crafts and home decorative products (the
"Business").

         B. Employee has been, and the Company wishes to continue to employ
Employee as, the Vice President, Store Operations of the Company, pursuant to
the terms of this Agreement. Employees desires to be employed by the Company in
that position.

         Therefore, the parties agree as follows:

1. DUTIES AND NATURE OF EMPLOYMENT. During the Employment Term (as defined in
Section 2.1 below), Employee shall, in accordance with this Agreement, be
employed by the Company as its Vice President, Store Operations and devote his
full working time, attention and best efforts to the business of the Company.
During the Employment Term, Employee shall comply with all of the Company's
corporate policies.

2. TERM.

         2.1 Employment Term. The term of Employee's employment under this
Agreement (the "Employment Term") began on December 1, 2002 and shall continue
for two years or until earlier terminated in accordance with Section 2.2 of this
Agreement. Notwithstanding the termination of the Employment Term pursuant to
Section 2.2 below, Employee's obligations under Sections 6 and 7 shall,
according to their terms, survive any termination of Employee's employment and
Employee and the Company shall in all events be bound by and comply with the
provisions of such applicable Sections at all times after such termination.

         2.2 Termination of Employment Term. The Employment Term shall terminate
prior to its expiration upon the earliest to occur of the following:

         (a) the death of Employee, effective as of the date of death;

         (b) the substantial disability of Employee, as determined by a
competent medical doctor selected by the Company, for a period of 90 days;

         (c) without "Cause", as defined below, upon written notice to Employee
by the Company, effective as of the date of such notice;

<PAGE>

         (d) with "Cause" (defined as gross insubordination, intentional neglect
of principal duties, commission of a felony or breach of duty of loyalty in
connection with his activities relating to the Company), upon written notice to
Employee by the Company, effective as of the date of such notice; or

         (e) upon 45 days prior written notice to the Company by Employee.

         2.3 At Will Employment. While Employee shall have certain rights upon
the termination of his employment, Employee's employment hereunder shall be
terminable at will, with or without Cause, at any time, and Employee shall have
no right to continued employment hereunder.

3. COMPENSATION OF EMPLOYEE. As full compensation for the services to be
rendered by Employee pursuant to this Agreement, the Company shall pay Employee,
during the Employment Term, the following:

         (a) An annual salary of $190,000, payable in arrears, semi-monthly or
otherwise in accordance with the Company's regular payroll procedures. Employee
will be eligible for an annual salary increase on or about April 1 of each year
based on individual performance and in accordance with the Company's typical
compensation practices for executives;

         (b) Employee will be eligible to earn an annual bonus, based upon the
Company's financial performance and upon the Company's evaluation of Employee's
performance of operating objectives determined by the Company. The target bonus
amount shall be not less than 35% of base salary for each of fiscal year 2003
and 2004; and

         (c) Employee will be eligible for annual stock option grants, based
upon the determination of the Board of Directors of the Company (or an
appropriate committee thereof) to award annual grants to executives and upon the
Company's evaluation of Employee's performance.

4. FRINGE BENEFITS. Employee shall be entitled, during the Employment Term, to
receive those benefits generally provided to other executive employees of the
Company from time to time. Employee shall also be entitled, during the
Employment Term, to continue to receive the automobile benefits provided to
Employee on the date of this Agreement.

5. PAYMENTS UPON CERTAIN TERMINATIONS.

         5.1 Termination of Employment.

         (a) If the Employment Term terminates for any reason whatsoever,
Employee (or, if applicable, his legal representative) shall be entitled to
receive (i) the pro rata portion of Employee's earned but unpaid salary under
Section 3(a) above through the date of termination and (ii) any unpaid annual
bonus earned with respect to any fiscal year completed on or prior to the date
of termination.

                                       2

<PAGE>

         (b) If the Employment Term terminates pursuant to Section 2.2(c) above,
then Employee shall be entitled to receive his annual base salary, as and when
it would otherwise have been payable to him, for the longer of (i) one year from
the date of termination of the Employment Term or (ii) until November 30, 2004.
Nothing in this Section 5.1(b) shall limit the Company's right to terminate the
Employment Term under any other subsection of Section 2.2, and discontinue its
obligations under this Section 5.1(b), even after the Company's termination of
the Employment Term under Section 2.2(c), if the Company learns of facts or
circumstances that would make termination under a Section other than Section
2.2(c) appropriate. Employee shall be entitled to purchase health insurance
through the Company in accordance with, and for as long as provided by, COBRA.
During the shorter of (I) or the term which Employee receives his annual base
salary pursuant to the first sentence of this Section 5.1(b) and (II) the period
during which Employee is entitled to purchase health insurance through the
Company under COBRA, the Company shall pay Employee an amount equal to his cost
of such health insurance at the same time Employee's payments for such health
insurance are due to the Company; provided, that if Employee obtains employment
with a third party during the period in which Employee is entitled to be paid
the cost of his health insurance pursuant to this Section, and Employee is
eligible to obtain health insurance through such third party, then the Company
shall no longer be obligated to pay Employee the cost of his health insurance
pursuant to this Section.

         5.2 Limitation of Termination Payments and Withholding of Taxes. Except
as set forth in this Agreement, the termination payments described in this
Section 5 shall be in lieu of any termination or severance payments required by
Company policy or applicable law (including unemployment compensation) and shall
constitute Employee's exclusive rights and remedies with respect to termination
of his employment with the Company, other than rights or remedies that Employee
or his estate may have under the Company's employee benefit plans. The Company
may withhold from any payments under this Section 5 all applicable federal,
state, city or other taxes required by applicable law to be so withheld.

6. CONFIDENTIALITY AND NON-COMPETITION.

         6.1 Confidential Information.

         (a) Employee shall not, except as required by his duties to the
Company, as authorized by the Board of Directors of the Company or as required
by law, at any time during or after the termination of his employment with the
Company, directly or indirectly use, publish, disseminate, distribute or
otherwise disclose any Confidential Information (as defined below). Employee
shall keep all Confidential Information in trust for the use and benefit of the
Company. Employee shall take all reasonable steps necessary or reasonably
requested by the Company to ensure that all Confidential Information is kept
confidential for the sole use and benefit of the Company.

         (b) Upon termination of his employment by the Company or at any other
time the Company may so request, Employee shall promptly deliver to the Company
all materials constituting Confidential Information (including all copies) that
are in his possession or under his control and Employee shall not make or retain
any copy of or extract from such materials.

                                       3

<PAGE>

         (c) For purposes of this Section 6.1, "Confidential Information" means
any proprietary or confidential information of or relating to the Company that
is not generally known in any industry in which the Company is or may become
engaged and which is material to the Company. Employee acknowledges that the
Confidential Information of the Company is valuable, special and unique to the
business of the Company and on which such business depends, and is proprietary
to the Company, and that the Company wishes to protect such Confidential
Information by keeping it secret and confidential for the sole use and benefit
of the Company.

         6.2 Non-Competition. During the longer of (i) the period through
November 30, 2004, and (ii) the period through the date one year after the
termination of the Employment Term, Employee shall not, either directly or
indirectly, through any person or entity:

         (a) Hire any person who is then employed by, is a consultant to or is
an agent of the Company or who was employed by, a consultant to or an agent of
the Company at any time during the three months prior to such date, or
encourage, induce or attempt to induce, or aid, assist or abet any other party
or person in encouraging, inducing or attempting to induce, any such employee,
consultant or agent to alter or terminate his or her employment, consultation or
agency with the Company.

         (b) Take any action intended to, or which otherwise does, interfere
with the Company's relationship with any supplier, vendor, lender, shareholder
or other party.

         (c) Be engaged by, consult with, or invest in, any person or entity
doing business in any state in which the Company does business, the principal
business of which is the sale of lawn and garden and/or Christmas merchandise,
except that Employee may own stock in a corporation which may be engaged
principally in the sale of lawn and garden and/or Christmas merchandise, whose
shares are listed for trading on a national or regional stock exchange or trade
on the over-the-counter market, provided that Employee owns, in the aggregate,
fewer than 2% of the issued and outstanding shares of such corporation.

7. REMEDIES.

         7.1 Injunctive Relief. The covenants and obligations contained in
Sections 6.1 and 6.2 above relate to matters which are of a special, unique and
extraordinary character and a violation of any of the terms of such Sections
shall cause irreparable injury to the Company, the amount of which shall be
difficult if not impossible to estimate or determine and which cannot be
adequately compensated. Therefore, the Company shall be entitled to an
injunction, restraining order or other equitable relief from any court of
competent jurisdiction, restraining any violation or threatened violation of any
of such terms by Employee and such other persons as the court orders.

         7.2 Cumulative Rights and Remedies. Rights and remedies provided by
Section 7.1 above are cumulative and are in addition to any other rights and
remedies the Company may have at law or equity.

                                       4

<PAGE>

8. MISCELLANEOUS.

         8.1 Headings. The descriptive headings of the Sections of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

         8.2 Notices. Any notices or other communications required or permitted
hereunder shall be sufficiently given if sent by certified or registered mail,
postage prepaid, addressed to the Company at its principal executive offices,
with a copy to Donald J. Kunz, Honigman Miller Schwartz and Cohn LLP, 2290 First
National Building, 660 Woodward Avenue, Detroit, Michigan 48226, or to Employee
at his address as shown in the Company's records. Any such notice or
communication shall be deemed to have been given as of the date so mailed.

         8.3 Assignment. Employee may not assign, transfer or delegate his
rights or obligations under this Agreement and any attempt to do so shall be
void. Upon any assignment of this Agreement by the Company, the Company shall
obtain the written acknowledgement of the assignee or successor that such party
is bound by this Agreement. This Agreement is binding on and inures to the
benefit of the parties, their successors and assigns and the executors,
administrators and other legal representatives of Employee.

         8.4 Counterparts. This Agreement may be signed in counterparts.

         8.5 Governing Law. This Agreement and any dispute relating to or
arising out of the matters covered by this Agreement shall be governed by the
laws of the State of Michigan (regardless of the laws that might be applicable
under principles of conflicts of law) as to all matters (including validity,
construction, effect and performance). Each party hereto consents to, and shall
submit to, the jurisdiction of the courts of the State of Michigan and of any
Federal court whose district includes Troy, Michigan, which shall have exclusive
jurisdiction with respect to any action or proceeding, and process in any such
action or proceeding may be served in the manner provided by Michigan law for
service on foreign corporations or persons.

         8.6 Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void, unenforceable or against its regulatory policy, the
remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated.

         8.7 Entire Agreement. This Agreement constitutes the entire Agreement,
and supersedes all prior agreements and understandings, written or oral, among
the parties with respect to the subject matter of this Agreement. This Agreement
may not be amended or modified except by agreement in writing, signed by the
party against whom enforcement of any waiver, amendment, modification or
discharge is sought.

                                       5

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been signed on the date first
written above.

                                             Frank's Nursery & Crafts, Inc.,
                                             a Delaware corporation

                                             By:  /s/ Keith A. Oreson
                                                --------------------------------

                                             Its:  VP HR
                                                 -------------------------------

                                               /s/ John Heidt
                                             -----------------------------------
                                                      John Heidt

                                       6<PAGE>
                                                                   EXHIBIT 10.15

                          WAIVER AND AMENDMENT NO. 2 TO
                           LOAN AND SECURITY AGREEMENT

                  This Amendment No. 2 ("Amendment No. 2") is dated as of the
10th day of February, 2003 and is by and among Congress Financial Corporation
(Central), as Agent (the "Agent") for the lenders from time to time party to the
Loan Agreement (as defined below) (the "Lenders") and as a Lender, Standard
Federal Bank National Association, as a Lender, and Frank's Nursery & Crafts,
Inc. ("Borrower").

                              W I T N E S S E T H:

                  WHEREAS, Agent, Lenders and Borrower are parties to that
certain Loan and Security Agreement, dated as of May 20, 2002, as amended (the
"Loan Agreement"; all capitalized terms used herein, unless otherwise defined
herein, shall have the meanings ascribed to them in the Loan Agreement),
pursuant to which Lenders agreed to provide certain loans and other financial
accommodations to Borrower;

                  WHEREAS, Borrower has notified Agent that Borrower is in
violation of (i) Section 9.18(a) of the Loan Agreement for the period ending on
the last day of the thirteenth Accounting Period of the fiscal year of Borrower
ending in 2003 and (ii) Section 9.18(b) of the Loan Agreement for the twelfth
and thirteenth Accounting Periods of the fiscal year of Borrower ending in 2003,
in each case resulting in an Event of Default under Section 10.1(a) of the Loan
Agreement (the "Existing Defaults"); and

                  WHEREAS, Borrower has requested that Agent and Lenders waive
the Existing Defaults, and Agent and Lenders have agreed to do so subject to the
terms and conditions contained herein;

                  WHEREAS, Borrower, Agent and Lenders have also agreed to amend
the Loan Agreement in certain respects;

                  NOW, THEREFORE, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

                  1. Waiver. In reliance upon the representations and warranties
of the Borrower set forth in Section 4 below, and subject to the satisfaction of
the conditions set forth in Section 5 below, Agent and Lenders hereby waive the
Existing Defaults. Except as set forth hereinabove, the foregoing waiver shall
not constitute (a) a modification or alteration of the terms, conditions or
covenants of the Loan Agreement or any other Financing Agreement, (b) a waiver
of any other breach of, or any other Event of Default under, the Loan Agreement
or any other Financing Agreement (including, without limitation, a breach of
Section 9.18 of the Loan Agreement for any Accounting Period ending after the
thirteenth Accounting Period of the fiscal year ending in 2003), or (c) a
waiver, release or limitation upon the exercise by the Agent or any Lender of
any of its rights, legal or

<PAGE>

equitable, under the Loan Agreement, the other Financing Agreements and
applicable law, all of which are hereby reserved.

                  2. Amendment to Loan Agreement. The Loan Agreement is hereby
amended as follows:

                  (a) Section 1.10 of the Loan Agreement is amended to replace
the chart set forth therein with the following:

<TABLE>
<CAPTION>
                                                  Applicable         Applicable
                     Monthly Average                Prime            Eurodollar        Applicable       Applicable
                   Excess Availability           Rate Margin         Rate Margin        L/C Rate         B/A Rate
                   -------------------           -----------         -----------        --------         --------
<S>           <C>                                <C>                 <C>               <C>             <C>
    (a)       $25,000,000 or more                   0.25%               2.75%             2.00%           2.00%

    (b)       Greater than or equal to              0.75%               3.25%             2.50%           2.50%
              $14,000,000 and less than
              $25,000,000

    (c)       Less than $14,000,000                 0.75%               3.50%             2.75%           2.75%
</TABLE>

                  (b) Section 9.18 of the Loan Agreement is amended and restated
in its entirety as follows:

                  9.18 Financial Covenants

                  At any time either (i) the sum of Excess Availability plus the
         amount of Cash Equivalents maintained in Borrower's account at SEI
         Private Trust Company under the control of Agent (in each case
         calculated as of any Sunday), is $4,000,000 or less, or (ii) at any
         time the sum of average Excess Availability for any four week period
         ending on a Sunday plus the average amount of Cash Equivalents
         maintained in Borrower's account at SEI Private Trust Company under the
         control of Agent for any such four week period (in each case such
         average calculated by averaging the amounts on each Sunday during such
         four week period) is $9,000,000 or less, Borrower shall maintain the
         following covenants:

                  (a) For each period below, Borrower shall maintain EBITDA of
         at least the amount set forth opposite such period:

                                      -2-

<PAGE>

<TABLE>
<CAPTION>
                                        Period                                         Amount
                 -------------------------------------------------------------   --------------------
<S>                                                                              <C>
                 The period of 13 Accounting Periods ending on the last day of       ($4,550,000)
                 the fourth Accounting Period of the fiscal year of Borrower
                 ending in 2004

                 The period of 13 Accounting Periods ending on the last day of       ($5,620,000)
                 the seventh Accounting Period of the fiscal year of Borrower
                 ending in 2004

                 The period of 13 Accounting Periods ending on the last day of       ($7,610,000)
                 the tenth Accounting Period of the fiscal year of Borrower
                 ending in 2004

                 The period of 13 Accounting Periods ending on the last day of        $1,090,000
                 the fiscal year of Borrower ending in 2004

                 The period of 13 Accounting Periods ending on the last day of        $5,070,000
                 the fourth Accounting Period of the fiscal year of Borrower
                 ending in 2005

                 The period of 13 Accounting Periods ending on the last day of        $7,800,000
                 the seventh Accounting Period of the fiscal year of Borrower
                 ending in 2005

                 The period of 13 Accounting Periods ending on the last day of        $9,060,000
                 the tenth Accounting Period of the fiscal year of Borrower
                 ending in 2005

                 The period of 13 Accounting Periods ending on the last day of       $11,800,000
                 the fiscal year of Borrower ending in 2005

                 The period of 13 Accounting Periods ending on the last day of       $11,800,000
                 each fourth, seventh, tenth and thirteenth Accounting Period
                 thereafter
</TABLE>

                                      -3-

<PAGE>
                  (b) As of the last day of each Accounting Period set forth
         below, Borrower shall maintain a ratio of accounts payable to the Cost
         of Inventory of Borrower of at least the ratio set forth opposite such
         Accounting Period:

<TABLE>
<CAPTION>
                                   Accounting Period                               Ratio
                 -----------------------------------------------------------   -------------
<S>                                                                            <C>
                 The second Accounting Period of the fiscal year of Borrower       39.5%
                 ending in 2004

                 The third Accounting Period of the fiscal year of Borrower        43.9%
                 ending in 2004

                 The fourth Accounting Period of the fiscal year of Borrower       53.6%
                 ending in 2004

                 The fifth Accounting Period of the fiscal year of Borrower        46.8%
                 ending in 2004

                 The sixth Accounting Period of the fiscal year of Borrower        35.8%
                 ending in 2004

                 The seventh Accounting Period of the fiscal year of Borrower      32.0%
                 ending in 2004

                 The eighth Accounting Period of the fiscal year of Borrower       39.8%
                 ending in 2004

                 The ninth Accounting Period of the fiscal year of Borrower        41.3%
                 ending in 2004

                 The tenth Accounting Period of the fiscal year of Borrower        36.1%
                 ending in 2004

                 The eleventh Accounting Period of the fiscal year of Borrower     36.0%
                 ending in 2004

                 The twelfth Accounting Period of the fiscal year of Borrower      35.3%
                 ending in 2004

                 The thirteenth Accounting Period of the fiscal year of Borrower   30.1%
                 ending in 2004

                 The first Accounting Period of the fiscal year of Borrower        43.9%
                 ending in 2005

</TABLE>

                                      -4-

<PAGE>

<TABLE>
<CAPTION>
                                   Accounting Period                               Ratio
                 -----------------------------------------------------------   -------------
<S>                                                                            <C>
                 The second Accounting Period of the fiscal year of Borrower      45.6%
                 ending in 2005

                 The third Accounting Period of the fiscal year of Borrower       48.8%
                 ending in 2005

                 The fourth Accounting Period of the fiscal year of Borrower      58.8%
                 ending in 2005

                 The fifth Accounting Period of the fiscal year of Borrower       54.9%
                 ending in 2005

                 The sixth Accounting Period of the fiscal year of Borrower       46.0%
                 ending in 2005

                 The seventh Accounting Period of the fiscal year of Borrower     42.8%
                 ending in 2005

                 The eighth Accounting Period of the fiscal year of Borrower      49.0%
                 ending in 2005

                 The ninth Accounting Period of the fiscal year of Borrower       49.5%
                 ending in 2005

                 The tenth Accounting Period of the fiscal year of Borrower       44.1%
                 ending in 2005

                 The eleventh Accounting Period of the fiscal year of Borrower    45.0%
                 ending in 2005

                 The twelfth Accounting Period of the fiscal year of Borrower     49.3%
                 ending in 2005

                 The thirteenth Accounting Period of the fiscal year of Borrower  43.5%
                 ending in 2005

                 The first Accounting Period of the fiscal year of Borrower       43.9%
                 ending in 2006

                 The second Accounting Period of the fiscal year of Borrower      45.6%
                 ending in 2006 and each Accounting Period thereafter

</TABLE>

                                      -5-
<PAGE>

                  3. References. Agent, Lenders and Borrower hereby agree that
all references to the Loan Agreement which are contained in any of the other
Financing Agreements shall refer to the Loan Agreement as amended by this
Amendment No. 2, as such may be amended and supplemented from time to time
hereafter.

                  4. Representations and Warranties. To induce Agent and Lenders
to enter into this Amendment No. 2, Borrower hereby represents and warrants to
Agent and Lenders that:

                  (a) The execution, delivery and performance by Borrower of
this Amendment No. 2 and each of the other agreements, instruments and documents
contemplated hereby are within its corporate power, have been duly authorized by
all necessary corporate action, have received all necessary governmental
approval (if any shall be required), and do not and will not contravene or
conflict with any provision of law applicable to Borrower, the articles of
incorporation and by-laws of Borrower, any order, judgment or decree of any
court or governmental agency, or any agreement, instrument or document binding
upon Borrower or any of its property;

                  (b) Each of the Loan Agreement and the other Financing
Agreements, as amended by this Amendment No. 2, are the legal, valid and binding
obligation of Borrower enforceable against Borrower in accordance with its
terms, except as the enforcement thereof may be subject to (i) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditor's rights generally, and (ii) general principles of equity;

                  (c) The representations and warranties contained in the Loan
Agreement and the other Financing Agreements are true and accurate as of the
date hereof with the same force and effect as if such had been made on and as of
the date hereof; and

                  (d) Borrower has performed all of its obligations under the
Loan Agreement and the Financing Agreements to be performed by it on or before
the date hereof and as of the date hereof, Borrower is in compliance with all
applicable terms and provisions of the Loan Agreement and each of the Financing
Agreements to be observed and performed by it and no event of default or other
event which upon notice or lapse of time or both would constitute an event of
default has occurred (other than the Existing Defaults).

                  5. Conditions to Effectiveness. This Amendment No. 2 shall be
effective upon delivery to Agent of a fully executed copy of this Amendment No.
2, together with the payment by Borrower to Agent, for the ratable benefit of
Lenders, of an amendment fee equal to $125,000.

                  6. Counterparts. This Amendment No. 2 may be executed in any
number of counterparts and by the different parties on separate counterparts,
and each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Amendment No. 2.

                                      -6-

<PAGE>

                  7. Continued Effectiveness. Except as specifically set forth
herein, the Loan Agreement and each of the Financing Agreements shall continue
in full force and effect according to its terms.

                  8. Costs and Expenses. Borrower hereby agrees that all
expenses incurred by Agent and Lenders in connection with the preparation,
negotiation and closing of the transactions contemplated hereby, including
without limitation reasonable attorneys' fees and expenses, shall be part of the
Obligations.

                  9. Release.

                  (a) In consideration of the agreements of Agent and Lenders
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Borrower, on behalf of itself and
its successors, assigns, and other legal representatives, hereby absolutely,
unconditionally and irrevocably releases, remises and forever discharges Agent
and Lenders, and their successors and assigns, and their present and former
shareholders, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents and other representatives (Agent, each
Lender and all such other Persons being hereinafter referred to collectively as
the "Releasees" and individually as a "Releasee"), of and from all demands,
actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and
any and all other claims, counterclaims, defenses, rights of set-off, demands
and liabilities whatsoever (individually, a "Claim" and collectively, "Claims")
of every name and nature, known or unknown, suspected or unsuspected, both at
law and in equity, which Borrower or any of its successors, assigns, or other
legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or
prior to the day and date of this Amendment No. 2, including, without
limitation, for or on account of, or in relation to, or in any way in connection
with any of the Loan Agreement, or any of the other Financing Agreements or
transactions thereunder or related thereto.

                  (b) Borrower understands, acknowledges and agrees that the
release set forth above may be pleaded as a full and complete defense and may be
used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of
such release.

                  (c) Borrower agrees that no fact, event, circumstance,
evidence or transaction which could now be asserted or which may hereafter be
discovered shall affect in any manner the final, absolute and unconditional
nature of the release set forth above.

                                      -7-
<PAGE>

                  IN WITNESS WHEREOF, this Amendment No. 2 has been executed as
of the day and year first written above.

                            FRANK'S NURSERY & CRAFTS, INC.,
                            as Borrower

                            By       /s/ Alan Minker
                              --------------------------------------------------
                            Its      SVP - CFO
                               -------------------------------------------------

                            CONGRESS FINANCIAL CORPORATION
                            (CENTRAL), as Agent and Lender

                            By       /s/ Gerard C. Wardell
                               -------------------------------------------------
                            Its      VP
                                ------------------------------------------------

                            STANDARD FEDERAL BANK NATIONAL
                            ASSOCIATION

                            By    LaSalle Retail Finance, a division of LaSalle
                                  Business Credit LLC, as Agent

                                  By       /s/ Francis O'Connor
                                     ----------------------------------------
                                  Its      Senior Vice President
                                      ---------------------------------------

                                      -8-

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