89 regals are notorious for bad brake design. Especially rear disc brakes. The calipers get hung up, and you end up with premature brake pad/rotor wear. The parking brake, when applied, squeezes the caliper against the disc, hence keeping the car still. If the caliper is frozen, when you push the emergency brake, it can't squeeze the caliper anymore than it is.
OR, the parking brake cable needs adjustment. Have a mechanic look over your rear brakes and parts.
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