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Pay Less Restructure can Obtain Court Approval of First Day Motions Allowing Business Operations to Proceed in Ordinary Course

Pay Less Restructure, one of the largest restructuring service providers in the Western Hemisphere, can assist retailers in obtaining court approval of first-day motions to help facilitate continued operations in the ordinary course of business while the Company operates under Chapter 11 protection from the U.S. Bankruptcy Court for the Eastern District of Missouri.

The Process

As part of the Court’s approval of first day motions, the company will receive authorization on an interim basis from the Court to provide employee wages, healthcare coverage, and other benefits without interruption, and pay certain vendors and suppliers for all authorized goods and services. Financing can be arranged for employees or vendors to be paid through same day loans, on an as needed basis. All vendors and suppliers can be paid in the ordinary course for those goods and services provided on or after the date of the Chapter 11 filing.

The Court’s approvals will also affirm on an interim basis access to the Debtor-in-Possession (DIP) financing facility provided by a lender group.

As a result of the initial hearing, all stores and websites will be able to continue offering without interruption a wide range of products and services which are relied on by families across America.

Related to these activities, Pay Less Restructure will act as a restructuring advisor, and assist in retaining legal advisors, investment bankers, and financial advisors.

Additional information on the process can be found at www.paylessrestructure.com. Information about the claims process is also available at www.paylessrestructure.com. Pay Less Restructure also has a call center for questions: (312) 854-8000 if calling from within the U.S. or Canada, or +1 (312) 854-8000 if calling from outside the U.S. or Canada.

About Pay Less Restructure

Pay Less Restructure is one of the largest restructuring service providers in the Western Hemisphere, offering a wide range of financial guidance services at affordable prices. The company’s mission is simple: Be the source to go to and get more while paying less for reorganization. Pay Less Restructure has consulted with approximately 4,400 companies in more than 30 countries.

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For media inquiries:

Pay Less Restructure

media@paylessrestructure.com

http://paylessrestructure.com

(312) 854-8000

This document contains certain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “believe,” “continue,” “intend,” “plan,” “path,” “emerge,” “conviction,” “future,” “growth,” “ensure,” “commit,” “should,” “will,” or “would” or the negative thereof or other variations thereof or other comparable terminology and include, but are not limited to, statements regarding the effect of the Chapter 11 proceeding on creditors, customers, vendors, suppliers, associates, business partners and other stakeholders, the amount and uses of financing expected to be secured, and any and all matters relating to the Company’s emergence, if any, from Chapter 11 and the Company’s financial results and business performance thereafter. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. In light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. The Company disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.

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Pay Less Restructure Can Implement a Path Forward to Enhance Business Growth Profile and Profitability

Pay Less Restructure is one of the largest restructuring service providers in the Western Hemisphere, offering a range of everyday and special purpose financial services at affordable prices. Today it’s possible to file a voluntary petition for reorganization pursuant to Chapter 11 of the U.S. Federal Bankruptcy Code to facilitate the financial and operational restructuring necessary to strengthen balance sheets and position a company for long-term success. North American entities, as well as foreign subsidiary entities involved in logistics and supply chain, can be included in the restructuring and filed in the U.S. Bankruptcy Court. Pay Less Restructure can also file for recognition of the U.S. Chapter 11 proceedings under Part IV of the Companies’ Creditors Arrangement Act, while continuing to operate business in the ordinary course in terms of its customers, vendors, partners, and employees.

In conjunction with the restructuring, Pay Less Restructure can produce a Plan Support Agreement (PSA) with parties who hold or control first lien and second lien term debt to reduce debt load by 50% or more, materially lower annual cash interest costs, access significant additional capital, and provide a path to an expedited emergence from Chapter 11 with a sustainable capital structure for the future. The PSA will demonstrate the strong support of senior lenders for a consensual restructuring and their conviction in the future of the company, as well as providing a clear path to emergence on an expedited basis.

Through agreed plans with lenders, Pay Less Restructure can use the Chapter 11 process to accomplish specific objectives:

Strengthen balance sheets and restructure business debt load;

Invest in specific areas that can provide sustainable growth including omnichannel expansion; product and inventory initiatives; and international expansion; and

Optimize store footprints, with the immediate closure of underperforming locations in the U.S. and abroad and work to aggressively manage any remaining real estate portfolio either by modifying terms, or evaluating closures of additional locations.

Restructuring can be a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify. Through the process, Pay Less Restructure can help build a stronger company for customers, vendors, suppliers, associates, business partners, and other stakeholders. While a reorganization involves making many tough choices, businesses can receive substantial support from lenders, who share the belief that a restructuring represents a unique opportunity to enable iconic American retailers and some of the best-recognized global brands to continuing serving customers in America and around the globe.

Our company can promptly seek immediate relief from the court though the filing of customary first day motions that will allow the business to smoothly transition into Chapter 11, including, among other things, granting authority to pay pre-filing wages, salaries, benefits, honor customer programs, and pay vendors/suppliers in the ordinary course for all goods and services provided on or after the filing date. Additionally, our company can negotiate agreements with certain of the business’s existing lenders to provide access of debtor-in-possession financing, which includes access to ABL financing and new term loan financing. The debtor-in-possession financing will provide access to funds in incremental liquidity during the Chapter 11 cases. This incremental liquidity will ensure that suppliers and other business partners/vendors will be paid in a timely manner for authorized goods and services provided during the Chapter 11 process, in accordance with customary terms. The new term loan financing will also ensure the business has the exit financing required to emerge from Chapter 11 well positioned for future growth and profitability post-restructuring.

We are confident that the Chapter 11 process will enable companies to leverage existing strengths to succeed. These strengths include an ability to produce significant free cash flow, and overcome unprecedented challenges in the retail industry. Restructuring can preserve; portfolios of strong proprietary brands, unique licensing agreements with premier brands, partner relationships, best-in-class designs, sourcing capabilities, and scalable franchise models for other markets.

Consumers will have full access through the Pay Less Restructure website www.paylessrestructure.com to information about the location of stores at which they can shop if their current store is being closed, as well as information about going-out-of-business sales.

The company has also established a call center for questions: (312) 854-8000 if calling from within the U.S. or Canada, or +1 (312) 854-8000 if calling from outside the U.S. or Canada.

Related to these activities, Pay Less Restructure functions as a restructuring advisor, aiding in retaining legal advisors, investment bankers, and financial advisors.

About Pay Less Restructure

Pay Less Restructure is one of the largest restructuring service providers in the Western Hemisphere, offering a wide range of financial guidance services at affordable prices. The company’s mission is simple: Be the source to go to and get more while paying less for reorganization. Pay Less Restructure has consulted with approximately 4,400 companies in more than 30 countries.

For media inquiries:

Pay Less Restructure

media@paylessrestructure.com

http://paylessrestructure.com

(312) 854-8000

This document contains certain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “believe,” “continue,” “intend,” “plan,” “path,” “emerge,” “conviction,” “future,” “growth,” “ensure,” “commit,” “should,” “will,” or “would” or the negative thereof or other variations thereof or other comparable terminology and include, but are not limited to, statements regarding the effect of the Chapter 11 proceeding on creditors, customers, vendors, suppliers, associates, business partners and other stakeholders, the amount and uses of financing expected to be secured, and any and all matters relating to the Company’s emergence, if any, from Chapter 11 and the Company’s financial results and business performance thereafter. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. In light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. The Company disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.

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