PERY Perry Ellis International Inc. (delisted)

Perry Ellis International, Inc. (NASDAQ:PERY) announced today that the Company has entered into an amendment to renew its credit facility until February 1, 2012, with a syndicate of banks and other financial institutions including Wachovia Bank National Association as agent and lender, the addition of Bank of America N.A. as lender and syndication agent and the participation of HSBC Bank USA, HSBC Business Credit (USA) Inc., The Israel Discount Bank of New York and The CIT Group/Commercial Services, Inc. George Feldenkreis, Chairman and CEO said, �We are very pleased to have completed this amendment to our existing bank credit agreement at favorable terms; particularly under the climate of uncertainty in the credit markets today. The addition of Bank of America as syndication agent to this agreement is a vote of confidence to our financial strength, growth potential and disciplined management.� The credit facility provides the Company with the option to request increases in the maximum of up to $200 million based on collateral availability, with an initial availability of $125 million of which $56.6 million is utilized as of October 29, 2008. Under the amended credit facility, interest on outstanding principal will be calculated based on LIBOR or Prime plus a margin, depending on the level of excess availability, with an effective increase of approximately 95 bps over previous grid. Proceeds of the borrowings under the new credit facility will be used for general working capital and other corporate purposes. �Today we have the strongest balance sheet in our history. This, coupled with the ability to increase our borrowings by up to $200 million further strengthens our financial condition and adds extra flexibility to fund our multiple growth opportunities for next fiscal year and into the future,� Mr. Feldenkreis concluded. About Perry Ellis International Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's, women's and children�s apparel, accessories, and fragrances. The Company�s collection of dress and casual shirts and tops, suit separates, sweaters, dresses, pants, shorts, jeans wear, outerwear, swimwear, golf apparel and activewear is available throughout all major levels of retail distribution. Through its wholly owned subsidiaries, The Company owns a portfolio of nationally and internationally recognized brands including Perry Ellis�, Perry Ellis America�, Perry Ellis Portfolio�, Jantzen�, Laundry by Shelli Segal�, C&C California�, Cubavera�, Munsingwear�, Savane�, Farah�, Original Penguin� by Munsingwear�, Grand Slam�, Natural Issue�, Pro Player�, the Havanera Co.�, Axis�, Axist�, Manhattan�, John Henry�, Tricots St. Raphael�, Mondo di Marco�, Redsand�, Gotcha�, and MCD�. The Company enhances its roster of brands by licensing trademarks from third parties including Dockers� for outerwear, Nike� and Jag� for swimwear, and PING� and PGA TOUR� for golf apparel. Additional information on the Company is available at http://www.pery.com. Safe Harbor Statement We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to integrate acquired businesses, trademarks, tradenames and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, the termination or non-renewal of any material license agreements to which we are a party, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies including expansion in international and direct to consumer retail markets, the level of consumer spending for apparel and other merchandise, our ability to compete, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International's filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis' filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.