Cost Plus, Inc. Announces Organizational Changes

Cost Plus, Inc. (NASDAQ:CPWM) announced today that George Whitney, Senior Vice President of Merchandising has left the Company. Going forward, Marilyn Incerty has been promoted to Vice President of Home and Trend Development. Matt Gee will continue in his role as Vice President of Consumables. Both Ms. Incerty and Mr. Gee will report directly to Barry Feld, President and Chief Executive Officer. Ms. Incerty joined Cost Plus, Inc. in March 2007 as a Director of Merchandising. Ms. Incerty brings over 26 years of retail experience and prior to joining the Company held divisional level positions at Pottery Barn, Levi Strauss, and Gymboree. Mr. Gee joined Cost Plus, Inc. in March 2007 as Vice President of Consumables. Mr. Gee brings over 22 years of retail experience and has held senior level positions at various food and beverage retailers. Prior to joining the Company he was Vice President of Merchandising for Beverages & More from 2004-2007.

The Company also announced today that Jeff Turner has been promoted to the position of Executive Vice President of Operations and Chief Information Officer, and that Laura Sites-Reynolds has been promoted to Senior Vice President of Inventory Management. As EVP of Operations and Chief Information Officer, Mr. Turner is responsible for information technology, store operations, logistics and the distribution centers. Mr. Turner joined Cost Plus, Inc. in September 2007 as Senior Vice President, Chief Information Officer, and has 26 years of information technology experience, as well as 18 years of retail experience. Prior to joining the Company Mr. Turner served as Senior Vice President, Chief Information Officer for Restoration Hardware from 2004-2007 and prior to that, he held senior level positions at Levi Strauss and GAP, Inc. Ms. Sites-Reynolds joined Cost Plus, Inc. in March 2006 as Vice President of Inventory Management. Ms. Sites-Reynolds brings over 24 years of retail experience and prior to joining the Company she was Vice President of Inventory Management and Supply Chain for Design Within Reach from 2000-2006. Both Mr. Turner and Ms. Sites-Reynolds will continue to report directly to the CEO.

Barry Feld, President and CEO commented, “The strategic changes to our organizational structure are designed to streamline sourcing and development processes, recognizing that we have two distinct businesses, home and consumables, and increase the speed by which we can profitably bring unique and authentic products from over 50 countries to our retail stores.”

Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of today, January 28, 2010, the Company operates 268 stores in 30 states.

Cost Plus, Inc. (MM) (NASDAQ:CPWM)
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