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The Gingiss Group Announces Purchase Agreement ADDISON, Ill., Nov. 3 /PRNewswire/ -- The Gingiss Group, Inc., (Gary's Operating, Inc., GII Acquisition, Inc., and Gingiss Formalwear, Inc.) has entered into an Asset Purchase Agreement with After Hours Formalwear, Inc., ("After Hours"), an affiliate of The May Department Stores Company, Incorporated . Pursuant to this agreement, the above entities are selling to After Hours intellectual property including but not limited to the rights to the names "Gingiss Formalwear" and "Gary's Tux Shop," 125 company operated stores, and related inventory and personal property for $23 million subject to certain adjustments. Concurrently, The Gingiss Group, Gary's Operating, Inc., GII Acquisition, Inc., Gingiss International, Inc. and Gingiss Formalwear, Inc. (collectively, the "Company") filed voluntary petitions for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Company has requested that the Bankruptcy Court approves certain sale procedures that will govern an auction at which the Company will solicit qualified competitive bids. Such auction is anticipated in early December 2003, with a closing to occur shortly thereafter. The Company has also obtained a commitment from its existing secured lender to provide debtor in possession financing with which to sustain operations. Mark Syrstad, the Company's Chief Executive Officer, said: "We are pleased that we were able to reach agreement with After Hours and to secure financing that will allow us to continue operations. We believe that the transaction maximizes value for all creditor constituencies, will preserve jobs, and will provide for continued outstanding service to our customers." The Company emphasizes its commitment to its customers and to maintaining the level of service and customer satisfaction for which it is known. To that end, an information line has been established for brides and grooms currently registered with the Company's stores. That number is 800-621-7125. The Company operates 236 company owned stores under the names "Gingiss Formalwear" and "Gary's Tux Shops," and is the only national chain of retail stores specializing in the rental and sale of formalwear. The Company maintains distribution centers in Boston, Chicago, Fort Lauderdale, Honolulu Los Angeles, and Seattle, and maintains its corporate offices in Addison, IL. DATASOURCE: Gingiss Group, Inc. CONTACT: Michael Corrao of Gingiss Group, Inc., +1-630-620-9050, ext. 215 Web site: http://www.gingiss.com/

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