FOR IMMEDIATE RELEASE

Regent Pacific Management Broadens Retail Advisory Practice

Retail Team Offers the "Mind of the Merchant" to Struggling Retailers

San Francisco, CA — January 30, 2003 — Regent Pacific Management Corporation, a global provider of restructuring and corporate turnaround services since 1974, today announced a significant expansion of its retail advisory practice. David Folkman, a director and principal of Regent Pacific for several years, is being joined by Nancy E. Glaser and William A. Moll each of whom brings over 25-years of retail experience to the team. Led by Chairman and Chief Executive Officer Gary J. Sbona, the Regent Pacific retail team now includes fifteen members, each of whom has significant retail experience.

"The results of the 2002 holiday season have been disappointing for retailers. We are going to see more companies begin to falter and lose market share. It is important for management to understand the signs of failure and to bring in the right advisors to help turn the situation around as early as possible. That's where our team fits in. We come in, not just as number crunchers, but as veteran merchants, retail strategists and operators," said David Folkman, director and principal at Regent Pacific.

"Regent Pacific has always been a leading advisor to the retail industry. With this move we are strengthening our focus on retail. We believe we have the best team in the industry and combined with the expertise and resources of Regent Pacific, we can tackle any retail turnaround assignment, large or small, in the U.S. or internationally." said Gary J. Sbona.

The Regent Pacific retail team approaches each assignment with a unique, customized blend of operational, finance, and merchandising solutions. Using proven methodology and proprietary diagnostic tools, such as the Regent Pacific Situation Analysis and the Glaser Retail Economic Model or GREMTM, developed by Nancy Glaser, the team brings experience, creativity, and a sense of urgency to each assignment.

About David Folkman

David Folkman is a senior retail, wholesale, and consumer products executive with 35 years of general management experience in department stores, specialty stores, consumer products and services, and branded wholesale fashion apparel and accessories. David has been a principal and a member of the board of directors of Regent Pacific since 1991. David has worked with a number of retailers during his career including Natural Wonders, Inc., Antique Mall of America, Osh Kosh b'Gosh, Esprit de Corp, Laurel Burch, Inc., Carter Hawley Hale Stores, Inc., R.H. Macy & Co. Inc., May Department Stores, Inc., Federated Department Stores, Inc., and Inmac Corporation's retail subsidiary in London. From 1987 through 1990, David was a general partner with U.S. Venture Partners where he worked closely with many start-up retail companies including Gymboree, Petsmart, Natural Wonders, Garden Botanika, Callaway Golf, Fresh Choice, Imaginarium and Craftmart. Prior to joining U.S. Venture Partners, David was president and CEO of Emporium. David began his retail career with management positions at Macy's West, Famous Barr, and Foley's. David graduated from Harvard College and Harvard Business School.

About Nancy E. Glaser

Nancy Glaser has enjoyed a successful 25-year career in both operating and merchandising executive positions in the retail industry. Nancy began her career with management positions in both specialty and department stores including Macy's West, the Gap, and Lord & Taylor. After completing her MBA at the Stanford Graduate School of Business, Nancy became a general partner with U.S. Venture Partners where she provided financing and management services for a variety of specialty retailers including Gymboree, Petsmart, Garden Botanika, Natural Wonders, and Fresh Choice. Additionally, Nancy was the founder of Bay Area retailer Golden Gate Chips, Inc. Nancy's extensive international retail experience includes working with Pioneer Investment Poland in Warsaw, Poland and with The Apparel Innovation Center, a USAID funded fashion and apparel incubator, design and manufacturing center in St. Petersburg, Russia. Most recently, Nancy's retail projects have included the strategic planning for, and the introduction of, a brand emerging from bankruptcy, the development of alternative distribution channels for a mature brand and the creation of a new business model for a failing business.

About William A. Moll

Bill Moll is a senior retail and apparel manufacturing executive with over 30 years of experience in store operations, merchandising, and manufacturing. Most recently, Bill served as CEO of Naartjie, a South African based children's store and successfully launched this brand in the United States. From 1997 to 2000, Bill was senior vice president of ready-to-wear for Macy's West. Bill was awarded the Retailer of the Year award in 1999 by the Intimate Apparel Council. From 1993 through 1997, Bill was senior vice president of stores for Macy's West. Bill has held senior executive positions at other major retailers and manufacturers including Evan-Picone Sportswear, Chaus Petites, and Women and Karen Austin Petites. While at Macy's West, from 1982 through 1986, Bill developed several successful private labels in Southeast Asia and Europe including Charter Club and Jennifer Moore. Bill began his career with The Denver Dry Goods and is a graduate of Elizabethtown College in Elizabethtown, Pennsylvania.

About Regent Pacific

Regent Pacific Management Corporation is an international firm that specializes in the recovery and restructuring of under-performing companies. The firm provides crisis, turnaround, and interim management services at the CEO, COO, CFO, and other executive level positions for companies in transition. Regent Pacific has successfully completed over 530 engagements for 400 clients, including more than 175 restructurings, reorganizations, and bankruptcies.

Established in 1974, Regent Pacific is headquartered in San Francisco, California and has offices in New York, London, and The Hague. The firm also provides advisory services, expert testimony and litigation support services. To learn more, visit Regent Pacific at http://www.regent-pacific.com.

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Contacts: Julie McHenry
Communications Insight
jmchenry@sbcglobal.net
(650) 347-1333