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FABRIC GIANT SIGNS ASSET AGREEMENT

Two months after The Robert Allen Duralee Group of companies (collectively, the “company”) filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of New York, the company has entered into an asset purchase agreement with RADG Holdings LLC, pursuant to which RADG Holdings will serve as the stalking-horse bidder, subject to higher and better offers and approval by the Bankruptcy Court.

Lee Silberman, CEO of the The Robert Allen Duralee Group said, “The company, along with our advisors, have worked diligently since the February 12 bankruptcy filing to explore options to sell the business as a going concern and we are pleased to have identified a stalking-horse bidder. We remain committed to continuing to provide our customers with the premier service that they are accustomed to and look forward to emerging from the Chapter 11 proceedings quickly, and as a financially stronger company.”

The company’s legal advisor in connection with the restructuring is Hahn & Hessen LLP. RAS Management Advisors LLC serves as its financial and restructuring advisor, and SSG Capital Advisors LLC serves as its investment banker for the restructuring.