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May 17, 2006

Stuart M. Needleman Joins Phoenix Management Services as Director

PHILADELPHIA (May 17, 2006)—Turnaround management firm Phoenix Management Services (www.phoenixmanagement.com) has hired Stuart M. Needleman as Director. In his new position, he will assist Phoenix clients in all aspects of business improvement with specific attention to business model assessment, Chapter 11 reorganizations, and operational reviews and improvement. He will work from Phoenix’s Boston office.

Needleman brings over 35 years of senior management experience in retail to Phoenix Management Services. With his engineering training and extensive industry experience, he solves sales and profit challenges that have been impediments to optimizing shareholder value. During his retail career, Needleman has successfully led two companies through Chapter 11 filings, with both firms emerging in less than twelve months.

“As the demand for intensive business leadership grows in the retail and manufacturing sectors, Stuart is a valuable addition to our team of seasoned turnaround professionals,” said Jim Fleet, Managing Director and Shareholder. “His record of turning around troubled retail companies will be a powerful asset to Phoenix clients.”

Prior to joining Phoenix, Needleman served as CEO of Corners (FPE Retail), a custom framing company based in Framingham, MA. He has had executive management roles with companies such as CompUSA, Inc., J.Baker, Inc. (Work ”┬śn Gear Division and Casual Male Big and Tall), and Zayre Corp.

Needleman holds a BS in Industrial Engineering from Rensselaer Polytechnic Institute and an MS in Industrial Engineering from Northeastern University. He is a member of the Turnaround Management Association (TMA), and has been active in a number of charitable foundations, including the Children’s Miracle Network, Project Bread, the Cystic Fibrosis Foundation, and Project Joy.

About Phoenix Management Services

Phoenix Management Services is an operationally-focused advisory firm, providing turnaround, crisis and interim management and investment banking services to middle market companies in transition. Since 1985, Phoenix has aggressively advocated on behalf of its clients in over 700 assignments nationwide across a variety of situations and industries. With offices in Philadelphia, New York, Boston and Ft. Lauderdale, Phoenix preserves and enhances the value of its clients’ companies by focusing on the operational and financial challenges they encounter.

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