Levitz Furniture Names Larry Zigerelli Chairman and Chief Executive Officer

Furniture World Magazine

Levitz Furniture, a leading specialty retailer of furniture, bedding and home furnishings, announced the appointment of Larry Zigerelli as Chairman of the Board and Chief Executive Officer effective immediately. Zigerelli joins Levitz with more than 25 years of product and retailing leadership with expertise in general management, marketing and merchandising. The company's current CEO, Tom Baumlin, will remain with the company for a period of transition before returning to Prentice Capital where he worked as an advisor prior to Prentice's acquisition of Levitz. Baumlin will continue to serve as a Board member of Levitz. "We're thrilled to attract such a significant talent to the new Levitz Furniture," said Jonathan Duskin, Managing Director of Prentice Capital Management, primary equity owner of Levitz. "Larry has deep roots in retail and a skill set ingrained in general management, brand building, marketing and connecting with the customer. We view his appointment as a logical next step in the evolution of the Company.” Zigerelli joins Levitz after serving as President of Meijer, Inc. Meijer, a privately held company, is one of the leading grocery and general merchandise retailers with 185 stores in the Midwest and an estimated $10+ billion in revenue. He joined Meijer in 2002 as Senior Vice President, Marketing & Merchandising. Previously, Zigerelli was Executive Vice President of Corporate Development and Marketing for CVS, America's largest retail pharmacy. During his 18-year tenure at Procter & Gamble, Zigerelli had various general management and brand management responsibilities. In 1994, he was appointed Vice President and General Manager of Puerto Rico/Caribbean Food and Beverage and Latin America Marketing & Public Relations. Zigerelli currently serves on the Board of Directors of True Value Company, one of the world’s largest retailer-owned hardware cooperatives with approximately 6,000 independent retail locations worldwide. He earned a Bachelor’s Degree from Yale University and resides in New York City. “I am excited about Levitz and the furniture industry. We have all the elements in place upon which to build Levitz’ future: a great team of dedicated Associates, a great brand and support from Prentice,” said Zigerelli. “Tom Baumlin has built a tremendous foundation from which we can go forward and all of us at Levitz are thankful for his contributions.” “Tom Baumlin has successfully navigated Levitz from the depths of bankruptcy to stability, and placed it on a trajectory for growth,” said Duskin. “He has repaired relationships with our vendors, landlords and customers, has built a world class executive team, and has managed a seamless relocation of our headquarters to downtown Manhattan. We want to express our gratitude to Tom and we are excited that he will continue on the Levitz Board and as a member of the Prentice team.” In conjunction with the above, Elliott Wahle, Chairman of the Board, will be stepping down from his current role. He will continue his association with Prentice as their representative on the Board of Russ Berrie and Company, Inc. About Levitz Furniture: Levitz Furniture is a leading specialty retailer of furniture, bedding and home furnishings in the United States with 80 locations in major metropolitan areas, principally in the Northeast and on the West Coast of the United States as well as its presence on e-commerce sites, www.levitz.com and www.furniture.com. Additional information about the Company and its products is available at www.levitz.com.