Steele's & Deals Name Change Reflects Retailer's Plan to Deliver Great Value and Branded Products to Local Shoppers

CHICAGO, March 24, 2014 (GLOBE NEWSWIRE) -- The Hilco Global Retail Group announced today that it will rebrand its recently acquired Steele's retail stores as Steele's & Deals. The company also made several announcements about key executive leaders who will take over new management roles at the retail chain.

The newly branded Steele's & Deals name is being launched to more directly and accurately communicate the outstanding value that customers will find on a broad assortment of merchandise offered at each store.  Michael Keefe, President and CEO of the Hilco Retail Group (the new owners of Steele's & Deals) said, "We believe that this name change clearly positions our stores with local customers as a terrific off-price department store, selling brand name family apparel, shoes, accessories and home décor at deep discounts off  traditional department store prices."  Keefe went on to say, "It is our aim to introduce additional brands and value priced merchandise, which will encourage shoppers to visit their local Steele's & Deals stores often. Hilco is in the unique position of being able to leverage our considerable retail expertise and our access to many diverse merchandise channels in order to complement our current Steele's & Deals buying operation in New York."
 
Mr. Keefe announced several important changes to the team that will take over the day-to-day management of Steele's & Deals.  "I'm pleased to announce that the merchandising office of Steele's & Deals will be run by Bob Naylor who has been promoted to Senior Vice President, General Merchandise Manager, and that operations will be overseen by Raymundo Armendariz, as Senior Vice President, Chief Operating Officer.

Mr. Naylor has been a key member of the Steele's management team having served as VP, Divisional Merchandise Manager.  Naylor has been a long time retail executive having held positions at Macy's and Federated Department stores.  

Mr. Keefe said "Bob's experience with the current organization, coupled with his tremendous retail skills, provides critical continuity within the merchandising process."  Commenting on his new position, Mr. Naylor said, "The acquisition by Hilco Global presents extraordinary possibilities as we continue to develop our brand and serve our customers. The combination of two great organizations not only reinforces and complements existing strengths, but also creates unprecedented opportunities."

As Chief Operating Officer, Raymundo Armendariz brings to his role very substantial retail operations experience, including over 10 years of service with Levitz Furniture. Mr. Armendariz stated, "By providing consumers with a great selection of quality merchandise at very affordable prices, Steele's & Deals stores fill an important need in their communities."

About Hilco Global:  Hilco Global www.hilcoglobal.com is the world's preeminent authority on helping businesses to maximize the value of their assets. Hilco Global is considered a world-class company, having earned this reputation after decades of providing strategic solutions and financial results for healthy and distressed companies including working to reinvigorate going concern retail operations and established growth oriented businesses. Hilco Global has built a comprehensive retail practice that delivers a full complement of asset valuation, asset monetization, and advisory solutions. These Hilco companies provide a range of integrated services including valuation; acquisition and disposition; private equity investment; and, advisory-consultative solutions.  Leveraging a team of retail experts, Hilco focuses on creating and implementing retail strategies and operational changes that bring practical, real value to increase profitability.  In addition, Hilco Global has participated in equity investments in many prominent brands including Polaroid, Miss America, Halston, The Sharper Image, Linens-N Things, Ellen Tracy and Frederick's of Hollywood.

The new Steele's & Deals brand is planned to be rolled out at the following locations.  (See Attached List).

Store Locations