Market Overview

Gump's Files for Bankruptcy Protection Under Chapter 11

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Gump's Holdings, LLC and its affiliates Gump's Corp. and Gump's By Mail,
Inc. (collectively, "Gump's") announced that they filed voluntary
petitions on August 3rd for relief under chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court for
the District of Nevada (the "Chapter 11 Cases"). Gump's Corp. owns and
operates the iconic Gump's department store near Union Square in San
Francisco. The store is one of the longest-operating gifts, jewelry and
luxury home furnishing retailers in the United States. Gump's expects
its cash on hand and debtor-in-possession financing to provide it with
sufficient liquidity to maintain value in its assets during their
marketing and sales for the benefit of creditors. Hilco and Gordon
Brothers have joint ventured to act as liquidators for Gump's
merchandise. Garman Turner Gordon LLP is acting as Gump's legal advisors
in connection with the Chapter 11 Cases.

Gump's has been navigating the overwhelmingly difficult retail
environment that has affected many retailers. It established Gump's By
Mail to compete in the direct sale market and carry on its historic
catalog business, and it embarked on several strategic plans in recent
years to raise capital and adapt its exclusive style and brand to better
meet the needs and desires of its market. More recently, Gump's has been
marketed by Lincoln International LLC. While thus far unsuccessful,
efforts to sell the business as a going concern, in whole or in part,
will be continued by Gump's as the debtors in possession.

Tony Lopez, Chief Operating Officer, said: "The Gump's store is an
institution beloved of generations of San Franciscans, and customers
around the country are captivated by its distinctive, elegant products
from around the world. We will continue to seek a source of capital to
enable this storied brand to continue to serve its devoted customers."

Additional information, including court filings, regarding the Chapter
11 Cases are on file with the clerk of the United States Bankruptcy
Court for the District of Nevada, Foley Federal Building, 300 Las Vegas
Boulevard South, Fourth Floor, Las Vegas, Nevada 89101, available at https://ecf.nvb.uscourts.gov/
or go to https://www.donlinrecano.com/gumps.

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