Elder Beerman Announces Executive Departure.

Business Editors

DAYTON, Ohio--(BUSINESS WIRE)--June 30, 2000

The Elder-Beerman Stores Corp. (Nasdaq:EBSC) announced today that President and Chief Operating Officer John `Jay' Muskovich is leaving the Company.

Mr. Muskovich's responsibilities will be assumed by other senior members of the Elder-Beerman executive team, and the position of president will be combined with the position of Chief Executive Officer. Mr. Muskovich will also depart as a director of the Company. This directorship will be filled at the annual meeting of shareholders, scheduled for August 24, 2000. The Company has not yet identified a candidate for that board seat.

The nation's ninth largest independent department store chain, The Elder-Beerman Stores Corp. is headquartered in Dayton, Ohio and operates 60 stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin and Pennsylvania. Elder-Beerman also operates two furniture superstores.

This press release contains "forward-looking statements," including predictions of future operating performance, events or developments such as our future sales, profits, expenses, income and earnings per share. In addition, words such as "expects," "anticipates," "intends," "plans," "believes," "hopes," and "estimates," and variations of such words and similar expressions, are intended to identify forward-looking statements.

Because forward-looking statements are based on a number of beliefs, estimates and assumptions by management that could ultimately prove inaccurate, there is no assurance that forward-looking statements will prove to be accurate. Many factors could materially affect our actual future operations and results, including the following: increasing price and product competition; fluctuations in consumer demand and confidence; the availability and mix of inventory; fluctuations in costs and expenses; the effectiveness of advertising, marketing and promotional programs; weather conditions that affect consumer traffic in stores; the continued availability and terms of financing; the ability to complete any pending asset disposition transactions; the outcome of pending and future litigation; consumer debt levels; and other general economic conditions that affect retail operations and sales, such as the rate of employment, inflation and interest rates and the condition of the capital markets.

Elder-Beerman undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.