Elder-Beerman Names Two New General Merchandise Managers.

DAYTON, Ohio--(BUSINESS WIRE)--Sept. 29, 1999--

The Elder-Beerman Stores Corp. (Nasdaq/NMS:EBSC) today announced, as part of its plan to restructure its merchandising organization, the appointment of two executives to the position of Senior Vice President, General Merchandise Manager. Darlene Denman-Jones has been named Senior Vice President, General Merchandise Manager of the Home Store, and Jeffrey B. Askenas has been named Senior Vice President, General Merchandise Manager of Cosmetics, Intimate Apparel, Accessories and Shoes. Denman-Jones and Askenas will report to Charles P. Shaffer, Executive Vice President, Merchandising and Marketing. Denman-Jones has been with Elder-Beerman since 1989, and has held various merchandising positions of increasing responsibility in several merchandise divisions. Her most recent position was that of Divisional Vice President, Divisional Merchandise Manager of Decorative Home and Housewares. Askenas joined Elder-Beerman in 1997, and most recently held the position of Divisional Vice President, Divisional Merchandise Manager of Cosmetics.

Frederick J. Mershad, Chairman and Chief Executive Officer, stated, "Both Jeff Askenas and Darlene Denman-Jones have displayed the professionalism, dedication and ability to deliver results that Elder-Beerman seeks in its executive team. They have performed outstandingly in their respective areas of responsibility."

In related moves, the company named Ronald L. Bultema as Divisional Vice President, Divisional Merchandise Manager of Decorative Home, Housewares and Luggage; Joseph W. Houser as Divisional Vice President, Divisional Merchandise Manager of Shoes; and Jeffrey M. Lewis as Divisional Vice President, Divisional Merchandise Manager of Furniture.

This new alignment in Elder-Beerman's merchandising organization is a part of its plan to improve shareholder value in part through superior merchandising.

The nation's eighth largest independent department store chain, The Elder-Beerman Stores Corp. operates 60 stores in Ohio, Indiana, West Virginia, Michigan, Illinois, Kentucky, Wisconsin and Pennsylvania. Headquartered in Dayton, Ohio, Elder-Beerman reported total revenues of $658.0 million and net sales from store operations of $632.4 million in 1998. Elder-Beerman also operates two furniture superstores. The Bee-Gee Shoe Corp. operates 55 El-Bee and Shoebilee! shoe stores in seven states.

Note: 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 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.