Freeman Spogli & Co. Announces Recapitalization of Savers, Inc.

Bellevue, WA, August 11, 2006 - Savers, Inc., the largest for-profit thrift retailer in North America, announced today that it has completed a recapitalization transaction led by Freeman Spogli & Co., a leading private equity investment firm, and Tom Ellison, Chairman of the Board and 30-year veteran of the Company. The members of Savers’ executive management team retained a significant interest in the Company. Terms were not disclosed.

Through its innovative “Thrift Department Store” concept, Savers provides its customers with a wide assortment of high quality used merchandise in a department store environment. The broad merchandise assortment, which is organized by department and product category, includes apparel for the entire family, hard goods, such as furniture, electronics, books and jewelry, and one-of-a-kind vintage items. The continuously changing merchandise assortment provides a unique shopping experience for customers as Savers, unlike traditional retailers, offers the potential for a nearly unlimited variety of brands and styles.

Savers currently operates more than 200 stores in the United States, Canada and Australia. The Company’s stores are branded Value Village in the Pacific Northwest region of the United States and Canada, Savers in the remainder of the U.S. and Australia, and Village des Valeurs in Quebec, Canada. The Company is headquartered in Bellevue, WA.

“Partnering with Freeman Spogli will help us to capitalize on the investments we have made in our Company and achieve the exciting growth opportunities we see in our business,” said Tom Ellison, Chairman of Savers.

“This investment reflects our belief in Ken Alterman, Chief Executive Officer of Savers, and his management team as well as the value proposition that Savers offers its customers. Our investment in the Company will provide the continued financial strength and operating flexibility to allow the Company to pursue its growth plans,” said John Roth, General Partner of Freeman Spogli & Co.

About Freeman Spogli & Co.

Freeman Spogli & Co. is a private investment firm dedicated exclusively to investing in and partnering with management in retail, direct marketing and distribution companies positioned for growth. Since its founding in 1983, Freeman Spogli has invested approximately $2.3 billion in 40 portfolio companies with aggregate transaction value of $14 billion, and is currently making investments from FS Equity Partners V, L.P., a $1.0 billion fund. Freeman Spogli has offices in Los Angeles and New York.

About Savers, Inc.

Founded in 1954, Savers, Inc. is a privately held for-profit international thrift store chain with over 200 locations in the United States, Canada and Australia. Also known as Value Village in the western United States and Canadian provinces (and as Village des Valeurs in Quebec), the company benefits more than 110 local non-profit organizations by purchasing and reselling donated items. The result has been over $1 billion dollars directly paid to partners and charities. The company employs more than 9,000 people in 23 states, 10 Canadian provinces and Australia. For additional information, visit www.savers.com.

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