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PSEB Group Announces CEO Transition

Mike Egeck to Step Down Effective February 4, 2020; Will Continue as a PSEB Shareholder and Board Member

PSEB Director Jim Gulmi Named Interim CEO

PSEB Group ("PSEB" or "the Company"), an operating company composed of Pacific Sunwear of California, LLC ("PACSUN") and Eddie Bauer, LLC ("Eddie Bauer"), today announced that Mike Egeck will be stepping down as CEO, effective February 4, 2020, to pursue a new opportunity outside of the apparel industry and be geographically closer to his family. PSEB director Jim Gulmi, a 30-year specialty retail veteran, will serve as Interim CEO of PSEB while the Board conducts a search for a permanent replacement. Mr. Egeck will remain a PSEB shareholder and an active Board member following the transition.

"On behalf of the Board, I want to thank Mike for his leadership and dedicated service to this organization over the past eight years as CEO of Eddie Bauer and then PSEB. Mike led the successful transformation of the Eddie Bauer brand, was instrumental in the formation of the PSEB platform and has assembled best-in-class leadership teams at Eddie Bauer and PACSUN," said Neale Attenborough, Chairman at PSEB and Operating Partner at Golden Gate Capital. "We are thrilled that we will continue to benefit from his insights and expertise as a Board member."

Mr. Egeck said, "I have been continuously inspired by the talent, performance and dedication of my colleagues across the organization and their steadfast commitment to delivering excellent products and experiences for our customers across their respective lifestyle brands. My conviction about the long-term opportunities for the PSEB platform and the Eddie Bauer and PACSUN brands remains as strong as ever, and I’m pleased to continue as an investor in the business as well as an active member of the Board."

Mr. Attenborough continued, "PSEB is performing well, with positive comps and good momentum from both brands coming out of the fourth quarter. I have enormous respect for and confidence in the senior leadership teams at both Eddie Bauer and PACSUN, who have created this momentum for their brands. I am also confident that the organization is in good hands with Jim, who brings deep familiarity with our brands, as well as decades of relevant industry experience helping retail companies scale and grow. We are thrilled to have an executive of his caliber lead the organization during this interim period and remain excited about the future of the Eddie Bauer and PACSUN brands."

A highly experienced retail executive with a proven track record of helping companies increase revenue and profitability and scale operations, Mr. Gulmi has served as a PSEB director since its formation in 2018. Prior to that, Mr. Gulmi served as Interim CEO of PACSUN from March 2017 through October 2018, as well as a member of PACSUN’s Board of Directors. Mr. Gulmi previously worked for Genesco, a leading specialty retailer, from 1971 to 2015, where he most recently served as CFO.

Mr. Gulmi said, "I am pleased to step into the Interim CEO role during the search for Mike’s successor. As a director at PSEB and previous Interim CEO of PACSUN, I have seen firsthand how our success is driven by our commitment to delivering quality service, experience and products for our customers. I look forward to working with the terrific teams from both companies to continue to execute this strategy."

James "Jim" Gulmi Bio

James "Jim" Gulmi has more than 45 years of experience in corporate finance, strategic planning and leadership of complex organizations, as well as deep specialty retail expertise. Mr. Gulmi joined Genesco, a retailer of branded footwear, licensed and branded headwear and wholesaler of branded footwear, in 1971 as a Financial Analyst and assumed successive leadership roles over the following years, leading to his appointment as CFO in 1986. Mr. Gulmi served as CFO of Genesco for 29 years, helping to drive the company’s transformation into a market-leading specialty retailer. Mr. Gulmi is a board or committee member of several nonprofit agencies, including The Community Foundation of Middle Tennessee, United Way of Metropolitan Nashville and Leadership Nashville.

About Eddie Bauer, LLC

Eddie Bauer is an outdoor brand offering performance outerwear, apparel, footwear, accessories, and gear. For 100 years, Eddie Bauer has been inspiring and enabling people to live their adventure. Eddie Bauer products carry a lifetime guarantee and are available online at www.eddiebauer.com, and at more than 300 stores in the United States, Canada, Germany, Japan, and other international markets.

About Pacific Sunwear of California, LLC

Pacific Sunwear of California, LLC and its subsidiaries (collectively, "PACSUN" or the "Company") are a leading specialty retailer delivering a curated collection of the most relevant brands and styles to a community of inspired youth through its unique 34-year heritage at the center of California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. The Company operates approximately 400 stores in all 50 states and Puerto Rico. PACSUN's website address is www.pacsun.com.

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