Hilco Appoints Stewart Cohen as Executive Vice President

    Former Polaroid Chairman To Seek and Develop Transaction Opportunities

    NORTHBROOK, ILL., November 20 /CNW/ - Jeffrey B. Hecktman, Chairman and
CEO of The Hilco Organization ("Hilco"), announced that Stewart L. Cohen will
join the company as Executive Vice President. Mr. Cohen will focus on the
expansion of Hilco's corporate acquisition, asset disposition, special
situations financing and consulting activities across all industry sectors,
but with a concentration in retailing as well as consumer products
manufacturing and distribution.

    Mr. Cohen has a long and respected career in corporate restructuring.
Most recently, he was Chairman of Polaroid Corporation. Earlier, he founded
and managed Paragon Capital, an asset-based finance company providing senior
debt financing to moderate-to-high credit risk retailers. In a three year
period, Mr. Cohen helped to build the Paragon loan portfolio of owned and
managed loans to over $620 million in commitments. Paragon was sold in 2000 to
Wells Fargo Bank and became Wells Fargo Retail Finance.

    Mr. Cohen's restructuring experience dates back to 1989 when, as
Executive Vice-President of Gordon Brothers Partners, he helped to create
develop and expand their asset restructuring business. He participated in a
material portion of the retail restructurings done in America from 1989 to
2003. He was also instrumental in creating a national inventory appraisal
practice and a specialized asset-based finance company for Gordon Brothers.
The finance company grew and morphed into to what is now Bank of America
Retail Finance.

    In 1996, Mr. Cohen became a founding partner of the Ozer Group and helped
to create develop and grow an asset restructuring, deposition, appraisal and
real estate restructuring business. He participated in the restructuring of
many major retailers and consumer products companies.

    Mr. Cohen currently serves on the boards of Tweeter, SLI, CJ Apparel and
Wells Fargo Retail Finance. Previously, he served on the boards of London Fog,
Inc., Team Products, Value Merchants, Harvey Electronics, Petters Group
Worldwide, Fingerhut and Smith and Hawken. Mr. Cohen has a B.S. in Business
Administration from Northeastern University, graduating in 1976.

    "We are very excited that Stewart has chosen to join Hilco and help us
further develop our acquisition activities," said Jeffrey Hecktman. He added,
"Stewart is one of the most highly-respected executives in the retail/consumer
products arena. I am confident that his background, experience, deal
creativity and wealth of contacts will add tremendous value to Hilco."

    "Hilco's unique business model and significant investment capital present
an incredible opportunity to find fundamentally good companies with excellent
upside potential and, through Hilco's resources, add tremendous value," said
Mr. Cohen. "I am looking forward to my new role with Hilco."

    About The Hilco Organization

    The Hilco Organization ("Hilco") is a privately-held, diversified
financial services firm, whose principal competency is understanding the value
of tangible and intangible business assets. Using this knowledge, Hilco
appraises, buys, sells, finances and enhances the performance of business
assets through a platform of 22 integrated business units located in North
America and the European Union. Each unit provides a specific set of services
pertaining to certain asset categories, to include consumer products and
industrial inventory, machinery and equipment, real estate, accounts
receivable and intellectual property. Hilco serves retailers, wholesalers,
distributors and manufacturers, direct and through their financial
institutions and consulting professionals. Hilco also serves lenders, private
equity firms, hedge funds and investment banking firms. For more information,
visit: www.hilcotrading.com.

For further information:

For further information: The Hilco Organization Richard L. Kaye
Executive Vice President rkaye@hilcotrading.com 847-418-2711

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