Zale Extends and Expands Credit Facility

    DALLAS, April 10 /CNW/ - Zale Corporation (NYSE:  ZLC), a leading specialty
retailer of fine jewelry in North America signed an amendment that improves
the terms and conditions of its $500 million revolving credit facility. The
amended facility includes an additional $100 million seasonal line, an
accordion feature enabling the facility to be increased by up to an additional
$100 million, as well as improved economics for the Company. The facility now
matures in August 2011 rather than August 2009.

    "We value the solid, ongoing relationship we have with our bank group,"
commented Rodney Carter, Chief Financial Officer. "The amended facility allows
Zale an opportunity to capitalize on favorable market conditions and provides
additional financial flexibility to support the Company's initiatives for
long-term growth."

    The amended credit facility includes a syndicate of 15 lenders, with Bank
of America, N.A. as administrative agent and issuing bank. JP Morgan Chase
Bank, N.A. and Wachovia Capital Financial remain as co-syndication agents.

    Zale Corporation is a leading specialty retailer of fine jewelry in North
America operating approximately 2,400 retail locations throughout the United
States, Canada and Puerto Rico, as well as online. Zale Corporation's brands
include Zales Jewelers, Zales Outlet, Gordon's Jewelers, Bailey Banks & Biddle
Fine Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda.
Through its ZLC Direct organization, Zale also operates online at and Additional information on Zale
Corporation and its brands is available at

For further information:

For further information: Zale Corporation David H. Sternblitz,
972-580-5047 Vice President and Treasurer

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