Perfumania Holdings, Inc. Receives Bank Waivers, NASDAQ Notice

BELLPORT, N.Y., May 27, 2009 (GLOBE NEWSWIRE) -- Perfumania Holdings, Inc.
(Nasdaq:PERF) announced that its bank lenders have waived the financial covenant
defaults under its senior credit facility. In addition, certain amendments were
made to the credit facility to better align its provisions to the Company's
current business situation. The Company is filing the waiver and amendment
agreement on Form 8-K with the Securities and Exchange Commission and encourages
investors to read the complete terms of that agreement.

Separately, the Company announced that it had received a notice from The NASDAQ
Stock Market ("NASDAQ") advising that, because the Company did not file its Form
10-K for the fiscal year ended January 31, 2009 ("fiscal 2008") by the due date,
it is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires
timely filing of all required periodic financial reports with the Securities and
Exchange Commission ("SEC"). NASDAQ has provided the Company 60 calendar days to
submit a plan to regain compliance.

The Company did not file the Form 10-K by the due date because it has not
finalized the calculations required to determine whether a valuation reserve
against deferred tax assets is required and, if so, the amount, and has not
resolved the accounting recognition required for certain other matters, so as to
enable the Company to finalize its consolidated financial statements for fiscal
2008. The Company is filing a Form 8-K with the SEC providing substantial
information about its results of operations for fiscal 2008. The Company is
working to file the Form 10-K as soon as possible, and will submit a plan to
regain compliance to NASDAQ if necessary. If the Company submits such a plan,
NASDAQ may allow up to 180 days from the due date for the Form 10-K to regain
compliance.

The NASDAQ notice has no effect on the listing of the Company's common stock at
this time.

Forward Looking Statements

This press release includes statements regarding the Company's filing of its
Form 10-K for fiscal 2008 and the actions it will take to address the NASDAQ
notice, which are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause
our actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by those
forward-looking statements. Among the factors that could cause our actual
results performance to differ materially from those described or implied in the
forward-looking statements is that we may not be able to resolve the remaining
issues to prepare and audit our consolidated financial statements for fiscal
2008 in a timely manner so as to permit filing of the Form 10-K.

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CONTACT: Perfumania Holdings, Inc.
Michael W. Katz, President and CEO
(631) 866-4156