Beverly Hills-Based First California Equity Group Bids for "Goody's" Name

BEIJING & BEVERLY HILLS, Calif.--(Business Wire)--
Beverly Hills-based First California Equity Group, LLC today disclosed that it
is the back-up bidder to acquire the trade name "Goody's" and its related
intellectual property including over 20 trademarks, website and customer lists.
The sale auction was held under authority of the Delaware Bankruptcy Court,
where the company, Goody`s Family Clothing Inc., was incorporated.

"There are many famous names in American retailing with considerable brand
equity that have gone out of business," said First California CEO Jason Chung.
"We are trying to restore them in the U.S. market. We intend to continue our
efforts to acquire these iconic names in retailing and merchandising."

Chung explained the strategy, stating, "It is important to bring back jobs in
the United States and for our overseas manufacturing partners. The American
people need value-priced products now more than ever. Many good companies have
gone out of business because of over-priced acquisitions and over-burdened
balance sheets. We believe there is tremendous potential."

Goody's first filed for bankruptcy reorganization in October 2008 before
subsequently announcing its plans to liquidate in January 2009 when it was
unable to restructure terms with creditors. Since then, it has closed its 282
stores and liquidated its inventory and other assets. The company was based in
Knoxville, Tenn. and was long considered one of the leading moderately priced
retailing chains in the Southeast United States.

First California Equity said it is also in discussion to purchase famous names
of other retailers who have recently gone out of business in other parts of the
country.

First California Equity Group is a private-held acquisition and management
company with properties and affiliates in California and China.

Foley/Freisleben LLC
Jerry Freisleben, 213-955-0020

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