Friedman's Announces Additional Board Actions

Friedman's Announces Additional Board Actions 


SAVANNAH, Ga., May 26  /PRNewswire-FirstCall/ -- Friedman's Inc. today
announced that the Company's Board of Directors has taken the following
actions:

   * Created a Special Litigation Committee to consist of Norman P. Deep,
     David B. Parshall and Sheldon Whitehouse.  The authority of the Special
     Litigation Committee includes overseeing and coordinating the Company's
     responses to the investigation conducted by the United States
     Attorney's Office for the Eastern District of New York, the Securities
     and Exchange Commission investigation, inquiries that have arisen or
     may arise from other governmental authorities and existing and future
     private litigation; and

   * Voted, subject to certain conditions, to retain Kroll Zolfo Cooper LLC
     as restructuring advisors to Friedman's and to appoint representatives
     of Kroll Zolfo Cooper LLC as Chief Restructuring Officers.



In addition, the Company announced that Robert W. Cruickshank has resigned as a
director of the Company effective immediately.  The Board of Directors of the
Company authorized the independent directors to search for a new independent
director.

Friedman's Inc. is a leading specialty retailer of fine jewelry based in
Savannah, Georgia.  The Company is the leading operator of fine jewelry stores
located in power strip centers.  At April 12, 2004, Friedman's Inc. operated a
total of 711 stores in 20 states, of which 224 were located in power strip
centers and 487 were located in regional malls. 

DATASOURCE: Friedman's Inc.



CONTACT:  Jeremy Jacobs, or Sharon Goldstein, both of Joele Frank,

Wilkinson Brimmer Katcher, [phone], for Friedman's Inc. 

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