Everlast Worldwide Inc. Announces Amendment to Agreement with Brands Holdings Limited

  
    
  
  
    
      Everlast Worldwide Inc. (Nasdaq: EVST) announced today that it signed an 
      amendment to its definitive agreement with Brands Holdings Limited which 
      increases the merger consideration to $33.00 per share in cash, a 42.5% 
      premium to its closing price on May 31, 2007, and a 24% premium to the 
      average closing price over the last month. The total value of the 
      all-cash transaction is over $182 million. Brands Holdings Limited is a 
      private company incorporated in England and Wales and is a subsidiary of 
      Sports Direct International plc, a publicly-traded company on the London 
      Stock Exchange.
    
    
      The Board of Directors of Everlast Worldwide approved the amendment to 
      the agreement in a special meeting on June 29, 2007. The transaction is 
      subject to stockholder approval and other customary conditions and is 
      expected to be completed during the second half of 2007.
    
    
      A special meeting of stockholders of Everlast Worldwide will be 
      announced soon to obtain stockholder approval of the transaction.
    
    
      Piper Jaffray & Co. is serving as exclusive financial advisor to 
      Everlast Worldwide. Olshan Grundman Frome Rosenzweig & Wolosky LLP and 
      Freshfields Bruckhaus Deringer LLP acted as legal advisors to Everlast 
      Worldwide and Brands Holdings Limited, respectively.
    
    
      About Everlast Worldwide Inc.
    
    
      Everlast Worldwide Inc. is a leading designer, manufacturer and marketer 
      of boxing and fitness related sporting goods equipment under the 
      well-recognized Everlast brand name and a worldwide licensor of the 
      Everlast brand for apparel, footwear, sporting goods equipment and other 
      active lifestyle products and accessories. Since 1910, Everlast has been 
      the preeminent brand in the world of boxing and among the most 
      recognized brands in the overall sporting goods and apparel industries.
    
    
      In order to capitalize on the rich heritage and authenticity of the 
      Everlast brand, the company has extended the Everlast brand outside of 
      the boxing ring into complementary product categories. Its strategy is 
      to continue to leverage the unique qualities represented by the Everlast 
      brand -- Strength, Dedication, Individuality and Authenticity -- to 
      become a leading global athletic brand and a necessary part of the lives 
      of consumers who train, compete and live an active lifestyle. URL: http://www.everlast.com
    
    
      About Brands Holdings Limited
    
    
      Brands Holdings Limited is a wholly-owned subsidiary of Sports Direct 
      which is the UK's leading sports retailer by revenue and operating 
      profit and the owner of several internationally recognized sports and 
      leisure brands. Sports Direct offers a wide range of 
      competitively-priced, branded sports and leisure apparel, replica kit, 
      footwear and sports equipment through its retail operations, and also 
      operates an international wholesale and licensing business through its 
      brands operations.
    
    
      Forward-Looking Statements
    
    
      This press release contains certain forward-looking statements within 
      the meaning of Section 27A of the Securities Act of 1933, as amended, 
      and Section 21E of the Securities Exchange Act of 1934, as amended. 
      Although the Company believes the assumptions underlying the 
      forward-looking statements contained herein are reasonable, any of the 
      assumptions could be inaccurate, and therefore, there can be no 
      assurance that the forward-looking statements contained in this press 
      release will prove to be accurate.
    
    
      In connection with the proposed transaction, the Company will file a 
      proxy statement with the Securities and Exchange Commission. INVESTORS 
      AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT 
      BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. 
      Investors and security holders may obtain a free copy of the proxy 
      statement (when available) and other documents filed by the Company at 
      the Securities and Exchange Commission’s web 
      site at www.sec.gov. The proxy 
      statement and such other documents may also be obtained for free from 
      the Company by directing such request to the Company, Attention: Angelo 
      V. Giusti, Secretary, Everlast Worldwide, Inc., 1350 Broadway, Suite 
      2300, New York, New York 10018, Telephone: [phone].
    
    
      The Company and its directors, executive officers and other members of 
      its management and employees may be deemed to be participants in the 
      solicitation of proxies from its stockholders in connection with the 
      proposed transaction. Information concerning the interests of Company’s 
      participants in the solicitation is set forth in the Company’s 
      proxy statements and Annual Reports on Form 10-K, previously filed with 
      the Securities and Exchange Commission, and in the proxy statement 
      relating to the transaction when it becomes available.