Shoe Pavilion, Inc. Announces the Resignation of its Chief Financial Officer

  
    
  
  
    
      Shoe Pavilion, Inc. (Nasdaq:SHOE) today announced that Bruce Ross has 
      resigned as the Company’s Chief Financial 
      Officer to become the CFO at another specialty retailer, effective May 
      30, 2007. Mr. Ross will oversee the preparation of Shoe Pavilion’s 
      first quarter Form 10-Q and has also agreed to consult for the Company 
      during a transition period. Shoe Pavilion has begun a search for a new 
      Chief Financial Officer.
    
    
      Dmitry Beinus, President and Chief Executive Officer, stated, “I 
      thank Bruce for his contributions to Shoe Pavilion during his tenure 
      with the Company. We wish him well in his future endeavors. We hope to 
      name a new CFO in the coming weeks. We remain confident in the strength 
      and long-term growth potential of our business strategy as well as our 
      ability to generate value for our shareholders.”
    
    
      Bruce Ross stated, “I have enjoyed my time at 
      Shoe Pavilion and wish Dmitry and the company all the best in the future.”
    
    
      The Company plans to release its full first quarter 2007 results after 
      the market close on May 8, 2007.
    
    
      About Shoe Pavilion
    
    
      Shoe Pavilion is an independent off-price footwear retailer. We offer a 
      broad selection of women’s, men’s 
      and children’s designer label and brand name 
      footwear, typically at 20% to 60% below department store regular prices 
      for the same shoes. We currently operate 108 stores in California, 
      Washington, Oregon, Arizona, Nevada, Texas and New Mexico. More 
      information on Shoe Pavilion can be found by visiting the Company’s 
      web site at www.shoepavilion.com.
    
    
      Business Risks and Forward Looking Statements
    
    
      This press release contains forward-looking statements relating to, 
      among other things, results deemed to be achievable by management in 
      2007 and store opening plans. Sales and earnings trends are also 
      affected by many other factors including, among others, the performance 
      of existing and newly-opened stores, world and national political 
      events, including general economic conditions, the effectiveness of our 
      promotions and merchandising strategies, the efficient operation of our 
      supply chain, including the support of key vendors, our effective 
      management of business risks, including litigation, and competitive 
      factors applicable to our retail markets.
    
    
      In light of these risks, the forward-looking statements contained in 
      this press release are not guarantees of future performance and in fact 
      may not be realized. Our actual results could differ materially and 
      adversely from those expressed in this press release. Further, the 
      statements made by us above represent our views only as of the date of 
      this press release, and it should not be assumed that the statements 
      made herein remain accurate as of any future date. We do not presently 
      intend to update these statements prior to our next quarterly earnings 
      release and undertake no duty to any person to effect any such update 
      under any circumstances.
    
    
      Investors are urged to review carefully the discussion under the caption “Risk 
      Factors” in our Annual Report on Form 10-K 
      for the year ended December 30, 2006, which has been filed with the 
      Securities and Exchange Commission and may be accessed through the EDGAR 
      database maintained by the SEC at www.sec.gov.