Shoe Pavilion, Inc. Receives Nasdaq Notice Regarding Minimum Bid Price

  
    
  
  
    
      Shoe Pavilion, Inc. (Nasdaq:SHOE) today announced that it received a 
      written notice from The Nasdaq Stock Market (“Nasdaq”) 
      on June 19, 2008 indicating that the Company fails to comply with the 
      minimum bid price requirement for continued listing on the Nasdaq Global 
      Market because the bid price of its common stock has closed below the 
      Nasdaq minimum bid price listing requirement of $1.00 per share for 30 
      consecutive business days. Under Nasdaq Marketplace rules, the Company 
      has until December 16, 2008 to regain compliance with the Nasdaq minimum 
      bid price requirement. If at any time before that date, the bid price of 
      the Company’s common stock closes at $1.00 per 
      share or more for a minimum of 10 consecutive business days, the Company 
      will regain compliance with the listing requirement, although the Nasdaq 
      Staff has the discretion to require compliance for a period in excess of 
      10 consecutive business days, but generally for no more than 20 
      consecutive business days, under certain circumstances.
    
    
      If the Company does not achieve the minimum closing bid price 
      requirement by December 16, 2008, Nasdaq will provide written notice of 
      delisting. The Company may either appeal this decision or, 
      alternatively, it may apply to transfer its listing to the Nasdaq 
      Capital Market, provided that it qualifies under all of the Nasdaq 
      Capital Market initial listing criteria at that date other than the 
      minimum bid price. If its transfer application to the Nasdaq Capital 
      Market is accepted, the Company will be granted an additional 180 
      calendar days to regain compliance with the minimum bid price listing 
      requirement. If the Company is not eligible to transfer its listing to 
      the Nasdaq Capital Market and to be granted the additional compliance 
      period, the Company’s securities will be 
      delisted from the Nasdaq Stock Market, subject to its right to appeal 
      the determination to a Nasdaq Listing Qualifications Panel.
    
    
      About Shoe Pavilion
    
    
      Shoe Pavilion, Inc. is an off-price footwear retailer in the United 
      States. It offers a selection of designer label and branded footwear, 
      and accessories for men, women and children. They operate over 115 
      stores in Washington, Oregon, California, Arizona, Nevada, Texas and New 
      Mexico. For more information, please see www.shoepavilion.com.