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Gerald L. Gitner and Laurie M. Shahon Named To Board of Directors at Factory Card Outlet Corp.

PR Newswire November 8, 2000

NAPERVILLE, Ill., Nov. 8 /PRNewswire/ — Factory Card Outlet Corp. (FCPYQ) announced today that Gerald L. Gitner and Laurie M. Shahon have been appointed to the Company’s Board of Directors. (Photo: http://www.newscom.com/cgi-bin/prnh/19991220/FCPYLOGO )

Mr. Gitner and Ms. Shahon each bring more than twenty years of retail, banking or financial consulting experience to the Company’s Board of Directors. Mr. Gitner is currently the Chairman of D.G. Associates, Inc., a consulting services firm. Currently Ms. Shahon is the President of the Wilton Capital Group, a firm she founded in 1994 to make private direct investments in venture capital companies and medium sized buyouts which focuses on retailing and consumer products. "We are very excited to bring Gerry and Laurie on board," said Chairman, Chief Executive Officer and President, William E. Freeman. "Their years of service in the banking, retail and consulting communities, as well as their high degree of financial skills, will be a tremendous asset. We are pleased that the progress the Company has made during the past year has helped us to attract people with the wealth of experience and talent they bring to our business," he added.

Mr. Gitner is the Chairman of the Board and Chairman of the Executive Committee of the Board of TWA. He has also served in various other capacities with TWA, including Chief Executive Officer. Mr. Gitner has also served as the Co-Chairman of Global Aircraft Leasing Ltd. In addition, Mr. Gitner has served as the Chairman and Chief Executive Officer of Pan American World Services and the Vice-Chairman of Pan American World Airways, Inc. Prior to that, Mr. Gitner served as the President of People Express Airlines, Inc., a company he co-founded.

Mr. Gitner is a member of the Board of Directors of ICTS International, NV. He is also a trustee of the Rochester Institute of Technology and is a past trustee of Boston University. Mr. Gitner is a member of the Chancellor’s Council of the University of Missouri - St. Louis and serves as a trustee of The American College of Management in Dubrovnik, Croatia.

Prior to founding Wilton Capital, Ms. Shahon was a Managing Director at ‘21’ International Holdings, a private holding company, where she had responsibility for mergers, acquisitions and special operating projects. While there, she also served as Vice Chairman and Chief Operating Officer of Color Tile, a 700 store flooring chain. Prior to joining ‘21’ International Holdings, Ms. Shahon was an investment banker at Morgan Stanley and Salomon Brothers. At Salomon she founded and was the head of the firm’s Retailing and Consumer Products Group. Ms. Shahon is a member of the Board of Directors of One Price Clothing Stores, Homeland Holdings, and Bradlees. Ms. Shahon graduated Wellesley College and the Columbia Graduate School of Business.

Factory Card Outlet operates 177 company owned retail stores, in 20 states, offering a vast assortment of party supplies, greeting cards, giftwrap and other special occasion merchandise at everyday value prices. On March 23, 1999, the Company filed a petition for reorganization under Chapter 11 of Title 11 of the United States Code and is currently operating as a debtor in possession.

The Company has retained The Avalon Group, Ltd. as its investment bankers and Conway, Del Genio, Gries & Co., LLC as its financial advisors. Both firms are located in New York.

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. All forward-looking statements relating to aspects of any plan of reorganization that may be submitted in connection with the Chapter 11 case are dependent upon, among other things, further improvements in the Company’s store level operating performance, the proposal of an acceptable reorganization plan and the confirmation of such plan by the bankruptcy court.

CONTACT: James D. Constatine, Chief Financial Officer, or William E. Freeman, Chief Executive Officer, both of Factory Card Outlet Corp., 630-579-2000/ 08:03 EST