Sterling Shoes Announces Restructuring connected with Store Portfolio along with Extension of CCAA Obtain

Sterling Shoes Inc. and Sterling Shoes GP Incorporated. (general partner with Sterling Shoes Limited Venture) (collectively, the “Company“) mention today the suggested future closure involving 53 store places in British Columbia, Alberta along with Ontario.

Stores have been selected for final after extensive examination and based on boundaries established as part of the Organization’s business strategy. Liquidation activity in the closing stores commenced on Dec 9, 2011.

The organization is continuing along with 5 Freedman stores, 30 Sterling stores and Seventy two Shoe Warehouse suppliers. These remaining merchants will continue to operate on the normal basis. Upon completion of the store-closing process, the Company’s total save portfolio will involve 105 stores.

The firm believes that the restructured store portfolio is usually an integral and optimistic step towards making the foundation for future growth and re-establishing you can actually long-term viability.

The Company likewise announced today which it has obtained a purchase (the “Order“) from the Top court of British Columbia below the Companies‘ Creditors Arrangement React (Canada) (the “CCAA“) providing a further extension for the stay of procedures (the “Stay“) which was of course pursuant to an initial obtain obtained by the Organization on October 21 years old, 2011 and was extended by a even more order obtained on November 18, This year. With today’s Get the Court has exte nded this Stay until April 2, 2012 with liberty to apply to help extend the Be period. Under watch of the Court, Sterling Shoes‘ supervision has been developing a restructuring program that management is convinced will facilitate returning the Company to a placement of financial health.

Concerning STERLING SHOES

Sterling Shoes is actually headquartered in Calgary, B.C. and it’s a leading independent shoes retailer offering a diverse selection of private label along with brand name shoes plus accessories. Founded later, Sterling Shoes LP functions over 100 stores across Canada.

FORWARD-LOOKING Phrases

Certain statements on this press release, including assertions regarding the anticipated operation of the Company following restructuring, the timetable intended for liquidation and store closings and also duration of the CCAA procedure, may constitute “forward-looking“ claims that involve known and also unknown risks, worries and other factors which may cause our actual results, performance and also achievements,red bottom shoes, to be materially completely different from any results, performance or perhaps achievements expressed or maybe implied by this sort of forward-looking statements. The ahead looking statements covered herein are based on certain assumptions including suppositions regarding the time necessary to complete the restructuring, liquidation in addition to store closing procedure, the impact of these processes on the Business’s future performance, the ability of the Company to obtain extra time of the Stay as well as continued operation of the remaining stores. As soon as used in this press release, such statements typically use, but are not tied to, such words while “may“, “will“, “expect“, “should“, “believe“, “intend“, “plan“, “anticipate“, “potential“, and other similar words. Although the forward-looking statements incorporated into this press release are usually based upon management’s reasonable suppositions, the Company cannot provide investors that genuine results will be consistent with hese forward-looking statements. These forward-looking promises are made as of a date of this pr release and the Company takes on no obligation to help update or up-date them to reflect innovative events or situation, except as necessary for law.

Contacts:
Sterling Shoes Inc.
Daniel S. Gumprich
Chief Economical Officer
(604) 270-6114
(604) 278-7751 (FAX) com