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RETAIL MARKETING EXECUTIVE, LEONARD BERLINER, JOINS

Chicago, IL – August 22, 2002 … Len Berliner, has joined Hilco Merchant Resources, America’s leading retail inventory strategist, purchaser of retail businesses, inventories and excess stores. Mr. Berliner, as Senior Vice President of Marketing and Advertising will assume responsibility for all media planning, production and purchasing in addition to the marketing initiatives of Hilco Merchant Resources.

Mike Keefe, CEO of Hilco Merchant Resources stated: “Len is a seasoned advertising and marketing executive with extensive experience and responsibility for planning and managing hundred million dollar marketing budgets. Len brings a fresh perspective to the Hilco Merchant Resources team in an area critical to the success of all of our sales. Len is very well regarded and recognized in retailing for his accomplishments and innovative thinking.”

Prior to joining Hilco Merchant Resources, Mr. Berliner held senior marketing and advertising positions with major retailers including Heilig-Meyers and divisions of Federated and May Department Stores.

Mr. Berliner holds a Bachelor of Arts degree from the State University of New York and also studied at New York University’s Graduate School.

Mr. Berliner said, “Hilco Merchant Resources (HMR) has a truly impressive record of highly successful initiatives on behalf of its clients. I am very pleased to have the opportunity to work with the associates and clients of HMR as that record of superb performance continues to expand.”

Based in Northbrook, IL, Hilco Merchant Resources provides retail inventory liquidation and store closing services. Over the years, Hilco principals have disposed of assets valued in excess of $30 billion. Hilco Merchant Resources is part of the Hilco Organization, a provider of asset valuation, acquisition, disposition and financing to an international marketplace through eight specialized business units. Hilco serves retailers, manufacturers, wholesalers, distributors and importers, direct and through their financial institutions and consulting professionals. Services include: retail store, warehouse and factory closings, and inventory liquidations, through sales and auctions; asset appraisals covering retail and industrial inventory, machinery, equipment, accounts receivables and real estate; disposition of commercial and industrial real estate and leaseholds; purchase and liquidation of distressed accounts receivables portfolios; acquisition and re-marketing of excess wholesale consumer goods inventories; and secured debt and equity financing. The Hilco organization, headquartered in Chicago, has offices in Boston; New York; Los Angeles; Miami; Atlanta; Flagstaff; Detroit; and London, England. For more information please visit our web site: www.hilcotrading.com.

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