Press Release from Adler Modemärkte AG

75+ Stores Welcome Back Customers in Germany

ADLER Stores Start to Reopen
Outlook: Remaining 95 Stores to Realistically Resume Sales in Coming Weeks

Haibach (near Aschaffenburg), 24 April 2020: As of today, Adler Modemärkte AG has reopened more than 75 stores after officials lifted restrictions on shops with up to 800 square metres of sales space. This marks the beginning of the end of the officially-mandated closure of the Company's 171 stores in Germany, Austria, Luxembourg and Switzerland, which was imposed between 16 and 18 March 2020 as the spread of COVID-19 gathered pace. Construction measures were implemented - without the need for additional investments - to temporarily downsize the relevant stores in 12 federal states to the officially-approved size. ADLER is taking all the necessary precautions and hygiene measures to offer its customers and staff the best level of protection possible. The local authorities have already found these measures to be excellent.

Although businesses have not yet reopened in Bavaria, North Rhine-Westphalia, Saxony and Saxony-Anhalt, these states are expected to approve similar measures in the near future. North Rhine-Westphalia has already announced that stores will be allowed to reopen beginning on 27 April. ADLER is monitoring these developments very closely and is already preparing the approximately 65 stores to immediately reopen their doors. It is not yet possible to say when the total of 142 stores in Germany will be able to once again open up their full sales space, which on average spans well over 1,500 square metres. However, experts expect this to happen in the first half of May, provided strict hygiene measures are put in place and complied with - something ADLER is already well prepared for.

29 stores outside Germany expected to reopen in early to mid-May

Specific dates on which the Company's stores outside of Germany will be able to reopen are also being floated. ADLER's 24 stores in Austria will reopen on 2 May. According to the latest information, the three stores in Luxembourg and the two stores in Switzerland will be able to resume operations on 11 May. Intense discussions are under way in an effort to potentially accelerate this timeline.

Next date: The figures for the first quarter of 2020 are scheduled to be published on 5 May.
For more information about the Company, please visit ADLER's website at -unternehmen.com/en/.

About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 31 December 2019, ADLER employed a workforce of around 3,600 and currently operates 171 stores, 142 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m² of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 55 and over.
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