The Special Committee of the Perry Ellis International board of directors, which comprises independent directors, issued the following statement in response to George Feldenkreis’ letter to the Perry Ellis Board of Directors on May 23, 2018:

“As part of its strategic review process, the Special Committee continues to engage in good faith with George Feldenkreis to see if a transaction that maximizes shareholder value can be achieved. The Special Committee is disappointed that rather than moving forward with constructive negotiations, Feldenkreis continues to mischaracterize the status of negotiations.

“The Special Committee is committed to conducting a bona fide process that maximizes and protects the value of shareholders’ investment in the company and will not allow that process to be circumvented by Feldenkreis’ false assertions. The Special Committee stands prepared and ready to enter into a definitive agreement on customary and appropriate terms.

“The Special Committee noted no decision has been made with respect to the company’s response to the Feldenkreis Proposal. There is no assurance the Feldenkreis Proposal will result in a definitive offer to purchase the company’s outstanding capital stock or that any definitive agreement will be executed or that the Proposal or any other transaction will be approved or consummated.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akerman LLP is serving as the Special Committee legal counsel and PJ Solomon is serving as its financial advisor.