Wickes Inc. Receives Final Bankruptcy Court Approval of Debtor-In-Possession Financing

Business Wire, March 29, 2004

Business Editors

VERNON HILLS, Ill.--(BUSINESS WIRE)--March 29, 2004

Wickes Inc. (OTCBB:WIKSQ), a leading distributor of building materials and manufacturer of value-added building components, reported today that it has received final Bankruptcy Court approval of a $115 million debtor-in-possession (DIP) credit facility that is being provided by a group of banks and others led by Merrill Lynch Capital.

On January 20, 2004, Wickes filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. On January 21, 2004, the Court granted interim approval of a $100 million DIP credit facility. Since the interim approval of that DIP credit facility, Wickes has continued discussions with its lender group regarding its post-petition financing. As a result of these discussions, the total amount of the final DIP credit facility increased by $15 million. The final $115 million DIP facility that was approved by the Court consists of a $77,625,000 revolving loan commitment and two term loans in the aggregate amount of $37,375,000. This facility will provide the Company with liquidity to maintain its operations, pay employees and purchase goods and services.

"We are very pleased to have arranged financing that is sufficient to enable us to rapidly build our spring inventory, allow the company to proceed with our restructuring and ultimately to exit Chapter 11," said Jim O'Grady, President and Chief Executive Officer. "We are grateful for the support of our lenders and the confidence they have displayed in Wickes by meeting our funding needs. The Court's approval of our DIP credit facility will enable us to continue to operate without interruption, meet our ongoing business obligations and properly stock our stores as we enter the spring building season."

More information about Wickes' reorganization is available at http://www.bmccorp.net. The case has been assigned to the Honorable Judge Bruce W. Black under Case No. 04-02221. Information on the case can also be obtained on the Bankruptcy Court's website with Pacer registration: http://www.ilnb.uscourts.gov.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. The Company cautions creditors, shareholders and prospective investors that the following factors may cause actual results to differ materially from those indicated by the forward-looking statements: the effects of the Company's recent bankruptcy filing, costs of materials sold; changes in selling prices; competition within the building materials supply industry; the effects of economic conditions; as well as other factors set forth in the Company's Form 10-K, its Form 10-Qs and other documents which are on file with the Securities and Exchange Commission.

WICKES Inc. is a leading distributor of building materials and manufacturer of value-added building components in the United States, serving primarily building and remodeling professionals. The Company distributes materials nationally and internationally, operating building centers in the Midwest, Northeast and South. The Company's building component manufacturing facilities produce value-added products such as roof trusses, floor systems, framed wall panels, pre-hung door units and window assemblies. Wickes Inc.'s web site, http://www.wickes.com, offers a full range of valuable services about the building materials and construction industry.