Duluth Holdings Provides Business Update and Announces Partnership with American Red Cross

Re-opening 20 Retail Stores 
Credit Line Increased to $150 Million

MOUNT HOREB, Wis., May 04, 2020 (GLOBE NEWSWIRE) -- Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading” or “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s casual wear, workwear and accessories, today provided a business update and announced a partnership with American Red Cross:

• Partnership with American Red Cross to donate portion of proceeds on key apparel items
• Re-opening of 20 retail stores today where COVID-19 restrictions have been lifted and preparing to re-open the balance as other states lift their pandemic mandates
• Launched new women’s campaign celebrating “forge their way” inspirational women
• Amended and expanded line of credit closed on April 30
• Partnered with landlords, suppliers and vendors to materially reduce costs, extend payment terms and cancel merchandise receipts to improve projected cash flow

“Since the beginning of the COVID-19 pandemic, we were proactive in taking difficult actions to safeguard the long-term health of our Company. First and foremost, we protected the health and well-being of our employees, customers and suppliers, and also took measures to ensure our financial resiliency. As announced on March 20, we closed our 62 retail stores nationwide in compliance with state and local COVID-19 regulations. Today, we are re-opening 20 retail stores to customers in states that have lifted mandates on store closures. In addition to taking extra precautions for our staff and customers, most of our stores are free-standing with ample parking, which will help us diligently maintain local health and safety guidelines,” said Steve Schlecht, Executive Chairman and Chief Executive Officer of Duluth Trading. 

Schlecht added, “With our omnichannel model, we are fortunate to have a strong on-line presence where we can provide uninterrupted and outstanding service to our customers. We continue to fulfill online orders from both warehouse and store inventory through our ship from store process as well as contactless curbside pickup at certain store locations. Finally, we are proud to partner with the American Red Cross, an outstanding organization that is always on the front line of every crisis.”