Murray Dashe Steps Down as Chairman and CEO of Cost Plus; Danny Gurr A

    Business Editors/Consumer Products Writers

    OAKLAND, Calif.--(BUSINESS WIRE)--March 9, 2005--The Board of Directors of Cost Plus, Inc. (Nasdaq:CPWM) today announced that Murray Dashe has stepped down as its Chairman, Chief Executive Officer and President, with plans to retire. The Board will begin a search for a new CEO immediately. Danny Gurr, a director of the company since 1995, was named President and Chief Operating Officer on an interim basis to assist in the transition. Additionally, Fredric M. Roberts, a director since 1999, was named non-executive Chairman of the Board.
    "On behalf of the Board, we thank Murray for his efforts over the past seven years and his role in helping grow the company from 58 stores to a nationwide chain of 236 stores with annual sales approaching $1 billion," said Gurr. "We have a strong and experienced team of dedicated employees to execute our strategies and several key initiatives that we have undertaken to strengthen our brand and increase returns for our investors."
    Mr. Gurr has a wide variety of retail and business experience. He currently serves as a retail and publishing consultant and is a director of Make Believe Ideas Ltd. Previously, he served as President of Quarto Holdings, Inc., a leading international co-edition publisher. Prior to that he held positions as President of Dorling Kindersley Publishing, a publisher of illustrated books, videos and multi-media products, and President and Chief Executive Officer of Lauriat's Books, Inc., an operator of various bookstore chains. He also served as President and Chief Executive officer of Chadwick Miller, an importer and wholesaler of housewares and gifts.
    Mr. Roberts heads his own investment banking firm, F.M. Roberts & Company and has over 30 years of investment banking experience. He served as the 1993 Chairman of the Board of Governors of the National Association of Securities Dealers, which at that time owned and operated The Nasdaq Stock Market.
    The company will record a first quarter 2005 pre-tax charge of approximately $2.3 million for the costs associated with Mr. Dashe's departure.
    The company will release its fourth quarter and fiscal year end results on March 17, 2005, to be followed by a conference call at 8:00 a.m. PST. It will be held in a "listen-only" mode for all participants other than the sell-side and buy-side investment professionals who regularly follow the company. The telephone numbers for the call are (415) 908-6247 or (212) 346-6540. Callers are advised to dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at (402) 977-9140, Access Code: 21231645, from 10:00 a.m. PST on Thursday to 10:00 a.m. PST on Friday, March 18, 2005. Investors may also access the live call or the replay over the internet at www.fulldisclosure.com and www.worldmarket.com. The replay will be available approximately one hour after the live call concludes.

    Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of March 9, 2005, the company operated 236 stores in 30 states compared to 204 stores in 26 states as of January 31, 2004.

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CONTACT: Cost Plus, Inc. John Luttrell, 510-808-9119

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: CONSUMER/HOUSEHOLD RETAIL MANAGEMENT CHANGES EARNINGS SOURCE: Cost Plus, Inc.

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