<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
THE ROWE COMPANIES ANNOUNCES DISCONTINUANCE OF WEXFORD MANUFACTURING OPERATIONS
McLean, VA, November 10, 2000 - The Rowe Companies (NYSE: ROW) a leading
manufacturer and retailer in the home furnishings industry, announced today that
its wholly- owned subsidiary, The Wexford Collection, Inc. a specialty
manufacturer of high quality, solid wood furniture, will be discontinuing its
manufacturing operations by January 10, 2001.
Gerald M. Birnbach, Chairman and CEO of The Rowe Companies, in making the
announcement said, "After an intensive review of Wexford's operating results and
potential, we made the decision to employ our resources in the segments of our
business that we believe offer the greatest potential. Our focus is on
expanding our retail operations and improving our upholstery manufacturing
operations in a manner consistent with our emphasis on increasing profitability
and shareholder returns."
The full impact on earnings for the company has not yet been determined by
management.
In addition to The Wexford Collection, The Rowe Companies owns Rowe Furniture
Inc., a major manufacturer of quality upholstered furniture; The Mitchell Gold
Co., a fast-growing upholstered furniture manufacturer serving some of the
nation's leading specialty retailers, Home Elements, Inc., a 18-store specialty
retail furniture chain and Storehouse, Inc., a 42-store retail furniture chain.
When used in this press release and in filings by The Rowe Companies with the
Securities and Exchange Commission, or other public or shareholder
communications, and in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," "plan" or similar
expressions are intended to identify "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Important
factors could cause actual results to differ materially from those anticipated
by some of these forward-looking statements. The factors include, but are not
limited to, changes from anticipated levels of sales, whether due to future
national or regional economic and competitive conditions, customer acceptance of
existing and new products, or otherwise; pending or future litigation; pricing
pressures due to excess capacity; raw material cost increases; transportation
cost increases; the inability of a major customer to meet its obligations; loss
of significant customers in connection with a merger or acquisition, bankruptcy
or otherwise; actions of current or new competitors ;increased advertising costs
associated with promotional efforts; change of tax rates; change of interest
rates; future business decisions and other uncertainties, all of which are
difficult to predict and many of which are beyond the control of the Company.
_____
Contacts at The Rowe Companies:
Tim Fortune--Vice President Human Resources/Strategy 703/847-8670
Gerald M. Birnbach--Chairman and CEO 703/847-8670
