Handleman Reports Q2 Loses

Tough Q2

HANDLEMAN COMPANY has announced results for its fiscal second quarter ended NOVEMBER 1, 2008. The Company's financial results reflect the impact of a change to liquidation accounting, as the Company continues to explore opportunities to sell its remaining assets. Net loss for the two months ended OCTOBER 4th was $4.2 million or $0.21 per diluted share, compared to net loss of $15.9 million or $0.78 per diluted share for the second quarter of fiscal 2008.

As previously announced on OCTOBER 1, 2008, HANDLEMAN COMPANY shareholders approved the Company's Plan of Final Liquidation and dissolution of the Company. The decision to liquidate and dissolve the Company came primarily as a result of dramatic changes in the music industry, the Company's primary source of revenues. In JUNE 2008 HANDLEMAN announced its decision to exit the NORTH AMERICAN music business and sold it's music inventory and selected other assets related to its WAL-MART business in the UNITED STATES and CANADA to ANDERSON MERCHANDISERS.

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