Mrs. Fields Announces Expected Closing Date of December 13, 2011 for its Exchange Offer

Approximately 90.4% of its 10% Senior Secured Notes Due 2014 (the "Notes") Tendered as of 9:00 a.m. EST, on December 5, 2011

SALT LAKE CITY, Dec. 5, 2011 // PRNewswire // -- Mrs. Fields Famous Brands, LLC (the "Company") announces today that, pursuant to the Exchange Offer for its Notes, as of 9:00 a.m. EST, on December 5, 2011, the Company received valid tenders from holders of $59,539,755 aggregate principal amount of Notes.

The Company today also announces that, with the consent of Z Capital Partners and The Carlyle Group, it has reduced, from $62,544,000 to $59,539,755, the minimum aggregate principal amount of Notes that must be validly tendered for exchange and not validly withdrawn to satisfy the Minimum Condition under the Exchange Offer. Due to this modification of the Minimum Condition, as required by applicable law, the Expiration Time of the Exchange Offer has been extended until 9:00 a.m. EST, on December 13, 2011.

"With the Minimum Condition being reduced, today we take another step towards realizing the potential of our two iconic brands, Mrs. Fields and TCBY. Importantly, we would like to thank our vendors for their support throughout this process, as well as our dedicated franchisees and employees who interact each day with our thousands and thousands of loyal customers across the globe," explains Tim Casey, President and CEO, Mrs. Fields Famous Brands. "Equally important to our mission is the unwavering support of our two great partners, Z Capital Partners and The Carlyle Group. Together, we now fully expect a successful completion of our refinancing on December 13, 2011 and an enthusiastic start to the next stage in our company's growth and profitability."

Pursuant to the terms of the Exchange Offer, holders may tender their Notes until the Expiration Time, as extended, and still be entitled to receive the Exchange Consideration as described in the Offering Memorandum and Disclosure Statement. The Company will accept for payment, through the Expiration Time as extended hereby (9:00 a.m. EST on December 13, 2011), any and all Notes that were validly tendered for exchange and not withdrawn upon the terms and subject to the conditions set forth in the Offering Memorandum and Disclosure Statement dated October 21, 2011, except that the Minimum Condition has been modified as described herein.

The Withdrawal Deadline for the Exchange Offer occurred at 5:00 p.m. EST, on November 17, 2011. Notes previously tendered may not be withdrawn.

About Mrs. Fields Famous Brands

The Company is a well-established franchisor in the premium snack food industry, featuring Mrs. Fields® and TCBY® as its core brands. Through its franchisees' retail stores, it is one of the largest retailers of freshly baked, on-premises specialty cookies and brownies in the world and the largest retailer of soft-serve frozen yogurt with live active cultures. Its franchise systems operate through a network of more than 950 franchised and licensed locations throughout the United States and in 23 foreign countries. In addition, it operates an internet and catalog gifting business, a branded retail business and has entered into licensing arrangements that leverage awareness of its core brands among its retail customer base. The Company is headquartered in Salt Lake City, Utah.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

Forward-Looking Statements

This press release contains forward-looking statements conveying management's expectations as to the future based on current plans, estimates and projections. Forward-looking statements involve inherent risks and uncertainties and the Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include statements related to the completion of the Refinancing. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake to update any of these statements in light of new information or future events, except, with respect to the Refinancing, as specifically set forth in this press release.

SOURCE Mrs. Fields Famous Brands, LLC

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