Friedman's
                          The Value Leader Since 1920

                 171 Crossroads Parkway Savannah, Georgia 31422
                       PO Box 8025Savannah, Georgia 31412


For Immediate Release

Contacts:
Sue Tremblay                        Jane D'Arcy
Trion Communications                Trion Communications
(401) 453-3100 ext. 110             (401) 453-3100 ext. 104
stremblay@trioncom.com              jdarcy@trioncom.com


            FRIEDMAN'S NAMES STEVE MOORE CHIEF ADMINISTRATIVE OFFICER
                               AND GENERAL COUNSEL

SAVANNAH, GA (June 29, 2004) - Friedman's Inc. (OTC non-BB: FRDM), the value
leader in fine jewelry retailing, today announced that Steve Moore has been
named Chief Administrative Officer, General Counsel and Secretary. Moore comes
to Friedman's from Service Merchandise Company, Inc. where he served in the same
capacity.

"We are serious about putting together a seasoned team that can move quickly and
aggressively to get Friedman's on the right track," said Allan Edwards,
Executive Chairman of the Board of Friedman's. "Steve's legal background,
combined with his experience working through and resolving complex operational
issues, will make him a strong asset to the Company. We are confident that we
have found the right person to help move Friedman's towards a successful
future."

In addition to focusing on the Company's legal and compliance issues, Moore will
serve as Secretary and will manage various business units such as risk
management, real estate, human resources, and communications.

"Steve is the natural choice for CAO," said CEO Sam Cusano. "He is
results-focused, and a problem solver with hands-on experience managing
challenging situations. Having worked closely together for twelve years, I know
Steve, in addition to being extremely talented, shares my commitment to
integrity and hard work."

"I am very happy to be joining Friedman's," said Moore. "I am anxious to roll up
my sleeves and begin working with Sam and all of the Friedman's associates to
stabilize the Company and improve our standards of operations."

The Company also announced today that President and COO Doug Anderson has
resigned to pursue other interests. CEO Sam Cusano will assume the role of
President.
                                     -more-
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About Friedman's

Founded in 1920, Friedman's Inc. is a leading specialty retailer based in
Savannah, Georgia. The Company is the leading operator of fine jewelry stores
located in power strip centers and regional malls. For more information, go to:
www.friedmans.com.

Some of the statements included in this press release, particularly those
anticipating future financial performance, business prospects, growth and
operating strategies and similar matters, are forward-looking statements that
involve a number of risks and uncertainties. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not guarantees of future performance and a variety of factors
could cause the Company's actual results to differ materially from the
anticipated or expected results expressed in these forward-looking statements.
The Company undertakes no obligation to update or revise any such
forward-looking statements. The forward-looking statements, the Company's
liquidity, capital resources, and results of operations are subject to a number
of risks and uncertainties, including but not limited to, the following: the
ability of the Company to comply with the terms of its credit facility;
potential adverse developments with respect to the Company's liquidity and/or
results of operations; competitive pressures from other retailers; trends in the
economy as a whole which may affect consumer confidence and consumer demand for
the types of goods sold by the Company; the ability of the Company to attract,
retain and compensate key executives and associates; the ability of the Company
to attract and retain customers; potential adverse publicity; the ability of the
company to achieve the cost savings and operational benefits projected from its
planned store closings; the final results of the audit including the review of
the calculation of our allowance for doubtful accounts; the results of the SEC
and Justice Department investigations; the results of various litigation; the
effect of the restatement on our credit facilities, including funding
availability there under and our relationship with our lenders; the effect of
the restatement on our future earnings, including any adjustments to previously
announced earnings forecasts; and other risk factors identified from time to
time in our SEC reports, including, but not limited to, the report on Form 10-K
for the year ended September 28, 2002.



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