Galyan’s Secures New Credit Facility

New Facility Provides Sufficient Liquidity to Fully Fund Growth Strategy

PLAINFIELD, Ind., April 28 — Galyan’s Trading Company, Inc. (Nasdaq:GLYN) today announced it has closed on a $250 million senior secured bank facility that will mature in April 2008.

This new revolving credit facility replaces the previous $160 million revolving credit facility that was to expire on May 3, 2004. The new facility provides the Company with greater liquidity and enhanced flexibility, which will allow Galyan’s to continue to pursue its growth strategy over the next five years.

The new credit facility is a traditional asset based loan with availability based on certain percentages of eligible inventory, eligible accounts receivables, and certain real property. The Company will not be subject to any financial covenants, provided it maintains a minimum level of availability. Additionally, the Company may request that JPMorgan Chase Bank (“JPMorgan”), as Administrative Agent, arrange an increase to the facility of up to $50 million to an aggregate of $300 million. JPMorgan and Congress Financial Corp. acted as co-lead arrangers for the facility and JPMorgan will act as sole Administrative and Collateral Agent.

Robert B. Mang, Chief Executive Officer and Chairman of the Company, commented, “The closing of this new credit facility is an important milestone for Galyan’s, as it provides sufficient liquidity to enable the Company to continue its new store rollout program and to fund its seasonal working capital needs at attractive rates through the time when the Company is expected to become self funding. The five year term and reduced covenants also provide the Company with greater operating and financial flexibility, further enabling the Company to achieve its growth objectives.”

About Galyan’s Sports & Outdoor Adventure

Galyan’s is a specialty retailer that offers a broad range of products that appeal to consumers with active lifestyles, from the casual consumer to the serious sports enthusiast. Galyan’s operates 36 stores in 17 states and offers outdoor and athletic equipment, apparel, footwear and accessories, as well as casual apparel and footwear.