REX To Change Name To REX American Resources Corporation And Trading Symbol To “REX” Effective June 10th

REX Stores Corporation (NYSE: RSC) announced that at today’s Annual Meeting shareholders approved an amendment to the Company’s Certificate of Incorporation changing the name of the Company to REX American Resources Corporation. The name change is effective June 10, 2010 and at the start of trading tomorrow the Company’s stock trading symbol will be changed to “REX” on the New York Stock Exchange.

REX also announced that the Board of Directors named Zafar Rizvi, 60, President and Chief Operating Officer of the Company, acknowledging Mr. Rizvi’s substantial contributions in establishing and managing REX’s alternative energy interests. For the past 18 years Mr. Rizvi has served REX as a Vice President, most recently overseeing the Company’s alternative energy interests. Mr. Rizvi will continue to report to REX Chairman and CEO Stuart Rose, who until Mr. Rizvi’s appointment, also held the title of President.

In the quarter ended April 30, 2010, REX reported alternative energy revenue of $71.0 million compared with $14.1 million in the comparable prior year period with alternative energy segment profit of $8.6 million in the 2010 period compared with a $2.0 million loss in the comparable prior year period. At April 30, 2010, REX had cash and cash equivalents of $101.4 million, including $86.1 million of cash at the parent company (exclusive of approximately $15.3 million of cash at consolidated ethanol production facilities). Further information about REX American Resources Corporation is available at www.rexamerican.com.

Stuart Rose, CEO, commented, “The name change to REX American Resources Corporation better reflects the company’s primary business, assets and focus. We believe it will help investors and the marketplace better associate the Company with its alternative energy business.

“Today, REX has interests in six ethanol production facilities representing control of approximately 144 million gallons per year of ethanol, a strong balance sheet with over $86 million in unencumbered cash, and a portfolio of real estate assets with a carrying value of approximately $31 million. Our business model and modest share base provide the Company with significant operating leverage, and we are confident that we can prudently deploy our strong balance sheet for further investments in ethanol, other renewable resources or other industrial projects, and through share repurchases, to build value for stockholders.