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There are two possible endings in Story mode which are unlocked depending on how you defeat Mildred.
Ending 1 (Good Ending):
Defeat Mildred by Knock Out (KO) victory.
Ending 2 (Bad Ending):
Defeat Mildred by letting time runo out (Time Out).
When you play Story mode with a character you'll be able to unlock artwork for that characters Story events. When you beat Story mode you'll get that characters ending art. Complete Story mode with ALL the characters to be able to get ALL the available Story mode artwork.