URBN to Acquire The Vetri Family of Restaurants
November 16 2015 - 8:55AM
Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle specialty
retail company operating under the Anthropologie, Bhldn, Free
People, Terrain and Urban Outfitters brands, announced today it has
entered into an agreement to acquire substantially all The
Vetri Family group of restaurants including award winning Pizzeria
Vetri.
“Having known Marc for almost a decade and partnered with him
through his charitable foundation, we are honored to have him, Jeff
and the Vetri family join the URBN team,” said Richard A. Hayne,
CEO of Urban Outfitters, Inc. “Spending on casual dining is
expanding rapidly, and thus, we believe there is tremendous
opportunity to expand the Pizzeria Vetri concept,” finished Mr.
Hayne.
The Vetri Family group of restaurants was created and co-headed
by James Beard award winning Chef Marc Vetri and his business
partner Jeff Benjamin. Trained in Bergamo, Italy, by some of
the region’s most noted chefs, Marc Vetri brings a bold,
contemporary sensibility to classic Italian cooking. Within two
years of opening his eponymous Philadelphia restaurant, Marc was
named one of Food & Wine’s Ten Best New Chefs. Most
recently Food and Wine Magazine named Pizzeria Vetri the best Pizza
restaurant in America.
“It’s a perfect match,” says Partner/Chef Marc Vetri. “URBN and
the Vetri Family share the same singular goal, we pride ourselves
on bringing the best possible experience to our customers and
community. Through this partnership, and the experience URBN has in
scaling growth opportunities, the Vetri Family will now be able to
focus on what we do best – run restaurants that make people
happy.”
Urban Outfitters, Inc. is an innovative specialty retail company
which offers a variety of lifestyle merchandise to highly defined
customer niches through 240 Urban Outfitters stores in the United
States, Canada, and Europe, catalogs and websites; 214
Anthropologie Group stores in the United States, Canada and Europe,
catalogs and websites; 112 Free People stores in the United States
and Canada, catalogs and websites; and Free People wholesale, which
sells its product to approximately 1,600 specialty stores and
select department stores worldwide; as of October 31, 2015.
This news release is being made pursuant to the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Certain matters contained in this release
may constitute forward-looking statements. When used in this
release, the words “project,” “believe,” “plan,” “will,”
“anticipate,” “expect” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
one, or all, of the following factors could cause actual financial
results to differ materially from those financial results mentioned
in the forward-looking statements: the difficulty in predicting and
responding to shifts in fashion trends, changes in the level of
competitive pricing and promotional activity and other industry
factors, overall economic and market conditions and the resultant
impact on consumer spending patterns, lowered levels of consumer
confidence and higher levels of unemployment, continuation of
lowered levels of consumer spending resulting from a worldwide
political and economic crisis, any effects of terrorist acts or
war, natural disasters or severe weather conditions, availability
of suitable retail space for expansion, timing of store openings,
risks associated with international expansion, seasonal
fluctuations in gross sales, the departure of one or more key
senior executives, import risks, including potential disruptions
and changes in duties, tariffs and quotas, the closing of any of
our distribution centers, our ability to protect our intellectual
property rights, risks associated with internet sales, response to
new store concepts, failure of our manufacturers to comply with our
social compliance program, changes in accounting standards and
subjective assumptions, regulatory changes and legal matters and
other risks identified in the Company’s filings with the Securities
and Exchange Commission. The Company disclaims any intent or
obligation to update forward-looking statements even if experience
or future changes make it clear that actual results may differ
materially from any projected results expressed or implied
therein.
Oona McCullough
Director of Investor Relations
(215) 454-4806
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