francesca’s® Announces Appointment of New Board Chair and Exploration of Board Expansion
September 03 2019 - 08:53AM
Francesca’s Holdings Corporation (the “Company”) (Nasdaq: FRAN)
today announced that its Board of Directors appointed Richard
Emmett to replace Richard Kunes as Chair, effective November 1,
2019. Mr. Kunes will continue to serve on the Board of
Directors until January 31, 2020 as previously announced, and will
continue to serve as chair of the Board until November 1,
2019.
Mr. Emmett joined the Company’s Board in
December 2009. During his tenure, he has served as Chair of the
Compensation Committee and as a member of the Audit
Committee. He has also served on the Board of the
International Franchise Association since 2014. During his 27 year
career at Dunkin Brands, Quiznos and Papa John’s, he has served in
various positions including Chief Legal Officer, General Counsel
and Chief Human Resource Officer. Mr. Emmett retired from
Dunkin Brands in March 2019.
Richard Kunes, current Chair of the Board of
Directors, stated, “I am pleased that Rich Emmett has agreed to
serve as the new Chair of our Board. Rich’s long-standing
service on the Board, his deep understanding of retail, and his
experience bringing change to organizations will provide the
Company with valuable guidance through the continued execution of
its turnaround plan and mission to drive shareholder value.”
“We greatly appreciate the strong leadership,
passion, and integrity Rick has brought to the company,” said Mr.
Emmett. “His steady leadership has been invaluable as the Company
navigates a challenging retail environment.”
The Company also announced that its Board of
Directors has begun exploring expansion of the Board, using a
search process commenced by its Nominating and Governance Committee
in accordance with that Committee’s policies and criteria.
The possible expansion is subject to identifying additional
qualified and experienced candidates.
"As francesca’s® continues to execute its
strategy to rebuild value for our stockholders, we believe
exploring the possibility of adding to our Board of Directors to
enhance the Board’s overall skillset may be beneficial. At
the same time, we intend to adhere to our governance processes as
we explore bringing the appropriate new talent and skills to the
Board," continued Mr. Emmett.
About Francesca's Holdings Corporation
francesca's® is a specialty retailer which
operates a nationwide-chain of boutiques providing customers a
unique, fun and personalized shopping experience. The merchandise
assortment is a diverse and balanced mix of apparel, jewelry,
accessories and gifts. As of August 31, 2019, francesca's® operated
approximately 718 boutiques in 47 states throughout the United
States and the District of Columbia and also serves its customers
through francescas.com. For additional information on francesca's®,
please visit www.francescas.com.
Forward-Looking Statements
Certain statements in this release are
“forward-looking statements” made pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. Such forward-looking statements reflect the Company’s
current expectations or beliefs concerning future events and are
subject to various risks and uncertainties that may cause actual
results to differ materially from those that are expected. These
risks and uncertainties include, but are not limited to, the
following: the risk that the Company may not be able to
successfully execute its turnaround plan; the risk that the Company
may not be able to successfully integrate its Interim Chief
Executive Officer and Chief Financial Officer, and attract and
integrate a new Chief Executive Officer; the risk that the Company
may not be able to identify suitably qualified and experienced
candidates to add to its Board of Directors; the risk that the
Company cannot anticipate, identify and respond quickly to changing
fashion trends and customer preferences or changes in consumer
environment, including changing expectations of service and
experience in boutiques and online, and evolve its business model;
the Company’s ability to attract a sufficient number of customers
to its boutiques or sell sufficient quantities of its merchandise
through its ecommerce website; the Company’s ability to
successfully open, close, refresh, and operate our boutiques each
year; the Company’s ability to efficiently source and distribute
merchandise quantities necessary to support its operations; and the
impact of potential tariff increases or new tariffs. For additional
information regarding these and other risks and uncertainties that
could cause actual results to differ materially from those
contained in the Company’s forward-looking statements, please refer
to “Risk Factors” in the Company’s Annual Report on Form 10-K for
the year ended February 3, 2019 filed with the SEC
on May 3, 2019 and any risk factors contained in
subsequent quarterly and annual reports it files with the SEC.
The Company undertakes no obligation to publicly update or revise
any forward-looking statement.
CONTACT: |
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ICR, Inc. |
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Company |
Jean Fontana |
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Cindy Thomassee
832-494-2240 |
646-277-1214 |
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Kate Venturina
713-864-1358 ext. 1145 |
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ir@francescas.com |
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