NASHVILLE, Tenn., March 19, 2020 /PRNewswire/ -- Kirkland's,
Inc. (NASDAQ: KIRK) announced that in response to the increased
impact from the novel coronavirus (COVID-19) it is closing its 424
stores across the country at 6 p.m.
local time today. The company plans to follow the guidance of the
Centers for Disease Control and Prevention, as well as local and
state government officials, and will reopen its stores when there
are satisfactory assurances to do so.
"Keeping our employees and customers safe has always been our
top priority," said Woody Woodward,
Chief Executive Officer. "We are in unprecedented times for our
industry and nation and are temporarily closing our stores out of
an abundance of caution. We have communicated with our employees
how we intend to support them, and we will continue to serve our
customers online through our website, www.kirklands.com."
Woodward noted, "As we assess the impact of necessary safety
precautions, we are also aggressively managing our costs and
infrastructure and supporting the continued growth in our
e-commerce sales, which will remain open for home delivery.
Separately, at the beginning of this week, we drew down
$40 million of our $75 million revolving credit facility, which,
when combined with approximately $12
million in cash, provides us approximately $52 million in cash."
The COVID-19 pandemic is complex and evolving rapidly, and the
Company's plans may change.
About Kirkland's, Inc.
Kirkland's, Inc. is a specialty retailer of home décor in
the United States, currently
operating 424 stores in 36 states as well as an e-Commerce enabled
website, www.kirklands.com. The Company's stores present a broad
selection of distinctive merchandise, including holiday décor,
furniture, art, fragrance and accessories, ornamental wall décor,
decorative accessories, mirrors, lamps, textiles, artificial floral
products, gifts, housewares, outdoor living items, frames and
clocks. The Company's stores offer an extensive assortment of
holiday merchandise during seasonal periods as well as items
carried throughout the year suitable for gift-giving. More
information can be found at www.kirklands.com.
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties, which may cause Kirkland's actual
results to differ materially from forecasted results. Those risks
and uncertainties include, among other things, the impact of store
closures in 2020, the effectiveness of the Company's marketing
campaigns, risks related to changes in U.S. policy related to
imported merchandise, particularly with regard to the impact of
tariffs on goods imported from China and strategies undertaken to mitigate
such impact, risks associated with the spread of COVID-19 and its
possible impact on the Company's revenues and supply chain, the
Company's ability to retain its senior management team, continued
volatility in the price of the Company's common stock, the
competitive environment in the home décor industry in general and
in Kirkland's specific market areas, inflation, fluctuations in
cost and availability of products, interruptions in supply chain
and distribution systems, including our e-commerce systems and
channels, the ability to control employment and other operating
costs, availability of suitable retail locations and other growth
opportunities, disruptions in information technology systems
including the potential for security breaches of Kirkland's or its
customers' information, seasonal fluctuations in consumer spending,
and economic conditions in general. Those and other risks are more
fully described in Kirkland's filings with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K filed on March 29,
2019 and subsequent reports. Kirkland's disclaims any
obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
Jeff Black: (615)
Tripp Sullivan: (615)
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SOURCE Kirkland's, Inc.