Build-A-Bear Workshop, Inc. Names George Carrara and David Kanen to Board of Directors
July 29 2019 - 6:30AM
Business Wire
Build-A-Bear Workshop, Inc. (NYSE: BBW) announced today that
George Carrara and David Kanen have been appointed to its Board of
Directors and that Michael Shaffer has resigned from the Board so
that he can devote more time to his role as the Executive Vice
President and Chief Operating & Financial Officer of PVH,
Corp.
Mr. Carrara is the former President and Chief Operating Officer
of Kate Spade & Company (formerly Fifth & Pacific Companies
Inc), serving in this role from February 2014 to December 2017. Mr.
Carrara oversaw Strategy and Business Development, Investor
Relations, Supply Chain, Ecommerce, Finance, Global Operations and
Information Technology. He served as Chief Financial Officer and
Chief Operating Officer of Kate Spade & Company from April 2012
to February 2014. He worked for Tommy Hilfiger North America from
1999 to 2011 and served in various senior positions, including as
Chief Financial Officer for the Jeans division from 1999 to 2003;
Chief Operating Officer and Chief Financial Officer of wholesale
operations from 2003 to 2004; Executive Vice President of U.S.
Operations - Wholesale and Retail from 2004 to 2005 and Chief
Operating Officer from 2006 to 2011. Prior that, Mr. Carrara served
as Chief Financial and Operating Officer for Mirage Apparel Group.
He began his career in the Entrepreneurial Services & Consumer
Product Groups at Price Waterhouse and is a Certified Public
Accountant.
Mr. Kanen serves as the managing member of Kanen Wealth
Management, LLC, a registered investment advisor that he founded in
2016 and is currently the largest stockholder of Build-A-Bear
Workshop. He served as Senior Vice President Investments of Aegis
Capital from 2012 to 2016. From 1988 to 2012, he worked for several
brokerage firms as an institutional securities broker, including
A.G. Edwards & Sons, Inc. from 1992 to 2004, where he worked as
a wealth manager/broker with and managed several retail and
institutional accounts, including hedge funds that focused on value
investing. Mr. Kanen is the President and Portfolio Manager of
Kanen Wealth Management, LLC and Philotimo Fund, L.P. He also
serves on the board of directors for Famous Dave's of America, Inc.
and U.S. Auto Parts Network, Inc.
“We are pleased that George and David are joining our board of
directors, concluding lengthy selection processes directed by our
Nominating and Corporate Governance Committee. George gained
extensive commercial, financial and operational expertise during
his career with several leading companies in the retail industry.
As our largest stockholder, we believe David will bring an
important perspective to our board. We would also like to thank
Mike for his service to the board over the last five years. His
contributions have been very valuable,” said Craig Leavitt,
Non-Executive Chairman of the Board.
“We believe that George and David have the skills and experience
to make an immediate contribution to the company as we continue to
execute our stated strategy that is focused on transforming our
operating model to capitalize on changing consumer shopping
patterns while diversifying and growing revenue streams that
leverage the power of the Build-A-Bear brand,” said Sharon Price
John, President and Chief Executive Officer.
Mr. Kanen’s appointment to the Board is pursuant to a
Cooperation Agreement containing customary terms and conditions,
which will be filed by Build-A-Bear Workshop with the U.S.
Securities and Exchange Commission on a Current Report on Form
8-K.
About Build-A-Bear
Build-A-Bear is a global brand kids love and parents trust that
seeks to add a little more heart to life. Build-A-Bear Workshop has
more than 450 stores worldwide where Guests can create customizable
furry friends, including corporately-managed stores in the United
States, Canada, China, Denmark, Ireland, Puerto Rico, and the
United Kingdom, and franchise stores in Africa, Asia, Australia,
Europe, Mexico and the Middle East. Build-A-Bear Workshop, Inc.
(NYSE:BBW) posted total revenue of $336.6 million in fiscal 2018.
For more information, visit the Investor Relations section of
buildabear.com.
Forward-Looking Statements:
This press release contains certain statements that are, or may
be considered to be, “forward-looking statements” for the purpose
of federal securities laws, including, but not limited to,
statements that reflect our current views with respect to future
events and financial performance. We generally identify these
statements by words or phrases such as “may,” “might,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,”
“predict,” “future,” “potential” or “continue,” the negative or any
derivative of these terms and other comparable terminology. All of
the information concerning our future liquidity, future revenues,
margins and other future financial performance and results,
achievement of operating of financial plans or forecasts for future
periods, sources and availability of credit and liquidity, future
cash flows and cash needs, success and results of strategic
initiatives and other future financial performance or financial
position, as well as our assumptions underlying such information,
constitute forward-looking information.
These statements are based only on our current expectations and
projections about future events. Because these forward-looking
statements involve risks and uncertainties, there are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by these forward-looking statements, including those factors
discussed under the caption entitled “Risks Related to Our
Business” and “Forward-Looking Statements” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on April 18, 2019 and other periodic reports filed with the SEC
which are incorporated herein.
All of our forward-looking statements are as of the date of this
Press Release only. In each case, actual results may differ
materially from such forward-looking information. We can give no
assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of or any material adverse
change in one or more of the risk factors or other risks and
uncertainties referred to in this Press Release or included in our
other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the SEC could
materially and adversely affect our continuing operations and our
future financial results, cash flows, available credit, prospects
and liquidity. Except as required by law, the Company does not
undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190729005093/en/
Investors: Voin Todorovic Build-A-Bear Workshop (314) 423-8000
x5221
Media: PR@buildabear.com (314) 423-8000
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