FORT MYERS, Fla., March 17, 2020 /PRNewswire/ -- Chico's FAS
(NYSE: CHS), a leading omnichannel specialty retailer for women
that operates Chico's®, White House Black
Market®, Soma® and TellTale™ announced the
temporary immediate closure of all retail stores across
North America for the next two
weeks to protect customers, associates and the communities in which
they live and work.
During this temporary store closure, the Company continues to
welcome customers to our online stores for each brand at
www.chicos.com, www.chicosofftherack.com,
www.whitehouseblackmarket.com, www.soma.com and
www.mytelltale.com.
"Our customers and associates are at the center of our purpose
and every decision we make," said Bonnie
Brooks, CEO and President, Chico's FAS. "Our commitment to
doing the right thing is more important than ever during this
uncertain time. During our temporary store closure, our full-time
and part-time associates will receive their full pay during this
two-week closure period. We also have urged our associates to heed
the President's and CDC's strong recommendation to limit
interaction with others in order to have a positive
impact."
The Company had already taken steps offering remote working
arrangements and enhanced safety protocols at their distribution
centers and corporate offices.
The Company will continue to monitor the rapidly changing
COVID-19 developments and is following the guidelines established
by public health officials, including the Centers for Disease
Control and Prevention (CDC). As needed, the Company will adjust
its plans to continue protecting the health and well-being of our
customers, our associates and the communities in which it
operates.
The Company is withdrawing its guidance issued in its fourth
quarter Earnings Release filed on Form 8-K on February 27, 2020. The Company is not providing
updated guidance at this time.
ABOUT CHICO'S FAS,
INC.
The
Company, through its brands – Chico's, White House Black Market,
Soma and TellTale is a leading omnichannel specialty retailer of
women's private branded, sophisticated, casual-to-dressy clothing,
intimates and complementary accessories.
As of February 1, 2020, the
Company operated 1,341 stores in the U.S. and Canada and sold merchandise through 70
international franchise locations in Mexico and 2 domestic franchise airport
locations. The Company's merchandise is also available at
www.chicos.com, www.chicosofftherack.com, www.whbm.com,
www.soma.com and www.mytelltale.com as well as through third party
channels. For more detailed information on the Company, please go
to our corporate website at www.chicosfas.com. The information on
our corporate website is not, and shall not be deemed to be, a part
of this press release or incorporated into our federal securities
law filings.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains "forward-looking statements," within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect our current views with respect to certain
events that could have an effect on our future financial
performance. These statements, including without limitation
statements made in Ms. Brooks' quote and in the section entitled
"Fiscal 2020 First Quarter and Full-Year Outlook," relate to
expectations concerning matters that are not historical fact and
may include the words or phrases such as "will," "should,"
"expects," "believes," "anticipates," "plans," "intends,"
"estimates," "approximately," "our planning assumptions," "future
outlook," and similar expressions. Except for historical
information, matters discussed in such statements are
forward-looking statements. These forward-looking statements are
based largely on information currently available to our management
and on our current expectations, assumptions, plans, estimates,
judgments and projections about our business and our industry, and
are subject to various risks and uncertainties that could cause
actual results to differ materially from historical results or
those currently anticipated. Although we believe our expectations
are based on reasonable estimates and assumptions, we cannot
guarantee their accuracy or our future performance, and there are a
number of known and unknown risks, uncertainties, contingencies,
and other factors (many of which are outside our control) that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, there is no assurance that our expectations will, in
fact, occur or that our estimates or assumptions will be correct,
and we caution investors and all others not to place undue reliance
on such forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
changes in the general economic and business environment; changes
in the general or specialty retail or apparel industries, including
the extent of the market demand and overall level of spending for
women's private branded clothing and related accessories; the
availability of quality store sites; the effectiveness of our brand
strategies, awareness and marketing programs; the ability to
successfully execute and achieve the expected results of our
business strategies and particular strategic initiatives
(including, but not limited to, the Company's revised
organizational structure, retail fleet optimization plan and three
operating priorities which are driving stronger sales through
improved product and marketing; optimizing the customer journey by
simplifying, digitizing and extending the Company's unique and
personalized service; and transforming sourcing and supply chain
operations to increase product speed to market and improve
quality), sales initiatives and multi-channel strategies; customer
traffic; our ability to appropriately manage our inventory and
allocation processes; our ability to leverage inventory management
and targeted promotions; the successful recruitment of leadership
and the successful integration of new members of our senior
management team; uncertainties regarding future unsolicited offers
to buy the Company and our ability to respond effectively to them
as well as to actions of activist shareholders and others; changes
in the political environment that create consumer uncertainty; the
risk that our investments in merchandise or marketing initiatives
may not deliver the results we anticipate; significant changes to
product import and distribution costs (such as unexpected
consolidation in the freight carrier industry, and the ability to
remain competitive with customer shipping terms and costs
pertaining to product deliveries and returns); the potential impact
of the coronavirus (COVID-19) on manufacturing operations in
China and our supply chain; new or
increased taxes or tariffs (particularly with respect to
China) that could impact, among
other things, our sourcing from foreign suppliers; significant
shifts in consumer behavior; and those other factors described in
Item 1A, "Risk Factors" and in the "Forward-Looking Statements"
disclosure in Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations" of our latest annual
report on Form 10-K and in Part II, Item 1A, "Risk Factors" and the
"Forward-Looking Statements" disclosure in Part I, Item 2.
"Management's Discussion and Analysis of Financial Condition and
Results of Operation" of our quarterly reports on Form 10-Q and in
other reports we file with or furnish to the Securities and
Exchange Commission. There can be no assurance that the actual
future results, performance, or achievements expressed or implied
by such forward-looking statements will occur. All forward-looking
statements that are made or attributable to us are expressly
qualified in their entirety by this cautionary notice. The Company
does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that
projected results expressed or implied in such statements will not
be realized.
Investor Relations Contact:
Tom Filandro
ICR, Inc.
(646) 277-1235
Media Relations Contact:
Pashen Black
Director of Corporate Public Relations
(239) 218-3388
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SOURCE Chico's FAS, Inc.