New York & Company, Inc. Responds to 13D Filing
April 27 2017 - 9:25AM
Business Wire
New York & Company, Inc. (NYSE:NWY), a specialty
apparel chain with 464 retail stores, today responded to a Schedule
13D filed April 26, 2017 by Kanen Wealth Management LLC (“Kanen”)
with the Securities and Exchange Commission and a related letter
sent by Kanen to the Company’s board of directors (the “Board”)
with the following statement:
New York & Company welcomes open communications with our
shareholders and values all input that may advance the Company’s
goal of enhancing shareholder value. While the Company generally
does not comment on discussions with shareholders, the Company
believes it is important to note that members of the Company’s
senior management team and Board have held numerous discussions
with Kanen over the last several months, including in-person
meetings in which Kanen has presented its views regarding the
Company.
Our Board and management team are fully committed to maximizing
value for all shareholders through the successful execution of the
Company’s strategy and adherence to good corporate governance
practices. Over the past two years, the Company has added two new
independent directors to our nine-member board. In addition, our
Board continues its search for a new, additional independent
director with expertise in new or growing areas of our business,
such as E-Commerce, Omni-Channel or Digital, in order to provide a
unique and fresh perspective.
New York & Company’s Board and management team will continue
to focus on the Company’s strategic plan to drive long-term growth
and enhance the Company’s unique competitive position and value
proposition. The Board and management team are committed to
delivering value for all shareholders, and will continue to take
actions to achieve this objective.
About New York & Company
New York & Company, Inc. is a specialty retailer of women’s
fashion apparel and accessories, and the modern wear-to-work
destination for women, providing fashion that is feminine,
polished, on-trend and versatile. New York & Company, Inc.
helps its customers feel confident, put-together, attractive and
stylish by providing affordable fashion. The Company’s proprietary
branded New York & Company® merchandise is sold through its
national network of retail stores and online at
www.nyandcompany.com. The Company operates over 400 stores
nationwide.
Forward-looking Statements
This press release contains certain forward-looking statements,
including statements made within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Some of these statements can be identified by
terms and phrases such as “expect,” “anticipate,” “believe,”
“intend,” “estimate,” “continue,” “could,” “may,” “plan,”
“project,” “predict,” and similar expressions and references to
assumptions that the Company believes are reasonable and relate to
its future prospects, developments and business strategies. Such
statements are subject to various risks and uncertainties that
could cause actual results to differ materially. These include, but
are not limited to: (i) market conditions impacting the Company’s
stock; (ii) the impact of general economic conditions and their
effect on consumer confidence and spending patterns; (iii) changes
in the cost of raw materials, distribution services or labor; (iv)
the potential for current economic conditions to negatively impact
the Company’s merchandise vendors and their ability to deliver
products; (v) the Company’s ability to open and operate stores
successfully; (vi) the Company’s ability to fully recognize the
potential savings identified through Project Excellence; (vii)
seasonal fluctuations in the Company’s business; (viii) the
Company’s ability to anticipate and respond to fashion trends; (ix)
the Company’s dependence on mall traffic for its sales; (x)
competition in the Company’s market, including promotional and
pricing competition; (xi) the Company’s ability to retain, recruit
and train key personnel; (xii) the Company’s reliance on third
parties to manage some aspects of its business; (xiii) the
Company’s reliance on foreign sources of production; (xiv) the
Company’s ability to protect its trademarks and other intellectual
property rights; (xv) the Company’s ability to maintain, and its
reliance on, its information technology infrastructure; (xvi) the
effects of government regulation; (xvii) the control of the Company
by its sponsors and any potential change of ownership of those
sponsors; (xviii) the composition of the Company’s board of
directors and (xix) other risks and uncertainties as described in
the Company’s documents filed with the SEC, including its most
recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q. The Company undertakes no obligation to revise the
forward-looking statements included in this press release to
reflect any future events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20170427005958/en/
Investors:ICR, Inc.Allison Malkin, 203-682-8200
New York & Company (NYSE:NWY)
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