Cherokee Global Brands Appoints John T. McClain to Board of Directors as Independent Director, Chairman of Audit Committee
September 14 2017 - 4:00PM
Cherokee Global Brands (NASDAQ:CHKE), a global brand marketing
platform that manages a growing portfolio of fashion and lifestyle
brands, today announced that it has appointed John T. McClain to
the Company’s Board of Directors. Mr. McClain will serve as an
independent director of the Company and Chair the Board’s Audit
Committee effective immediately.
“John is the perfect addition to our Board,” commented Henry
Stupp, Chief Executive Officer of Cherokee Global Brands. “Having
served in various C-level and senior-advisory roles across a number
of publicly traded and apparel enterprises, John brings extensive
financial and industry acumen. We look forward to working
closely with John and with the rest of the Board, to scale our
brands, enhance productivity and grow profitably.”
Robert Galvin, Chairman of Cherokee Global Brands Board of
Directors, commented, “On behalf of Cherokee’s Board of Directors,
I am pleased to welcome John McClain to our Board. John will join
our audit committee as chairperson and we look forward to
leveraging his insights and strong financial skills as we continue
to strengthen our financial discipline. As always, our mission is
to increase long-term value for our shareholders.”
Mr. McClain currently serves on two publicly-traded Board of
Directors including Lands’ End, Inc. (NASDAQ:LE) and Seritage
Growth Properties (NYSE:SRG), and is a former Board member of Nine
West Holdings, Inc. Mr. McClain is former Chief Financial Officer
of Linblad Expeditions Holdings Inc., from 2015 to 2016, and The
Jones Group, formerly Jones Apparel Group, from 2007 to 2014.
Prior to Jones, Mr. McClain served as Chief Accounting Officer at
Avis Budget Group. McClain is a Certified Public Accountant
and holds a Bachelor of Science from Lehigh University in
Bethlehem, Pennsylvania.
“I’m delighted to join Cherokee Global Brands Board of
Directors,” commented Mr. McClain. “The Cherokee team has a
compelling vision for the future of their brand portfolio and I
look forward to helping guide that strategic direction at the board
level while contributing my learnings as a CFO and from serving on
other boards.”
About Cherokee Inc.Cherokee is a global brand
marketing platform that manages a growing portfolio of fashion and
lifestyle brands including Cherokee®, Carole Little®, Tony Hawk®
Signature Apparel and Hawk Brands®, Liz Lange®, Everyday
California®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®
and Flip Flop Shops®, a leading franchise retail chain, across
multiple consumer product categories and retail tiers around the
world. The Company currently maintains license and franchise
agreements with leading retailers and manufacturers that span over
110 countries in 12,000 retail locations and digital commerce.
Safe Harbor Statement This news release may
contain forward-looking statements regarding future events and the
future performance of Cherokee. Forward-looking statements in this
press release include, without limitation, statements regarding:
the Company’s financial performance outlook for the full fiscal
year 2018; the anticipated results of its business development
efforts with respect to Cherokee, Hi-Tec, Magnum and Flip Flop
Shops; the anticipated impact of the additions to its accounting
staff; the anticipated resolution of the defaults under the
Cerberus credit facility; and anticipated market developments and
opportunities. A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances and is
based on currently available market, operating, financial and
competitive information and assumptions. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expected or projected, including,
among others, risks that: the Company and its partners will not
achieve the results anticipated in the statements made in this
release; the Company will not be able to obtain a waiver or
amendment of the Cerberus credit facility on reasonable terms or at
all; that Cerberus will exercise its rights under the credit
facility to accelerate repayment of the loan and foreclose on the
collateral securing the loan; the anticipated benefits of the
Hi-Tec acquisition will not be achieved; global economic conditions
and the financial condition of the apparel and retail industry
and/or adverse changes in licensee or consumer acceptance of
products bearing the Company’s brands may lead to reduced
royalties; the ability and/or commitment of the Company’s licensees
to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50
Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®,
Liz Lange®, Everyday California® and Sideout® branded products
could cause our results to differ from our anticipations; the
Company’s dependence on a select group of licensees for most of the
Company’s revenues makes us susceptible to changes in those
organizations; and the Company’s dependence on its key management
personnel could leave us exposed to disruption on any termination
of service. The risks included here are not exhaustive.
Other risks and uncertainties are described in our annual report on
Form 10-K filed on May 18, 2017, its periodic reports on Forms 10-Q
and 8-K, and subsequent filings with the SEC we make from time to
time, including the preliminary prospectus supplement that we filed
in connection with the offering described herein. Except as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact:Cherokee Global BrandsJason Boling,
CFO818-908-9868
Addo Investor RelationsLaura Bainbridge/Patricia
Nir310-829-5400
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