PLBY Group to Sell Lovers Business
October 05 2023 - 9:00AM
PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a
leading pleasure and leisure lifestyle company and owner of
Playboy, one of the most recognizable and iconic brands in the
world, today announced that its wholly-owned subsidiary, Playboy
Enterprises, Inc., has entered into a definitive agreement to sell
its Lovers business to LV Holding, LLC, a third party unaffiliated
with PLBY Group, for a purchase price of approximately $13.5
million, subject to certain adjustments set forth in the definitive
agreement. The sale of Lovers, an online and brick-and-mortar
sexual wellness retailer, with 40 stores in five states, is
expected to close in the fourth quarter of 2023, following the
satisfaction of customary closing conditions.
At the closing of the sale, Playboy Enterprises,
Inc. will sell 100% of the equity of its subsidiary, TLA
Acquisition Corp., which holds the Lovers business. The sale of
Lovers represents another successful step by the Company towards a
more capital-light business model that is focused on its hero
Playboy brand.
About PLBY Group, Inc.PLBY
Group, Inc. is a global pleasure and leisure company connecting
consumers with products, content, and experiences that help them
lead more fulfilling lives. PLBY Group’s flagship consumer brand,
Playboy, is one of the most recognizable brands in the world, with
products and content available in approximately 180 countries. PLBY
Group’s mission — to create a culture where all people can pursue
pleasure — builds upon almost seven decades of creating
groundbreaking media and hospitality experiences and fighting for
cultural progress rooted in the core values of equality, freedom of
expression and the idea that pleasure is a fundamental human right.
Learn more at http://www.plbygroup.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The Company’s
actual results may differ from their expectations, estimates, and
projections (including with respect to the Lovers sale) and,
consequently, readers and investors should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to future performance, plans
and the successful completion of the Transaction, the proceeds
therefrom and the use of such proceeds.
These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from those discussed in the
forward-looking statements. Factors that may cause such differences
include, but are not limited to: (1) the impact of public health
crises and epidemics on the Company’s business and acquisitions;
(2) the inability to maintain the listing of the Company’s shares
of common stock on Nasdaq; (3) the risk that the Company’s
completed or proposed transactions disrupt the Company’s current
plans and/or operations, including the risk that the Company does
not complete any such proposed transactions or achieve the expected
benefits from any transactions, including the sale of the Lovers
business; (4) the ability to recognize the anticipated benefits of
corporate transactions, commercial collaborations,
commercialization of digital assets and proposed transactions,
including the Lovers sale, which may be affected by, among other
things, competition, the ability of the Company to grow and manage
growth profitably, and the Company’s ability to retain its key
employees; (5) costs related to being a public company, corporate
transactions, commercial collaborations and proposed transactions,
including the Lovers sale; (6) changes in applicable laws or
regulations; (7) the possibility that the Company or its sale of
the Lovers business may be adversely affected by global
hostilities, supply chain delays, inflation, interest rates,
foreign currency exchange rates or other economic, business, and/or
competitive factors; (8) risks relating to the uncertainty of the
projected financial information of the Company and its Lovers
business, including changes in our estimates of the fair value of
certain of the Company’s intangible assets, including goodwill; (9)
risks related to the organic and inorganic growth of the Company’s
businesses, and the timing of expected business milestones; (10)
changing demand or shopping patterns for the Company’s products and
services; (11) failure of licensees, suppliers or other
third-parties to fulfill their obligations to the Company; (12) the
Company’s ability to comply with the terms of its indebtedness and
other obligations; (13) changes in financing markets or the
inability of the Company to obtain financing on attractive terms;
and (14) other risks and uncertainties indicated from time to time
in the Company’s annual report on Form 10-K, including those under
“Risk Factors” therein, and in the Company’s other filings with the
Securities and Exchange Commission. The Company cautions that the
foregoing list of factors is not exclusive, and readers should not
place undue reliance upon any forward-looking statements, which
speak only as of the date which they were made. The Company does
not undertake any obligation to update or revise any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
Contact:
Investors: investors@plbygroup.com Media:
press@plbygroup.com
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