Duluth Holdings Inc. Announces Retirement of Director
February 24 2023 - 6:45AM
Duluth Holdings Inc. (d/b/a “Duluth Trading Company”) (“Company” or
“Duluth Trading”) (NASDAQ: DLTH), a lifestyle brand of men’s and
women’s casual wear, workwear and accessories, today announced the
retirement of Thomas G. Folliard as a member of its Board of
Directors.
Mr. Folliard informed the Company that he had independently
decided not to stand for re-election to the Company’s Board of
Directors at the 2023 Annual Meeting of Shareholders. Mr. Folliard,
age 78, has been a member of the Board since September 2015 and had
served on the Company’s advisory board since 1996. Mr. Folliard
will continue to serve as a director until the close of the 2023
Annual Meeting of Shareholders.
Stephen L. Schlecht, Chairman of Duluth Holdings Inc., said,
“Tom Folliard has been connected to Duluth for nearly three
decades. Tom’s significant business, management and corporate
governance experience left an indelible mark on Duluth and its
leadership team. His financial acumen and commitment to excellence
is unparalleled and his counsel will be greatly missed. On behalf
of our board of directors, I want to extend our sincerest gratitude
to Tom for his significant contributions to the Company and wish
him all the best in his well-earned retirement and all future
endeavors.”
Sam Sato, President and CEO, commented, “Tom’s partnership and
guidance have been instrumental in building and evolving the Duluth
brand and business model. Additionally, his outstanding leadership,
experience and business and financial acumen played an important
role in guiding Duluth through one of the most unprecedented
periods in our Company’s history. I am tremendously grateful for
all that Tom has done for Duluth and I too wish him all the best in
his retirement journey.”
In his communication with the Board of Directors, Mr. Folliard
stated his decision was a desire to retire and not due to any
disagreements or company-related issues.
About Duluth TradingDuluth Trading is a
lifestyle brand for the Modern, Self-Reliant American. Based in
Mount Horeb, Wisconsin, we offer high quality, solution-based
casual wear, workwear and accessories for men and women who lead a
hands-on lifestyle and who value a job well-done. We provide our
customers an engaging and entertaining experience. Our marketing
incorporates humor and storytelling that conveys the uniqueness of
our products in a distinctive, fun way, and are available through
our content-rich website, catalogs, and “store like no other”
retail locations. We are committed to outstanding customer service
backed by our “No Bull Guarantee”—if it’s not right, we’ll fix it.
Visit our website at http://www.duluthtrading.com.
Forward-Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts included in this press
release, including statements concerning Duluth Trading’s plans,
objectives, goals, beliefs, business strategies, future events,
business conditions, its results of operations, financial position
and its business outlook, business trends and certain other
information herein are forward-looking statements. You can identify
forward-looking statements by the use of words such as “may,”
”might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,”
“believe,” “estimate,” “project,” “target,” “predict,” “intend,”
“future,” “budget,” “goals,” “potential,” “continue,” “design,”
“objective,” “forecasted,” “would” and other similar expressions.
The forward-looking statements are not historical facts, and are
based upon Duluth Trading’s current expectations, beliefs,
estimates, and projections, and various assumptions, many of which,
by their nature, are inherently uncertain and beyond Duluth
Trading’s control. Duluth Trading’s expectations, beliefs and
projections are expressed in good faith, and Duluth Trading
believes there is a reasonable basis for them. However, there can
be no assurance that management’s expectations, beliefs, estimates,
and projections will be achieved and actual results may vary
materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements, including, among others, the risks,
uncertainties, and factors set forth under Part 1, Item 1A “Risk
Factors” in the Company’s Annual Report on Form 10-K filed with the
SEC on March 25, 2022 and other factors as may be periodically
described in Duluth Trading’s subsequent filings with the SEC.
These risks and uncertainties include, but are not limited to, the
following: the impact of inflation on our results of operations;
the prolonged effects of COVID-19 on store traffic and disruptions
to our distribution network, supply chains and operations; our
ability to maintain and enhance a strong brand image; effectively
adapting to new challenges associated with our expansion into new
geographic markets; generating adequate cash from our existing
stores to support our growth; effectively relying on sources for
merchandise located in foreign markets; transportation delays and
interruptions, including port congestion; inability to timely and
effectively obtain shipments of products from our suppliers and
deliver merchandise to our customers; the inability to maintain the
performance of a maturing store portfolio; the impact of changes in
corporate tax regulations; identifying and responding to new and
changing customer preferences; the success of the locations in
which our stores are located; our ability to attract and retain
customers in the various retail venues and locations in which our
stores are located; competing effectively in an environment of
intense competition; our ability to adapt to significant changes in
sales due to the seasonality of our business; price reductions or
inventory shortages resulting from failure to purchase the
appropriate amount of inventory in advance of the season in which
it will be sold in global market constraints; increases in costs of
fuel or other energy, transportation or utility costs and in the
costs of labor and employment; failure of our information
technology systems to support our current and growing business,
before and after our planned upgrades; and other factors that may
be disclosed in our SEC filings or otherwise. Forward-looking
statements speak only as of the date the statements are made.
Duluth Trading assumes no obligation to update forward-looking
statements to reflect actual results, subsequent events or
circumstances or other changes affecting forward-looking
information except to the extent required by applicable securities
laws.
Investor Contacts:
ICR, Inc.
(646) 277-1200
DuluthIR@icrinc.com
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