Cherokee Global Brands Announces License Agreement with Sears Canada for its Cherokee Brand in Canada
April 23 2015 - 8:15AM
Business Wire
- To Launch In Stores and Online Spring
2016
Cherokee Global Brands (NASDAQ: CHKE), a global marketer of
style-focused lifestyle brands, announced today that it has entered
into a new license agreement with Sears Canada Inc. (TSX: SCC)
(NASDAQ: SRSC) effective May 3, 2015. The multi-year agreement
covers a wide range of Cherokee® family lifestyle categories
including men’s, women’s and children’s clothing, footwear and
accessories and is planned to launch in Spring 2016.
Howard Siegel, Cherokee Global Brands’ President & COO,
commented, “For almost 20 years, Cherokee has been recognized as a
premier family lifestyle brand throughout Canada. We are excited to
be able to continue that tradition and announce our partnership
with Sears Canada, one of Canada’s leading multi-channel Department
Store retailers. We have worked diligently to provide our partners
with well-designed product and turn-key solutions that touch all
aspects of the consumer experience. We look forward to a long,
successful partnership with Sears Canada.”
“The alliance announced today with Cherokee Global Brands
supports Sears Canada’s strategy to bring a meaningful collection
of both private and exclusive national brands to our customers
coast to coast,” said Ron Boire, President and Chief Executive
Officer, Sears Canada Inc. “Cherokee is a world renowned national
brand to which Canadians want access in-person and online, and
Sears multi-channel capability allows Canadians to shop for
Cherokee the way they want to. Cherokee also reflects Sears value
proposition offering great quality at great prices, and we look
forward to a fruitful relationship with Cherokee in the years to
come.”
About Sears Canada
Sears Canada is a multi-channel retailer with a network that
includes 172 corporate stores, 201 Hometown stores, over 1,300
catalogue and online merchandise pick-up locations, 96 Sears Travel
offices and a nationwide repair and service network. The Company
also publishes Canada's most extensive general merchandise
catalogue and offers shopping online at www.sears.ca.
About Cherokee Global Brands
Cherokee Global Brands is a global marketer and manager of a
portfolio of Fashion and Lifestyle brands including Cherokee®,
Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz
Lange® and Sideout®, in multiple consumer product categories and
sectors around the world. The Company has license agreements with
premier retailers and manufacturers covering over 50 countries and
7,000 retail doors plus online business around the world including:
Target Stores (U.S.), Kohl’s (U.S.), Argos & Sports Direct (UK
and Ireland), RT-Mart (Peoples Republic of China), Pick ‘n Pay
(South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills
(India), Shufersal LTD. (Israel), Comercial Mexicana (Mexico),
Eroski (Spain), Nishimatsuya (Japan), Magnit (Russia), Landmark
Group’s Max Stores (certain Middle East and North Africa
countries), and the TJX Companies (U.S., Canada and Europe).
Statements included within this news release may contain
forward-looking statements for purposes of the safe harbor provided
by the Private Securities Litigation Reform Act of 1995. When used,
the words “anticipates,” “believes,” “expects,” “may,” “should,”
and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements included in
this press release (including, without limitation, express or
implied statements regarding potential future business development)
involve known and unknown risk and uncertainties that may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties, include, but are not
limited to, the effect of global economic conditions, the financial
condition of the apparel and retail industry, adverse changes in
licensee or consumer acceptance of products bearing the Company’s
brands, the ability and/or commitment of the Company’s licensees to
design, manufacture and market Cherokee, Liz Lange, Completely Me,
Sideout and Carole Little branded products, the Company’s
dependence on Target for most of the Company’s revenues and the
Company’s dependence on its key management personnel. The risks
included here are not exhaustive. A further list and description of
these risks, uncertainties and other matters can be found in the
Company’s Annual Report on Form 10-K for Fiscal Year 2014, and in
its periodic reports on Forms 10-Q and 8-K. Given these risks and
uncertainties, you should not place undue reliance on
forward-looking statements as a prediction of actual results. The
Company disclaims any intent or obligation to update any of the
forward-looking statements contained herein to reflect future
events and developments.
Contact for Investors:Cherokee Global BrandsJason Boling,
CFO818-908-9868orAddo Communications, Inc.Patricia
Nir/Kimberly Esterkin310-829-5400orContact for Media:Sears
Canada Inc., Corporate CommunicationsVincent
Power416-941-4422vpower@sears.ca
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