ST. LOUIS--(BUSINESS WIRE)--Mar. 3, 2009--
Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive entertainment
retailer of customized stuffed animals, today announced that Kathy
Savitt has been elected to the Company’s board of directors, effective
immediately.
Savitt, 45, will serve on the board’s nominating and corporate
governance committee and compensation committee. With Savitt’s election,
the Build-A-Bear Workshop board will have eight members, seven of whom,
including Savitt, are deemed independent by the Board under New York
Stock Exchange rules and other applicable regulations.
“We look forward to Kathy, with her wealth of retail experience, joining
the Build-A-Bear Workshop board,” said Maxine Clark, Chairman and Chief
Executive Bear. “Kathy’s global brand management and in-depth
interactive experience, along with her expertise in the areas of
entertainment and strategic communications, will be great assets to our
Company as we further develop our brand for the future.”
Ms. Savitt, 45, most recently served as Executive Vice President and
Chief Marketing Officer of American Eagle Outfitters, Inc. where her
responsibilities included the successful launch of 77kids a brand
available exclusively online. Previously, she served as Vice President
of Strategic Communications, Content and Initiatives at Amazon.com.
Prior to joining Amazon, Ms. Savitt co-founded and led MWW/Savitt, a
marketing and public relations firm. Savitt earned her bachelor’s degree
at Cornell University.
In a separate decision, the board of directors extended the duration of
the Company’s previously announced $50 million share repurchase program
for one additional year. The program does not require the Company to
repurchase any specific number of shares, and may be modified, suspended
or terminated at any time without prior notice. Shares repurchased under
the program will be subsequently retired. As of Feb. 27, 2009, the
Company had purchased approximately 1,861,600 shares for a total cost of
approximately $19.0 million under the share repurchase program.
About Build-A-Bear Workshop, Inc.
Build-A-Bear Workshop, Inc. is the leading and only global company that
offers an interactive make-your-own stuffed animal retail-entertainment
experience. Founded in 1997, the Company currently operates more than
400 Build-A-Bear Workshop® stores worldwide, including
Company-owned stores in the United States, Puerto Rico, Canada, the
United Kingdom, Ireland and France, and franchise stores in Europe,
Asia, Australia and Africa. In 2007, the interactive experience was
enhanced - all the way to CyBEAR® space - with the launch of
buildabearville.com®, the Company’s virtual world stuffed
with fun. Build-A-Bear Workshop (NYSE: BBW) posted total revenue of $468
million in fiscal 2008. For more information, call 888.560.BEAR (2327)
or visit the Company’s award-winning Web sites at www.buildabear.com.
Forward-Looking Statements
This press release contains “forward-looking statements” (within the
meaning of the federal securities laws) which represent Build-A-Bear
Workshop expectations or beliefs with respect to future events. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those anticipated. Those factors include, without limitation: customer
traffic may continue to decrease in the shopping malls where we are
located, on which we depend to attract guests to our stores; general
economic conditions may continue to deteriorate, which could lead to
disproportionately reduced consumer demand for our products, which
represent relatively discretionary spending; we may be unable to
generate interest in and demand for our interactive retail experience,
or to identify and respond to consumer preferences in a timely fashion;
our marketing and on-line initiatives may not be effective in generating
sufficient levels of brand awareness and guest traffic; we may be unable
to generate sufficient comparable store sales; we may be unable to open
new stores or may be unable to effectively manage our growth; we may be
unable to effectively manage our international franchises or laws
relating to those franchises may change; we may be unable to renew,
renegotiate, or replace our store leases, or enter into leases for new
stores on favorable terms or in favorable locations, or may violate the
terms of our current leases; the ability of our principal vendors to
deliver merchandise may be disrupted; the availability and costs of our
products could be adversely affected by risks associated with
international manufacturing and trade; high petroleum products prices
could increase our inventory transportation costs and adversely affect
our profitability; fluctuations in our quarterly results of operations
could cause the price of our common stock to substantially decline; we
may be unable to repurchase shares at all or at the times or in the
amounts we desire or the results of the share repurchase program may not
be as beneficial as we would like; our products could become subject to
recalls or product liability claims that could adversely impact our
financial performance and harm our reputation among consumers; we may
improperly obtain or be unable to protect information from our guests in
violation of privacy or security laws or expectations; we may suffer
negative publicity or be sued due to violations of labor laws or
unethical practices by manufacturers of our merchandise; we may lose key
personnel, be unable to hire qualified additional personnel, or
experience turnover of our management team; we may be unable to realize
the anticipated benefits from our Company-owned distribution center or
our third-party distribution center providers may perform poorly; we may
be unable to realize some of the expected benefits of the acquisition of
Amsbra and Bear Factory, and the inclusion of France as a Company-owned
country; our market share could be adversely affected by a significant,
or increased, number of competitors; we may fail to renew, register or
otherwise protect our trademarks or other intellectual property; and we
may have disputes with, or be sued by, third parties for infringement or
misappropriation of their proprietary rights. These and other applicable
risks, cautionary statements and factors that could cause actual results
to differ from the Company’s forward-looking statements are included in
the Company’s filings with the Securities and Exchange Commission,
including as described in the Company’s annual report on Form 10-K for
the fiscal year ended December 29, 2007. The Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Source: Build-A-Bear Workshop, Inc.
Build-A-Bear Workshop, Inc.
Molly Salky, 314-423-8000 x5353
or
Jill
Saunders, 314-423-8000 x5293