Bakers Footwear Announces Securities Trading under SEC Rule 10b5-1
June 29 2005 - 7:00AM
Business Wire
Bakers Footwear Group, Inc. (Nasdaq: BKRS), the leading specialty
retailer of moderately priced fashion footwear for young women,
today announced that its Chairman and Chief Executive Officer,
Peter Edison has entered into a plan under Rule 10b5-1 of the
Securities and Exchange Act of 1934 to provide for pre-determined
sales of a portion of his Bakers Footwear Group common stock
commencing on August 25, 2005, subject to certain price
restrictions and other contingencies established under the plan.
The plan, effective for a term of 15 months, will allow Mr. Edison
to sell up to 80,000 shares of common stock during the term. The
shares, to be sold on a quarterly basis during the term, represent
approximately ten percent (10%) of Mr. Edison's current holdings of
Bakers Footwear Group common stock and less than two percent (2%)
of the issued and outstanding common stock of the Company. In
addition, Mr. Edison plans to donate approximately 15,000 shares of
common stock to fulfill charitable donation pledges he has made.
Rule 10b5-1 permits the implementation of a written plan for
selling company stock at times when insiders are not in possession
of material, non-public information and allows insiders adopting
such plans to sell shares on a regular basis, regardless of any
subsequent material, non-public information they receive or the
price of the stock at the time of the sale. "This sale will permit
me to pay off debt incurred in the purchase of the business 6 years
ago while maintaining my position as the largest beneficial
shareholder of the Company," said Peter Edison. Mr. Edison adopted
the plan in order to minimize any market impact of these sales by
spreading such sales over an extended period of time, rather than
during the Company's traditional "window periods". About Bakers
Footwear Group, Inc. Bakers Footwear Group is a national,
mall-based, specialty retailer of distinctive footwear and
accessories for young women. The company's merchandise includes
private label and national brand dress, casual and sport shoes,
boots, sandals and accessories. The company currently operates more
than 200 stores nationwide under two formats, Bakers and Wild Pair.
Bakers stores focus on women between the ages of 15 and 29. Wild
Pair stores offer fashion-forward footwear to both women and men
between the ages of 17 and 24. THIS PRESS RELEASE CONTAINS
FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING OF SECTION 27(A) OF
THE SECURITIES ACT OF 1933 AND SECTION 21(E) OF THE SECURITIES
EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO DUTY TO UPDATE SUCH
STATEMENTS. ACTUAL FUTURE EVENTS AND CIRCUMSTANCES COULD DIFFER
MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE TO VARIOUS
FACTORS. FACTORS THAT COULD CAUSE THESE CONDITIONS NOT TO BE
SATISFIED INCLUDE MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR
IN BAKERS FOOTWEAR GROUP, INC.. BUSINESS, PROSPECTS, RESULTS OF
OPERATIONS OR FINANCIAL CONDITION AND OTHER RISKS AND
UNCERTAINTIES, INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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