Crown Crafts Appoints Michael Benstock to its Board of Directors
April 20 2023 - 5:28AM
Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today
announced that Michael Benstock has been appointed to the Company’s
Board of Directors, effective May 1, 2023, to serve until the
Company’s next Annual Meeting of Stockholders.
Mr. Benstock is the President and Chief
Executive Officer of Superior Group of Companies, Inc.
(“Superior”), positions he has held since 2003. Mr. Benstock has
also served as Chairman of the Board of Superior since February
2023 and as a director of Superior since 1985. He has held multiple
other positions with Superior since joining in 1979, including
Co-President and Executive Vice President. Mr. Benstock previously
served as a director with USAmeriBank, Inc. from 2007 until its
sale in 2017 and with multiple charitable organizations.
“I am pleased to welcome Michael Benstock to our
Board of Directors,” said Zenon Nie, Chairman of the Company’s
Board of Directors. “I believe his executive management experience,
insight, and strategic thinking will be valuable to our Company and
our stockholders.”
Mr. Benstock’s appointment fills the vacancy on
the Company’s Board of Directors created by the passing of Sidney
Kirschner in February 2023. Mr. Benstock will serve as a director
until the Company’s next Annual Meeting of Stockholders. Additional
information about the Company’s board is available under the
“Governance” section of the Crown Crafts website.
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and
distributes infant, toddler and juvenile consumer products. Founded
in 1957, Crown Crafts is one of America’s largest producers of
infant bedding, toddler bedding, bibs, toys and disposable
products. The Company operates through its four wholly owned
subsidiaries, NoJo Baby & Kids, Inc., Sassy Baby, Inc.,
Manhattan Group LLC, and Manhattan Toy Europe, Limited, which
market a variety of infant, toddler and juvenile products under
Company-owned trademarks, as well as licensed collections and
exclusive private label programs. Sales are made directly to
retailers such as mass merchants, large chain stores and juvenile
specialty stores. For more information, visit the Company’s website
at www.crowncrafts.com.
Forward-Looking Statements
The foregoing contains forward-looking
statements within the meaning of the Securities Act of 1933, the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. Such statements are based upon
management’s current expectations, projections, estimates and
assumptions. Words such as “expects,” “believes,” “anticipates” and
variations of such words and similar expressions identify such
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause future
results to differ materially from those suggested by the
forward-looking statements. These risks include, among others,
general economic conditions, including changes in interest rates,
in the overall level of consumer spending and in the price of oil,
cotton and other raw materials used in the Company’s products,
changing competition, changes in the retail environment, the
Company’s ability to successfully integrate newly acquired
businesses, the level and pricing of future orders from the
Company’s customers, the extent to which the Company’s business is
concentrated in a small number of customers, the Company’s
dependence upon third-party suppliers, including some located in
foreign countries, customer acceptance of both new designs and
newly-introduced product lines, actions of competitors that may
impact the Company’s business, disruptions to transportation
systems or shipping lanes used by the Company or its suppliers, and
the Company’s dependence upon licenses from third parties.
Reference is also made to the Company’s periodic filings with the
Securities and Exchange Commission for additional factors that may
impact the Company’s results of operations and financial condition.
The Company does not undertake to update the forward-looking
statements contained herein to conform to actual results or changes
in our expectations, whether as a result of new information, future
events or otherwise.
Contact:
Craig J. DemarestVice President and Chief Financial Officer
(225) 647-9118cdemarest@crowncrafts.com
Investor Relations:
Three Part AdvisorsSteven Hooser, Partner, or John Beisler,
Senior Vice President(817) 310-8776
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