Destination Maternity and Investor Group Announce Preliminary Results from Annual Meeting
May 23 2018 - 1:30PM
Business Wire
Holly N. Alden, Christopher B. Morgan, Marla
A. Ryan and Anne-Charlotte Windal Elected as Directors Based on
Preliminary Vote Count
Destination Maternity Corporation (NASDAQ:DEST) (“Destination
Maternity” or the “Company”), the world's leading maternity apparel
retailer – along with Nathan G. Miller and Peter O’Malley (the
“Investors”), collective holders of approximately 9% of the
outstanding common stock of the Company – today announced that,
based on the preliminary vote count at the Company's 2018 Annual
Meeting reviewed by its proxy solicitor, all four of the Investors’
director nominees, including Holly N. Alden, Christopher B. Morgan,
Marla A. Ryan and Anne-Charlotte Windal, have been elected to
Destination Maternity’s Board.
Melissa Payner-Gregor, Interim Chief Executive Officer of
Destination Maternity, commented, “We thank all of our stockholders
for their participation and input throughout this process. The
Company is incredibly grateful for the outgoing directors’ service
on the Board, and thanks them for their contributions to
Destination during the course of their Board tenure. We look
forward to working collaboratively with our new directors to
maximize value for all stockholders.”
Nathan Miller commented, “We would like to thank all the
Destination Maternity stockholders who voted to support our
nominees. In our view, new independent voices and greater diversity
will be a tremendous asset for the Company and we are very pleased
with the result of this election. Destination Maternity has
excellent potential, and fresh perspectives in the boardroom
coupled with the turnaround plan we have put forth should help that
potential be realized. I also want to thank the Company’s outgoing
Board members – Barry Erdos, Melissa Payner-Gregor, Peter Longo and
Pierre-André Mestre – for their important service as
directors.”
Director-elect Marla Ryan commented, “We are excited to start
working with Destination Maternity’s highly talented employees to
grow the business and drive performance. I am confident that the
current Board and management team will work closely with us – as
they already have been – on a smooth transition, which is in the
best interests of all the Company’s stakeholders. We look forward
to helping realize the unique promise of this brand and
business.”
The Company noted that the preliminary vote count following the
Annual Meeting also indicates that stockholders did not approve, on
a non-binding advisory basis, the Company's executive compensation.
Stockholders approved KPMG LLP as independent registered public
accountants.
The vote is subject to certification by American Election
Services, LLC, the independent inspectors of election. Destination
Maternity will file voting results with the Securities and Exchange
Commission on a Form 8-K, which will be available at the SEC's web
site or the Investor Relations section of the Company's corporate
website.
Forward-Looking Statements
The Company cautions that any forward-looking statements (as
such term is defined in the Private Securities Litigation Reform
Act of 1995) contained in this release or made from time to time by
management of the Company, including those regarding real estate
opportunities, sales, additional borrowing capacity, expected
SG&A savings and various business initiatives, involve risks
and uncertainties, and are subject to change based on various
important factors. The following factors, among others, could
affect the Company’s ability to realize such savings and could
cause actual results to differ materially from those expressed or
implied in any such forward-looking statements: the strength or
weakness of the retail industry in general and of apparel purchases
in particular, our ability to successfully manage our various
business initiatives, our ability to successfully manage our real
estate relationships, overall economic conditions and other factors
affecting consumer confidence, demographics and other macroeconomic
factors that may impact the level of spending for apparel (such as
fluctuations in pregnancy rates and birth rates), availability of
suitable store locations, our ability to develop and source
merchandise and other factors set forth in the Company’s periodic
filings with the U.S. Securities and Exchange Commission (the
“SEC”), or in materials incorporated therein by reference. Although
it is believed that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct and
persons reading this release are therefore cautioned not to place
undue reliance on these forward-looking statements which speak only
as at the date of this release. The Company assumes no obligation
to update or revise the information contained in this release
(whether as a result of new information, future events or
otherwise), except as required by applicable law.
About Destination
Maternity
Destination Maternity Corporation is the world's largest
designer and retailer of maternity apparel. As of October 28, 2017,
Destination Maternity operates 1,147 retail locations in the United
States, Canada and Puerto Rico, including 501 stores, predominantly
under the trade names Motherhood Maternity®, A Pea in the Pod® and
Destination Maternity®, and 646 leased department locations. The
Company also sells merchandise on the web primarily through its
brand-specific websites, motherhood.com and apeainthepod.com, as
well as through its destinationmaternity.com website. Destination
Maternity has international store franchise and product supply
relationships in the Middle East, South Korea, Mexico and Israel.
As of October 28, 2017, Destination Maternity has 208 international
franchised locations, including 16 standalone stores operated under
one of the Company's nameplates and 192 shop-in-shop locations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180523006253/en/
MediaFor Destination
Maternity:ICRPhil Denning,
646-277-1258Phil.Denning@icrinc.comorFor Investor
Group:Sloane & CompanyJoe Germani,
212-486-9500jgermani@sloanepr.comorJanet Reinhardt,
212-486-9500jreinhardt@sloanepr.com
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