President and CEO Steven Goldsmith to Leave the Company
MONTREAL, Sept. 25, 2019 /CNW/ - The Board of
Directors of LXRandCo, Inc. ("LXR" or the "Company"),
(TSX: LXR) announced today that Steven
Goldsmith, President and Chief Executive Officer
("CEO"), has left the Company. Effective immediately, a
newly-created Office of the President composed of Valerie Sorbie, Board Chair, and Camillo di Prata, Compensation and Nominating
Committee Chair (who hereinafter will also act as LXR's interim
CEO), will manage the Company. In addition, LXR is pleased to
announce that interim Chief Financial Officer Nadine Eap has been promoted to the position of
Chief Financial Officer. The Company plans to launch a search for a
new CEO in 2020.
The Company was also informed by Gibraltar & Company, Inc.
("Gibraltar"), its largest
shareholder, that LXR remains an important strategic investment for
Gibraltar and that they remain
confident in the business and its continued success. In addition,
the Company was informed by certain of its directors that, subject
to normal course insider reporting obligations and applicable rules
governing insider purchases, such directors may seek to increase
their share ownership over time.
About LXRandCo
LXR is a North American omni-channel retailer of branded vintage
luxury handbags and other personal luxury products. LXRandCo
sources and authenticates high-quality, pre-owned products from
iconic brands such as Hermès, Louis
Vuitton, Gucci and Chanel, among others, and sells them at
attractive prices through: a retail network of stores located
primarily in major department stores in the United States and Canada; wholesale operations primarily in
the United States; and its own
e-commerce website, www.lxrco.com.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in
nature and constitute forward-looking information and/or
forward-looking statements within the meaning of applicable
securities laws (collectively, "forward-looking
statements"). Forward-looking statements generally, but not
always, can be identified by the use of forward-looking terminology
such as "outlook", "objective", "may", "could", "would", "will",
"expect", "intend", "estimate", "forecasts", "project", "seek",
"anticipate", "believes", "should", "plans" or "continue", or
similar expressions suggesting future outcomes or events and the
negative of any of these terms. Forward-looking statements in this
news release include, but are not limited to, statements concerning
future objectives and strategies to achieve those objectives,
including, without limitation, store openings, as well as other
statements with respect to management's beliefs, plans, estimates
and intentions, and similar statements concerning anticipated
future events, results, outlook, circumstances, performance or
expectations that are not historical facts. Forward-looking
statements reflect management's current beliefs, expectations and
assumptions and are based on information currently available to
management, which includes assumptions about continued revenues
based on historical past performance, management's historical
experience, perception of trends and current business conditions,
expected future developments and other factors which management
considers appropriate. With respect to the forward-looking
statements included in this press release, management has made
certain assumptions with respect to, among other things, the
Company's ability to meet its future objectives and strategies, the
Company's ability to achieve its future projects and plans and that
such projects and plans will proceed as anticipated, the expected
growth of the Company's e-Commerce revenue, the expected number and
timing of store openings in North America and internationally,
entering into new and/or expanded retail partnerships in North
America and internationally, the Company's ability to source
products, the Company's competitive position in the vintage luxury
industry, and beliefs and intentions regarding the ownership of
material trademarks and domain names used in connection with the
marketing, distribution and sale of the Company's products as well
as assumptions concerning general economic and market growth rates,
currency exchange and interest rates and competitive
intensity.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur.
All forward-looking statements included in and incorporated
into this press release are qualified by these cautionary
statements. Unless otherwise indicated, the forward-looking
statements contained herein are made as of the date of this press
release, and except as required by applicable law, the Company does
not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Readers are cautioned that the actual results achieved will
vary from the information provided herein and that such variations
may be material. Consequently, there are no representations by
LXRandCo that actual results achieved will be the same in whole or
in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.