MOORESTOWN, N.J.--(BUSINESS WIRE)--May 29, 2018--
Destination Maternity Corporation (NASDAQ:DEST) (“Destination Maternity”
or the “Company”), the world's leading maternity apparel retailer, today
announced the official voting results of its 2018 Annual Meeting of
Shareholders which took place in Moorestown, New Jersey on Wednesday,
May 23. Certified by American Election Services, LLC, as inspector of
election, stockholders of the Company voted to elect Holly N. Alden,
Christopher B. Morgan, Marla A. Ryan and Anne-Charlotte Windal, the
nominees of Nathan G. Miller and Peter O’Malley’s (the “Investors”), to
Destination Maternity’s Board.
Director Marla Ryan commented, “On behalf of the newly-elected
directors, we want to thank all of the stockholders for participating in
this year’s Annual Meeting. The new board will take every vote into
consideration and will use the results as a guide for conducting
business and setting our strategy going forward. We are excited to work
urgently and collaboratively with management to help Destination
Maternity grow and realize its full potential.”
In addition to the election of the Investors’ director nominees,
Destination Maternity shareholders also approved the appointment of KPMG
LLP as the Company’s independent registered public accountant for 2018
as well as the stockholder proposal presented at the meeting by the
Investors. The majority of stockholders also voted against the advisory
vote on compensation, which the new board will take into consideration.
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/20180529005359/en/
Source: Destination Maternity Corporation
Media
Sloane & Company
Dan
Zacchei, 212-486-9500
Dzacchei@sloanepr.com
or
Janet
Reinhardt, 212-486-9500
JReinhardt@sloanepr.com
