PHILADELPHIA, March 11 /PRNewswire-FirstCall/ -- Mothers Work, Inc.
(Nasdaq: MWRK), the world's leading maternity apparel retailer, today
announced that Arnaud Ajdler, a Managing Director of Crescendo Partners,
has been appointed to the Company's Board of Directors as well as to the
Board's Compensation Committee. Mr. Ajdler was appointed to the Board at
the recommendation of Crescendo Partners, a holder of approximately 11.2%
of Mothers Work's outstanding shares of common stock. In connection with
the election of Mr. Ajdler to the Board, Crescendo Partners and certain of
its affiliates have entered into a confidentiality agreement with the
Company. Additional information relating to the agreement with Crescendo
will be contained in a Form 8-K to be filed by the Company.
Dan Matthias, Chairman and Chief Executive Officer of Mothers Work,
Inc., noted, "We are pleased to have Mr. Ajdler on our Board, and we look
forward to the positive contributions he will make to our Company."
Mothers Work is the world's largest designer and retailer of maternity
apparel, using its custom TrendTrack(TM) merchandise analysis and planning
system as well as its quick response replenishment process to "give the
customer what she wants, when she wants it." As of February 29, 2008,
Mothers Work operates 1,536 maternity locations, including 766 stores,
predominantly under the tradenames Motherhood Maternity(R), A Pea in the
Pod(R), Mimi Maternity(R), and Destination Maternity(R), and sells on the
web through its DestinationMaternity.com and brand-specific websites. In
addition, Mothers Work distributes its Oh Baby by Motherhood(TM) collection
through a licensed arrangement at Kohl's(R) stores throughout the United
States and on Kohls.com.
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 press release or made from time to time by management of
the Company, including those regarding expected results of operations,
liquidity and financial condition and various business initiatives, involve
risks and uncertainties, and are subject to change based on various
important factors. The following factors, among others, in some cases have
affected and in the future could affect the Company's financial performance
and actual results and could cause actual results to differ materially from
those expressed or implied in any such forward-looking statements: our
ability to successfully manage our various business initiatives, our
ability to successfully manage and retain our leased department and
licensed relationships and marketing partnerships, future sales trends in
our existing store base, weather, changes in consumer spending patterns,
raw material price increases, consumer preferences and overall economic
conditions, the impact of competition and pricing, availability of suitable
store locations, continued availability of capital and financing, ability
to hire and develop senior management and sales associates, ability to
develop and source merchandise, ability to receive production from foreign
sources on a timely basis, potential stock repurchases, potential debt
prepayments, changes in market interest rates, war or acts of terrorism,
and other factors set forth in the Company's periodic filings with the
Securities and Exchange Commission, or in materials incorporated therein by
reference.
Mothers Work press releases available through Company News On-Call at
http://www.prnewswire.com/comp/581877.htm
SOURCE Mothers Work, Inc.
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Related links:
http://www.motherswork.com/
http://www.prnewswire.com/comp/581877.html/
CONTACT:
Edward M. Krell, Chief Operating Officer and
Chief Financial Officer of Mothers Work, Inc., +1-215-873-2220
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