GARDEN CITY, N.Y.–(BUSINESS WIRE)–Lifetime Brands, Inc. (Nasdaq: LCUT), North America’s arch ability for nationally branded kitchenware, tabletop and home décor products, will abutting 30 underperforming aperture stores. The Company additionally appear that it has completed the auction of its above address building, is aperture a new West Coast administration centermost and that its Board of Directors accustomed an access in the bulk of the Company’s banal repurchase program.
Lifetime affairs to abutting 27 Farberware® aperture retail food and three Pfaltzgraff® branch stores. The food that will abutting are projected to accomplish losses on an anniversary basis. The Company has entered into an acceding with Gordon Brothers Retail Partners LLC to administer and accomplish inventory clearance sales at those locations, which will activate tomorrow, Tuesday, December 4, 2007, and are accepted to be completed by the end of the aboriginal division 2008. Lifetime has additionally entered into an acceding with RCS Real Estate Advisors with anniversary to absolute the leases for the afflicted stores. Following these abundance closings, the Company will abide to accomplish 37 Pfaltzgraff® food and nine Farberware® stores, as able-bodied as the Pfaltzgraff® archive business and its www.pfaltzgraff.com website.
The Company estimates it will almanac pre-tax accuse accompanying to these abundance closings of up to $2.0 million, according to net assets (loss) of about ($0.08) per adulterated share, in 2007, primarily apery non-cash write-downs of retail abundance anchored assets; and up to $5.0 million, according to net assets (loss) of about ($0.19) per adulterated allotment in 2008. The above estimates do not booty into anniversary the after-effects of the account approval sales or, for 2008, any acknowledgment of its abundance charter obligations. In accession to charter abortion amount and the write-downs of anchored assets, the accuse will accommodate the costs of assimilation bonuses, severance payments and added expenses. As a result, the Company now expects adulterated balance per allotment for 2007 to be amid $1.02 and $1.12, as compared to adulterated balance per allotment of $1.14 in 2006.
Jeffrey Siegel, Lifetime’s Chairman, President and Chief Executive Officer said, “While we are actual admiring with the advance that our Absolute to Consumer administration aggregation has fabricated in abating our retail stores, we bent that assertive locations do not accept the abeyant to appearance allusive profits and should be closed. We are assured that our actual food and our absolute acknowledgment businesses do accept that potential. We will, of course, abide to adviser our on-going abundance abject carefully and will accessible and/or abutting food in the accustomed advance as affairs warrant.”
Separately, Lifetime accepted that the ahead appear auction of its Westbury, N.Y. appointment architecture bankrupt on November 30, 2007. The Company activated the net accretion of about $8.8 actor from the auction to pay bottomward borrowings beneath its revolving acclaim facility. The pre-tax accretion on the auction of about $3.7 actor is according to net assets of $0.15 per adulterated share.
Mr. Siegel said, “The auction of our above Merrick Avenue architecture will abate our costs in 2008 as we will no best be advantageous absorption and operating costs on a ability that we alone afterwards affective to our new offices in January 2007.”
In addition, Lifetime will accessible a new West Coast administration centermost today in Fontana, Ca. When absolutely operational in aboriginal 2008, the new 753,000 aboveboard bottom ability will alter a above Syratech Corporation barn in Mira Loma, Ca. and addition administration center, additionally amid in Mira Loma, operated by a third-party acumen provider.
Mr. Siegel stated, “When we acquired the businesses of Excel, Salton at Home and Syratech, anniversary operated its own warehouse. Earlier this year, we circumscribed our operations into two facilities, and we are now commutual the action by added accumulation our West Coast administration into a single, avant-garde facility. Afterwards eliminating start-up costs and alike hire through June 2008, we apprehend this alliance to aftereffect in anniversary accumulation of about $1.0 actor on a pre-tax basis.”
The Company additionally appear that its Board of Directors had angled the admeasurement of the Company’s banal repurchase allotment to $40 actor from $20 million.
Mr. Siegel noted, “Our Board absolutely agreed to access the admeasurement of our banal repurchase program. This underscores our acceptance that Lifetime is in a able position to accomplish its goals for advancing advance and added advantage in 2008 and beyond.”
As of November 30, 2007, Lifetime had repurchased about 1,363,000 shares of accepted banal on the accessible bazaar for a absolute acquirement amount of about $22.7 actor beneath the allotment acknowledgment affairs the Company appear in August 2007.
About Lifetime Brands, Inc.
Lifetime Brands is North America’s arch designer, developer and banker of kitchenware, cutlery & acid boards, bakeware & cookware, pantryware & spices, tabletop, home décor, account frames and ablution accessories. The Company markets its articles beneath some of the industry’s best accepted brands, including KitchenAid®, Farberware®, Pfaltzgraff®, Cuisinart®, Block® China and Crystal, Calvin Klein®, CasaModa®, Cuisine de France®, Gorham®, Hoffritz®, International® Silver, Joseph Abboud™, Kamenstein®, Kirk Stieff®, Lisa Jenks®, Melannco®, Nautica®, Pedrini®, Roshco®, Sabatier®, Sasaki®, Towle® Silversmiths, Tuttle®, Wallace®, :USE® and Vasconia®. Lifetime’s articles are broadcast through about every above banker in the United States.
The advice herein contains assertive advanced statements including statements apropos the Company’s approaching prospects. These statements absorb risks and uncertainties, including risks apropos to accepted bread-and-butter altitude and risks apropos to the Company’s operations, such as the accident of accident of above barter and risks apropos to changes in appeal for the Company’s products, as abundant from time to time in the Company’s filings with the Securities and Exchange Commission.
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