Announces Name Change from J. Baker, Inc. -JBAK- to Casual Male Corp. -CMAL-.Business Editors CANTON, Mass.--(BUSINESS WIRE)--Feb. 26, 2001 Reiterates Comfort with Estimates for Fiscal 2001; Announces Reorganization of Senior Management Structure Today, J. Baker, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :JBAK) announced that, effective immediately, it would change its name to Casual Male Corp. (NASDAQ:CMAL CMAL Caledonian Maritime Assets Limited CMAL Council of Metropolitan Leagues CMAL Clothing Maintenance Allowance List ). Casual Male Corp. currently owns and operates 668 specialty retail stores as well as direct mail and e-commerce businesses under the Casual Male Big & Tall, Repp Ltd. Big & Tall, B&T Factory Stores, and Work 'n Gear brand names. Casual Male Corp. also announced a reorganization of its senior management structure, as follows, effective immediately: - Alan Weinstein has been named Chairman of the Board and Chief Executive Officer; Mr. Weinstein has previously held the titles of President and Chief Executive Officer. - Sherman Baker, formerly Chairman of the Board, was named Chairman, Emeritus and will continue to serve the Company's shareholders as a member of the Board of Directors. - Stuart Glasser has been named President and Chief Operating Officer; Mr. Glasser had previously held the title of Executive Vice President and was primarily responsible for running the company's Casual Male chain of stores. Mr. Weinstein said, "We now go forward as a new company with a clear strategic vision. Casual Male Corp. is the country's leading specialty retailer of big and tall men's apparel. Targeting this large, highly fragmented niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. should enable us to generate solid rates of growth in both sales and earnings." Casual Male Corp. which will be presenting at the Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Retail Conference today, also said that it expects to report fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of in the range of $0.62 - $0.66 for the fiscal year ended February 2, 2001. Further, the company expressed comfort with an expected earnings range for fiscal year 2002 of $0.78 to $0.81. Sherman Baker, Chairman, Emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. said, "I am proud of the accomplishments that Alan and Stuart have made over the course of the last couple of years. They are highly capable and I am confident that, under their stewardship, the Company will prosper. I look forward to continuing to serve the Company's shareholders as a member of the Board of Directors and the Executive Committee of the Board." About Casual Male Corp. Casual Male Corp. operates specialty retail businesses in large, under-served niche markets. The Company currently operates 598 retail stores, three catalog titles, and two commerce-enabled websites selling apparel and accessories for big and tall men under the Casual Male Big & Tall, Repp Ltd. Big & Tall, and B&T Factory trade names. The Company also offers rugged workwear Noun 1. workwear - heavy-duty clothes for manual or physical work apparel, clothes, wearing apparel, dress - clothing in general; "she was refined in her choice of apparel"; "he always bought his clothes at the same store"; "fastidious about his dress" and healthcare apparel through its 70 Work 'n Gear stores, direct marketing offerings and e-commerce initiatives. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclosure This press release contains forward-looking information, including information concerning the Company's expectations of future earnings. These forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements may be significantly impacted by various factors including: unfavorable local, regional and national economic developments; severe weather conditions or unanticipated weather patterns; disruption to the Company's important foreign vendors caused by political and social strife, unstable economic environments or acts of God; aggressive advertising or promotional activities of competitors; dependence on fashion trends; the availability of credit; the availability of appropriate new store locations; disruption in important trade channels; and other factors described in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission for the year ended January 29, 2000 under the heading "Outlook: Important Factors and Uncertainties". Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements or reflect events or circumstances after the date hereof. |
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