Cutter & Buck Announces Settlement.SEATTLE--(BUSINESS WIRE)--Aug. 9, 1999-- Cutter cutter, small, one-masted sailing vessel, with a rig similar to that of a sloop except that it usually has a sliding bowsprit and a topmast. From 1800 to 1830 cutters were in service between England and France. & Buck Inc. (Nasdaq:CBUK) today announced the settlement of both lawsuits related to labor issues in Saipan. "While we remained confident of our ability to prevail, we determined that it was in the company's best interest to put this matter behind us. We are also pleased to report that the costs associated with this settlement are within previously anticipated levels and will have no impact on current earnings," stated Marty Marks, President and COO. "We can now focus management's energies and Cutter & Buck's resources to the work at hand -- expanding our sales channels, product offerings and brand recognition, and building our retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → with the goal of creating long-term value for our shareholders," Marks added. "We have historically conducted periodic visits and inspections of our suppliers," stated Harvey Jones Harvey M. Jones (April 15, 1921 - December 13, 1998) was an American football running back in the NFL for the Cleveland Rams and the Washington Redskins. He played college football for Baylor University. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "As part of the settlement, we are contributing to a fund that will finance implementation of a monitoring program of garment manufacturers in Saipan. Our corporate culture places a high value on our employees and suppliers, and we are happy to participate in improving the working environment of individuals who contribute to the manufacture of Cutter & Buck products. Responsible business practices and good corporate citizenship Corporate Citizenship The extent to which businesses are socially responsible in meeting legal, ethical and economic responsibilities placed on them by shareholders. The aim it to create higher standards of living and quality of life in the community in which it operates, while have always been important elements of Cutter & Buck's corporate culture." The lawsuits were filed against the company and 17 other retail defendants and 24 Saipan manufacturers. Three other defendants, Nordstrom, J. Crew and Gymboree, are also entering into a settlement with the plaintiffs. All of the settlements are subject to court approval applicable to class action cases of this nature. Cutter & Buck designs and markets upscale sportswear and outerwear under the Cutter & Buck brand. The company sells its products primarily through golf pro shops and resorts, corporate sales accounts and better specialty stores Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" . Cutter & Buck products feature distinctive, comfortable designs, high quality materials and manufacturing and rich detailing. 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. Statement under 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: Statements in this news release as to expectations regarding the affect of legal fees on financial results are forward looking in time and involve risks and uncertainties, including allocation of costs and other risk factors detailed in the Company's Securities and Exchange Commission filings. |
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