Pinault Printemps-Redoute S.A. Completes Purchase of 43.7% Stake in Brylane Inc.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. and NEW YORK--(BUSINESS WIRE)--April 3, 1998-- Five PPR PPR peste des petitis ruminants. Nominees Join Brylane Board of Directors Pinault Printemps-Redoute, S.A. ("PPR") (PRTP.PA), of France, and Brylane Inc. (NYSE NYSE See: New York Stock Exchange : BYL BYL Before You Leave ) today announced that PPR has completed the previously announced purchase of 8,010,917 shares, or approximately 43.7%, of the common stock of Brylane, for $51.00 per share from affiliates of Freeman Spogli & Co. Inc. and The Limited, Inc. as well as from certain members of management and other shareholders. PPR entered into definitive agreements for the purchase of Brylane shares on February 20, 1998. The companies also announced that with the completion of the transaction, five representatives of PPR will join the Brylane Board of Directors, replacing the directors affiliated with Freeman Spogli & Co. and The Limited. Peter J. Canzone canzone, in literature canzone (käntsô`nā) or canzona (–nä), in literature, Italian term meaning lyric or song. will continue as Chairman of the Board. Brylane will add a third independent director, which will expand the size of the Board to nine members, no later than June 30, 1998. The five new members of the Board are as follows: Mr. Serge Weinberg Serge Weinberg (born in 1951) is Chairman of Weinberg Capital Partners Serge Weinberg started his career as a civil servant in the French administration (1976-81), before becoming « Chef de cabinet » (private principal secretary) to the Budget Minister (Laurent Fabius, , Chairman and Chief Executive of Pinault Printemps-Redoute, S.A. Mr. Hartmut Kramer, Chairman and Chief Executive Officer of Groupe La Redoute, S.A. Mr. Richard Simonin, Chairman and Chief Executive Officer of S.A. Redoute France. Mr. Antoine Metzger, Chief Financial Officer of Groupe La Redoute, S.A. Mr. Johannes Loning, Vice President-Corporate Development of Groupe La Redoute, S.A. In connection with the acquisition of the Brylane shares, PPR entered into a standstill/governance agreement with Brylane, which had previously been approved by an independent committee appointed by Brylane's Board, as well as the full Board of Directors of Brylane. This agreement provides certain limitations on PPR's ability to acquire additional Brylane common stock and provides other protections for the public stockholders of Brylane. Brylane Inc. is the leading specialty catalog retailer of value-priced apparel in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with a focused portfolio of catalogs that includes Lane Bryant Lena Himmelstein Bryant Malsin (1879? - September 26, 1951) was an American clothing designer and retailer who founded the plus-size clothing chain Lane Bryant. Early Life & Career , Roaman's, Jessica London and KingSize, serving the special size apparel market, and Chadwick's of Boston, Lerner, Bridgewater and Brett serving the women's and men's regular-size apparel market. Brylane also markets certain of its catalogs under the "Sears" name to customers of Sears, Roebuck and Co. under an exclusive licensing arrangement with Sears Shop at Home Services, Inc. Brylane is headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and has facilities in Indiana, Massachusetts and Texas. Headquartered in Paris, Pinault Printemps-Redoute operates several different specialized store chains that sell a wide range of consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and . PPR's principal chains are Printemps (general merchandise), Conforama (furniture, household electronic goods and appliances), and Fnac (records, books, computers and consumer electronics). Through La Redoute, PPR is Europe's third-largest mail order company. Information Concerning Forward-Looking Statements 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. This press release contains forward-looking statements as defined by the federal securities laws and are based on Brylane Inc.'s and PPR's current expectations and assumptions, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, projected or implied. Certain factors that could cause actual results to differ are indicated in Brylane's filings with the Securities and Exchange Commission. CONTACT: Pinault Printemps-Redoute, S.A. Roy Winnick or Ruth Pachman Kekst and Company 212-521-4842 or 4891 or Brylane Inc. Robert A. Pulciani Chief Financial Officer 212-613-9536 or Christine DiSanto, Caroline Babbitt, or Amanda Mullin Media: Stacy Berns or Lauren Gargano all of Morgen-Walke Associates 212-850-5600 |
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