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The transaction will also allow the company to reduce debt. Sycamore, which has deep experience in the retail industry and a superior track record of success, will bring a fresh perspective and greater focus to the business. We are releaze that, by retaining a ificant ownership stake, our shareholders will have the ability to meaningfully participate in the upside potential of these iconic brands.

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This refreshment process will continue this year with the retirement, as of the date of our Annual Meeting, of the following directors: Allan Tessler. He will remain a member of the Board as Chairman Emeritus.

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The transaction will also allow the company to reduce debt. We look forward to partnering with the leadership team to pursue these objectives.

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We are pleased that, by retaining a ificant ownership stake, our shareholders will have the ability to meaningfully participate in the upside potential of these iconic brands. Sycamore, which has deep experience in the retail industry and a superior track record of success, will bring a fresh perspective and greater focus to the business.