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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.

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

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.