Kid Announces CEO Transition
Appoints Raphael Benaroya Executive Chairman
EAST RUTHERFORD, NJ -- (Marketwire) -- 09/12/11 -- Kid Brands, Inc.
(NYSE: KID) today announced that its Board of Directors has appointed
its Chairman of the Board, Raphael Benaroya, as Executive Chairman of
the Board following the resignation of President and Chief Executive
Officer Bruce G. Crain. Mr. Crain has resigned his position and
membership on the Board of Directors, effective immediately. On an
interim basis, Mr. Benaroya will assume all responsibilities of the
Chief Executive Officer until a successor is appointed.
A Search Committee of the Board of Directors has been created to
oversee the process for the selection of a new Chief Executive
Officer and an executive search firm has been retained to conduct the
"On behalf of the Board, I want to thank Bruce for his contributions
to the Company," commented Mr. Benaroya. "During his tenure, Kid
Brands was transformed to focus on the attractive infant and juvenile
industry through the divestiture of the Company's legacy gift
business and the acquisitions of LaJobi and CoCaLo, established a new
corporate identity and re-launched the Kids Line and Sassy brands. We
wish Bruce well in his future endeavors."
Mr. Benaroya concluded, "We are fully committed to ensuring a
seamless transition during our search for a new Chief Executive
Officer who will lead Kid Brands in its next phase of growth. In the
interim, I will be actively engaged in carrying out our growth
strategy, partnering with our retail and licensing partners globally
and working to deliver increased value to shareholders. We have a
strong portfolio of brands and products as well as strong leadership
and teams in each of our businesses. We are confident that we can
improve our business performance and better position the Company for
the near- and long-term."
Mr. Benaroya has served as Kid Brands' Chairman of the Board since
January 31, 2008. He is also Managing Director of Biltmore Capital, a
privately-held financial company, which invests in secured debt.
Prior thereto, Mr. Benaroya was Chairman of the Board, President and
Chief Executive Officer of United Retail Group, Inc., a Nasdaq-listed
company, which operated a chain of retail specialty stores, from 1989
until its sale in October 2007 to Redcats USA, a division of PPR, a
French public company, and continued as President and Chief Executive
Officer thereafter until March 2008. Mr. Benaroya also serves on the
board of directors of Aveta Health Care, a privately-held healthcare
management company. From April 2008 until March 2010, Mr. Benaroya
had also been a business advisor for D. E. Shaw & Co., L.P., an
affiliate and investment advisor of a former principal shareholder of
About Kid Brands, Inc.
Kid Brands, Inc. and its subsidiaries are leaders in the design,
development and distribution of infant and juvenile branded products.
Its design-led products are primarily distributed through mass
market, baby super stores, specialty, food, drug, independent and
e-commerce retailers worldwide.
The Company's operating business is composed of four wholly-owned
subsidiaries: Kids Line, LLC; LaJobi, Inc; Sassy, Inc.; and CoCaLo,
Inc. Through these subsidiaries, the Company designs and markets
branded infant and juvenile products in a number of complementary
categories including, among others: infant bedding and related
nursery accessories and decor, food preparation and nursery
appliances, and diaper bags (Kids Line(R) and CoCaLo(R)); nursery
furniture and related products (LaJobi(R)); and developmental toys
and feeding, bath and baby care items with features that address the
various stages of an infant's early years (Sassy(R)). In addition to
the Company's branded products, the Company also markets certain
categories of products under various licenses, including Carter's(R),
Disney(R), Graco(R) and Serta(R). Additional information about the
Company is available at www.kidbrands.com.
Note: This press release contains certain forward-looking statements.
Additional written and oral forward-looking statements may be made by
the Company from time to time in Securities and Exchange Commission
(SEC) filings and otherwise. The Private Securities Litigation Reform
Act of 1995 provides a safe-harbor for forward-looking statements.
These statements may be identified by the use of forward-looking
words or phrases including, but not limited to, "anticipate",
"believe", "expect", "project", "intend", "may", "planned",
"potential", "should", "will" or "would". The Company cautions
readers that results predicted by forward-looking statements,
including, without limitation, those relating to the Company's future
business prospects, revenues, working capital, liquidity, capital
needs, order backlog, interest costs and income are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements. Specific risks and uncertainties include, but are not
limited to those set forth under Item 1A, "Risk Factors", of the
Company's most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, each as filed with the SEC. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
AT THE COMPANY
Marc S. Goldfarb
Senior Vice President & General Counsel
AT FINANCIAL DYNAMICS
Leigh Parrish / Stephanie Rich
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