USA: Sunglass Hut International Signs Definitive Agreement for the Acquisition of Watch World International
Sunglass Hut International is recognized as a leader in specialty niche retailing with 1,870 locations including 1,514 Sunglass Hut locations, 110 Watch Station stores and 246 combination sunglass and watch stores around the world as of April 29, 2000. The addition of Watch World will add another 118 stores nationwide. Located in a wide variety of high traffic shopping and tourist destinations, Sunglass Hut and Watch Station stores offer consumers the latest branded products at competitive prices along with outstanding customer service. Sunglass Hut stores are located throughout the United States, Canada, the Caribbean, Europe, Australia, New Zealand and Singapore. Sales for fiscal year 1999 totaled $635.6 million and generated EBITDA of $80.1 million. Additional information about products, locations and corporate news is available at www.sunglasshut.com
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Those risks include, but are not limited to, merchandising, concentration of suppliers and the potential impact of changes or consolidation in the sunglass or watch manufacturing industry and any resulting changes in vendor's purchase terms and policies, risks of developing exclusive brand market share, limitations on the timely delivery of products by vendors and from the Company's distribution center to its retail stores, risks of new specialty store concepts, distribution channels and International Operations, the impact to future operating results of the disposal of the Company's discontinued operations, changes in the level of global consumer demand and/or spending, gross margin pressures, the impact of litigation on future operating results, the Company's ability to identify and take advantage of changing fashion trends, the Company's ability to manage growth (including its combo store and Watch Station concepts expansion), the Company's dependence on key personnel and its ability to attract, hire, motivate and retain additional, qualified management personnel in the future, as well as the other "Risk Factors" set forth in the Company's Form 10-K for the fiscal year ended January 29, 2000 filed on April 18, 2000. All forward-looking statements should be considered in light of these risks and uncertainties.
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