Cherokee Inc. (NASDAQ:CHKE), a leading licensor and global brand
management company, announced today that its Board of Directors approved
the distribution of a quarterly dividend to shareholders of $0.50 per
share. The dividend will be payable on or about December 16, 2008 to
shareholders of record on December 2, 2008.
The payment of any future dividends will be at the discretion of
Cherokee's Board of Directors and will be dependent upon Cherokee's
financial condition, results of operations, available cash, cash flow,
capital requirements and other factors deemed relevant by Cherokee's
Board of Directors.
About Cherokee Inc.
Cherokee Inc., based in Van Nuys, is a marketer, licensor and manager of
a variety of brands it owns (Cherokee, Sideout, Carole Little and
others) and represents. Currently, Cherokee has licensing agreements in
a number of categories, including family apparel, fashion accessories
and footwear, as well as home furnishings and recreational products.
Premier clients for the Cherokee brand around the world include Target
Stores (U.S.), Tesco (U.K., Ireland and certain other European and Asian
countries), Zellers (Canada), Pick ‘n Pay
(South Africa), Fawaz Al Hokair (Middle East), Grupo Pão
de Acucar (Brazil), S.A.C.I. Falabella (Chile and Peru), Arvind Mills
(India), Shufersal LTD. (Israel), Comercial Mexicana (Mexico) and Grupo
Eroski (Spain). Premier clients for Cherokee’s
Sideout brand include Mervyn's (U.S.) and Shanghai Bolderway (China),
and for Cherokee’s Carole Little brands
include TJX Companies (U.S., Canada and Europe). Cherokee also recently
placed the Norma Kamali brand with Wal-Mart.
Statements included within this news release that are not historical in
nature constitute forward-looking statements for the purposes of the
safe harbor provided by the Private Securities Litigation Reform Act of
1995. When used, the words “anticipates”,
“believes”, “expects”,
“may”, “should”
and similar expressions are intended to identify such forward-looking
statements. Forward-looking statements included in this press release
(including, without limitation, express or implied statements regarding
future dividend payments, anticipated free cash flows and potential
future business development) involve known and unknown risk and
uncertainties that may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties, include, but
are not limited to, the effect of national, international and regional
economic conditions, the financial condition of the apparel industry and
the retail industry, the overall level of consumer spending domestically
and internationally, the effect of intense competition in the industry
in which the Company operates, adverse changes in licensee or consumer
acceptance of products bearing the Company’s
brands as a result of fashion trends or otherwise, the ability and/or
commitment of the Company’s licensees to
design, manufacture and market Cherokee and Sideout branded products,
the Company’s dependence on a select group of
licensees for most of the Company’s revenues,
the Company’s dependence on its key
management personnel and adverse determinations of claims, liabilities
or litigations. A further list and description of these risk,
uncertainties and other matters can be found in the Company’s
Annual Report on Forms 10-K for Fiscal Year 2008, and in its periodic
reports on Forms 10-Q and 8-K (if any). Undue reliance should not be
placed on the forward-looking statements contained herein because some
or all of them may turn out to be wrong. The Company disclaims any
intent or obligation to update any of the forward-looking statements
contained herein to reflect future events and developments.
Cherokee Inc.
Russell J. Riopelle, Chief Financial Officer
(818)
908-9868
or
Integrated Corporate Relations, Inc.
Andrew
Greenebaum, (310) 954-1100
