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 March 18, 2009 to
shareholders of record on March 2, 2009. This dividend will represent
the 22nd consecutive quarterly dividend paid by Cherokee to its
shareholders since December 2003.
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 other brands include the TJX Companies (U.S., Canada and
Europe) for the Carole Little brands, and Shanghai Bolderway (China) for
the Sideout Brand. 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 Form
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
