SHERMAN OAKS, Calif., June 12, 2019 (GLOBE NEWSWIRE) — Cherokee Global Brands (NASDAQ: CHKE), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced that the Company has appointed current Director Evan Hengel to Chairman of the Board of Directors, effective immediately.
Mr. Hengel has served as a member of the Company’s board since October 2018 and brings over 12 years of experience navigating complex financial, operational, and transactional processes. Since 2017, he has served as a managing director at the Berkeley Research Group. Mr. Hengel has considerable experience guiding management, boards of directors, and other stakeholders as both an advisor and interim executive. His clients include companies operating in the apparel and consumer products industries, as well as healthcare, manufacturing, technology and entertainment. Mr. Hengel received a B.S. with honors from the University of Kansas.
“Evan’s extensive business and financial experience, including with M&A and restructuring in the apparel and consumer products spaces, has already brought significant contributions to our Board,” said Henry Stupp, chief executive officer of Cherokee Global Brands. “I look forward to working even more closely with Evan and the entire management team as we continue to focus on positioning Cherokee for long-term financial and operational stability.”
Mr. Hengel commented, “I want to thank Cherokee Global Brands’ employees and the entire Board for all the hard work, dedication, and transformative progress over the past nine months since I officially joined. It is a great honor to be named Chairman, and I am excited to continue to help guide the Company on its path to becoming a more diversified and modern platform to augment brand value and, in turn, shareholder value.”
About Cherokee Global Brands
Cherokee Global Brands is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Everyday California®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks® and Interceptor®, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license agreements with leading retailers and manufacturers that span approximately 80 countries, with distribution across 20,000+ retail locations and multiple ecommerce platforms.
Safe Harbor Statement
This news release may contain forward-looking statements regarding future events and the future performance of Cherokee Global Brands. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company and its partners will not achieve the results anticipated in the statements made in this release; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Everyday California® and Side out® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; our level of indebtedness and restrictions under our indebtedness; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. A more detailed discussion of such risks and uncertainties are described in the Company’s annual report on Form 10-K filed on April 23, 2019, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC the Company makes from time to time. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Cherokee Global Brands
Steve Brink, CFO
Addo Investor Relations
Kimberly Esterkin/Patricia Nir
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae195d18-d76c-4292-b0f9-2ac0ff2410f7