Phoenix Footwear's Chambers Brand Nominated for Tractor Supply's Vendor of the Year |
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By: Phoenix Footwear Group, Inc. Posted: 2007-10-03 11:10:13 |
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Phoenix Footwear Group, Inc. (Amex: PXG), a multi-brand footwear and accessories company, announced today that its Chambers division was nominated, along with four other vendors, for Tractor Supply Company's (TSC) Apparel Lifestyle Vendor of the year. The criteria for the nomination included comparable store sales, inventory turns and marketing support, among other metrics, and Chambers was chosen from TSC's 800 vendors. Chambers has been a supplier to TSC for over three years selling belts and accessories under the Wrangler(TM), 20X by Wrangler(TM), Rugged Wear by Wrangler(TM) and CE Schmidt(TM) brands.
Cathy Taylor, Chief Executive Officer of Phoenix Footwear Group, Inc, said, "It is an honor to be included in the high caliber group of vendors nominated by TSC. The Chambers Belt Company has been a successful brand for Phoenix over the last two years and this recognition validates the investment we've made in quality product and distribution. We believe this is a strong endorsement of the value proposition we provide our retail partners. We look forward to many more years of a mutually beneficial relationship with TSC." Phoenix Footwear acquired Chambers Belt Company in 2005. Founded in 1947 and headquartered in Phoenix, Arizona, Chambers manufactures and distributes men's and women's belts and accessories spanning traditional and western styles, as well as a growing children's line. Chambers' products are highly diversified in terms of style and target audience, and the Company benefits from a broad distribution network. In addition to the over 700 TSC stores, Chambers' products can be found in leading national department and specialty chains such as Wal-Mart, Kmart, Nordstrom, Sheplers and Pacific Sunwear. About Phoenix Footwear Group, Inc. Phoenix Footwear Group, Inc., headquartered in Carlsbad, California, designs, develops and markets a diversified selection of men's and women's dress and casual footwear, belts, and other accessories. The Company's moderate-to-premium priced brands include the Tommy Bahama Footwear(R), Trotters(R), SoftWalk(R), Strol(R), H.S. Trask(R), and Altama(R) footwear lines, and Chambers Belts(R). Emphasizing quality, fit and traditional and authentic designs, these brands comprise over 100 different styles of footwear and 750 styles of personal accessories primarily sold through department stores, specialty retailers, mass merchants and catalogs. Phoenix Footwear Group, Inc. is traded on the American Stock Exchange under the symbol PXG. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding expected financial performance and improvements, statements regarding the expected benefits of current and future contracts and orders, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," "exploring, " or similar expressions. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Many of these risks and uncertainties are discussed in Phoenix Footwear's Annual Report on Form 10-K for the fiscal year ended December 30, 2006 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at http://www.sec.gov. These include without limitation: risks related to the Company's ability to attract and retain new senior management personnel; the Company's ability to obtain waivers and amendments to its defaulted secured credit arrangement and the attendant risk of increased costs or stockholder dilution from refinancing the defaulted debt or foreclosure on the Company's assets if a waiver/amendment is not obtained or the debt is not refinanced; the risk that the Company will not be able to continue as a going concern; the failure to obtain future DoD boot solicitations or be awarded the DoD contract for military boots; risks associated with future acquisitions, including potential dilution and integration issues, risks of contract performance; risks of contract termination, either for default or for the convenience of the U.S. government; adverse results of U.S. government audits of the Company's U.S. government contracts; risks associated with complex U.S. government procurement laws and regulations; delays in acceptance of delivery of government orders; adverse changes in U.S. government spending priorities; the concentration of the Company's sales to a relatively small group of customers; changing consumer preferences and fashion trends; competition from other companies in the Company's markets; the potential financial instability of the Company's customers; the Company's ability to protect its intellectual property rights; the risk of losing third party trademark licenses; the Company's ability to manage inventory levels; fluctuations in its financial results as a result of the seasonality in its business; the risks of doing business in international markets; the Company's reliance on independent manufacturers; disruptions in the Company's manufacturing system; the loss of one or more senior executives; fluctuations in the price, availability and quality of raw materials; a decline in general economic conditions; the possibility of impairment charges resulting from future adjustments to the value of goodwill recorded in connection with past or future acquisitions; the risk of dilution to stockholders' ownership percentage as the result of the exercise of outstanding stock options or deferred stock awards; the negative effect on investment value and growth opportunities from a charge to earnings from the compensation of employees under its employee retirement plan and deferred stock awards; and, the control over the Company by a principal stockholder. Although the Company believes that the assumptions underlying the forward- looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements included in this press release are based on the Company's current expectations and projections about future events, based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statements. |
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