Mothers Work to end Sears leasing deal |
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Published
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Fri, 28 Sep 2007 22:35
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PHILADELPHIA (AP) - Maternity apparel retailer Mothers Work Inc. said Friday it isn't renewing its leased department store relationship with Sears Holdings Corp.The company currently leases the maternity apparel department in 502 Sears stores. Its agreement with the department store chain expires June 20, 2008.'While we are disappointed about the end of our relationship with Sears, we feel the decision not to proceed with a renewal is in the best interest of our stockholders since we were unable to reach terms on a renewal which would be favorable for Mothers Work and our stockholders,' said President and Chief Creative Officer Rebecca Matthias.Company officials weren't available to detail the financial impact of the expiring contract.Mothers Work operates 1,784 independent stores and sells apparel through its licensed relationship with Kohl's and its leased departments at Macy's, Babies 'R' Us, Boscov's and Gordmans.Shares of the retailer dropped 67 cents, or 3.6 percent, to $18 in after-hours trading. The stock closed down 21 cents to $18.67 on Friday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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NASDAQ
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1398.07 |
-137.50 (
-8.95 %)
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2008-12-02 ) |
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2008-12-01 )
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INTEL CP
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4:00pm ) |
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12.56 |
-1.24 (
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2007-09-04 )
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