Bakers Footwear (NASDAQ:BKRS)
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Bakers Footwear Group, Inc. (Nasdaq: BKRS), the leading
specialty retailer of moderately priced fashion footwear for young
women, today announced that its Chairman and Chief Executive Officer,
Peter Edison has entered into a plan under Rule 10b5-1 of the
Securities and Exchange Act of 1934 to provide for pre-determined
sales of a portion of his Bakers Footwear Group common stock
commencing on August 25, 2005, subject to certain price restrictions
and other contingencies established under the plan.
The plan, effective for a term of 15 months, will allow Mr. Edison
to sell up to 80,000 shares of common stock during the term. The
shares, to be sold on a quarterly basis during the term, represent
approximately ten percent (10%) of Mr. Edison's current holdings of
Bakers Footwear Group common stock and less than two percent (2%) of
the issued and outstanding common stock of the Company. In addition,
Mr. Edison plans to donate approximately 15,000 shares of common stock
to fulfill charitable donation pledges he has made.
Rule 10b5-1 permits the implementation of a written plan for
selling company stock at times when insiders are not in possession of
material, non-public information and allows insiders adopting such
plans to sell shares on a regular basis, regardless of any subsequent
material, non-public information they receive or the price of the
stock at the time of the sale. "This sale will permit me to pay off
debt incurred in the purchase of the business 6 years ago while
maintaining my position as the largest beneficial shareholder of the
Company," said Peter Edison. Mr. Edison adopted the plan in order to
minimize any market impact of these sales by spreading such sales over
an extended period of time, rather than during the Company's
traditional "window periods".
About Bakers Footwear Group, Inc.
Bakers Footwear Group is a national, mall-based, specialty
retailer of distinctive footwear and accessories for young women. The
company's merchandise includes private label and national brand dress,
casual and sport shoes, boots, sandals and accessories. The company
currently operates more than 200 stores nationwide under two formats,
Bakers and Wild Pair. Bakers stores focus on women between the ages of
15 and 29. Wild Pair stores offer fashion-forward footwear to both
women and men between the ages of 17 and 24.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE
MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND SECTION
21(E) OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO
DUTY TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE EVENTS AND CIRCUMSTANCES
COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE TO
VARIOUS FACTORS. FACTORS THAT COULD CAUSE THESE CONDITIONS NOT TO BE
SATISFIED INCLUDE MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR IN
BAKERS FOOTWEAR GROUP, INC.. BUSINESS, PROSPECTS, RESULTS OF
OPERATIONS OR FINANCIAL CONDITION AND OTHER RISKS AND UNCERTAINTIES,
INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION.