Key Developments For Lifetime Brands, Inc.
Lifetime Brands, Inc. (LCUT.O) (Nasdaq)
Lifetime Brands Inc. Announces Decision to Suspend Cash Dividend
Lifetime Brands Inc. announced that, in light of current economic conditions, the Company has determined to suspend paying a cash dividend on its outstanding common shares. The Company will review this decision as circumstances may warrant.
Lifetime Brands Inc. Announces Dividend
Lifetime Brands Inc. announced that its Board of Directors have declared a regular quarterly cash dividend of $0.0625 per share, payable on November 28, 2008, to shareholders of record on November 14, 2008.
Lifetime Brands Inc. To Cut About 525 Jobs On Retail Closures-DJ
Dow Jones reported that Lifetime Brands Inc. said that it will cut 525 jobs, about a quarter of its head count, as it closes out its retail operations.
Lifetime Brands Inc. to Close Outlet Retail Stores and York, Pa Distribution Center
Lifetime Brands Inc. announced that it will close all of its remaining 53 outlet retail stores. The stores being closed by Lifetime include 39 Pfaltzgraff factory stores, 8 Farberware outlet retail stores and 6 clearance stores. The Company also plans to close its York, Pennsylvania distribution facility in 2009. The Company will continue to operate its Internet and mail order catalog businesses. The Company has entered into an agreement with a joint venture between Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC to manage and operate inventory clearance sales at the stores. The Company expects that such inventory clearance sales will begin on or about September 23, 2008, and will be completed by December 31, 2008. Lifetime has also entered into an agreement with RCS Real Estate Advisors with respect to terminating the leases for the stores.
Lifetime Brands Inc. Declares Regular Quarterly Dividend
Lifetime Brands Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.0625 per share, payable on August 15, 2008, to shareholders of record on August 1, 2008.
