The Company's corporate office operations will move twelve miles from the current 5th Street headquarters facility to a completely renovated 74,000 square foot Class A office building in Moorestown, New Jersey. The Company expects this move to occur in Fall 2014.
The Company's distribution operations will move approximately 23 miles from the current 5th Street distribution center to a new state-of-the-art 400,000 square foot build-to-suit distribution center to be built in Florence Township, New Jersey. The Company expects this move to occur in early 2015.
To help the Company offset the costs of its new headquarters and distribution center facilities, the Board of the New Jersey Economic Development Authority approved the Company for an incentive package of $40 million in benefits, over a 10-year period, from the State of New Jersey under the Grow New Jersey Assistance Program.
Ed Krell, Chief Executive Officer of Destination Maternity, commented, "We are very excited to announce our plans for a new corporate headquarters facility and a new distribution center in southern New Jersey.
"Our current combined headquarters and distribution center facility on 5th Street in Philadelphia has served us well since we moved there in 1996, when we were less than a $200 million annual sales company. However, we are now a significantly larger and more complex business, with over $500 million of annual sales, multiple brands and distribution channels, including approximately 3,000 doors of distribution, and a focus on omni-channel growth, including significant focus on continued long-term growth through Internet and international expansion.
In addition, in recent years, we have intensified our efforts and our investment in people to drive continued improvement in our sales performance through initiatives to enhance our merchandise assortments, merchandise presentation, store environment and customer experience.
"We applaud Destination Maternity's decision to choose New Jersey as the new home for its headquarters and distribution facility," said New Jersey Lt. Governor Kim Guadagno. "The Christie Administration is committed to ensuring that businesses like Destination Maternity have the necessary tools and assistance to succeed and grow in our state. New Jersey is proud to welcome yet another successful international business to the Garden State."
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of June 30, 2013, Destination Maternity operates 1,893 retail locations, including 606 stores, predominantly under the trade names Motherhood Maternity, A Pea in the Pod, and Destination Maternity, and 1,287 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites.
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