Mothers Work founders sell off stock for estate planning
24 Nov '06
2 min read
Mothers Work Inc announced that its Chairman of the Board and Chief Executive Officer, Dan W. Matthias, and President and Chief Operating Officer, Rebecca C. Matthias, have advised the Company that they have sold 476,220 shares of the Company's common stock for estate planning, personal asset diversification and liquidity purposes.
After giving effect to this sale, Mr. and Mrs. Matthias, in the aggregate, currently beneficially own 359,324 shares (which includes 352,950 vested stock options), and also an additional 120,000 unvested stock options and unvested shares of restricted stock, representing total beneficial ownership of 479,324 shares and options. Mr. and Mrs. Matthias have also advised the Company that they may sell additional shares in the future for similar purposes.
Mr. Matthias said, "Rebecca and I have strong continued confidence in the Mothers Work business strategy and future" and noted that the sales would "broaden the liquidity of the Company's stock." The Matthiases indicated that the amount and timing of possible future sales will be based upon a variety of factors, including prevailing market price and market conditions."
"Mothers Work is the world's largest designer and retailer of maternity apparel, using its custom TrendTrack merchandise analysis and planning system as well as its quick response replenishment process to "give the customer what she wants, when she wants it."
In addition, Mothers Work distributes its Oh Baby! by Motherhood collection through a licensed arrangement at Kohl's stores throughout the United States and on Kohls.com.
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