Glen Allen, VA (PRWEB) April 9, 2009
Richmond, Va. April 9, 2009 -- S&K Famous Brands, Inc. has announced that the Company's Board of Directors has appointed Jonathan M. Tibus of Alvarez & Marsal North America, LLC as the Company's Chief Restructuring Officer. The appointment remains subject to the approval of the U.S. Bankruptcy Court for the Eastern District of Virginia. Alvarez & Marsal was initially retained by the Company to serve as restructuring advisors in July, 2008, prior to the Company's chapter 11 bankruptcy filing on February 9, 2009.
As Chief Restructuring Officer, Mr. Tibus will report to the Company's Board of Directors and oversee the Company's ongoing restructuring efforts. On March 31, 2009, the Company repaid the debt owed to the Company's secured lender, achieving a key milestone in its restructuring. Under Mr. Tibus' leadership, the Company will continue its efforts to locate appropriate investors to support the Company's emergence from Chapter 11.
In addition, Stuart C. Siegel, Chairman of the Company's Board of Directors, will assume an unpaid full-time executive position with the Company. Mr. Siegel is increasing his daily involvement with the Company to offer further assistance and support to the Company during its restructuring.
The Company also announced the departure of Joseph A. Oliver III, the Company's President and Chief Executive Officer.
For more information please contact: Bryan Kipp, VP Marketing (804)346-2553.
MaryJo Steinmetz, Advertising Manager 804-967-2614
Except for historical information contained herein, the statements in this release may be forward-looking statements.Forward-looking statements involve known and unknown risks and uncertainties, which may cause future events to differ materially from those expressed in such forward-looking statements. Such risks and uncertainties include numerous operational factors and economic conditions, such as the level of demand for the Company's products and services, the competitive environment in the value-priced men's apparel industry in general and in the Company's specific market area, inflation, changes in costs of goods and services and economic conditions in general and in the Company's specific market area. Risks and uncertainties relating to the Company's stock include the unpredictability of market conditions and whether any broker-dealers continue to act as market makers in the Company's stock. Any forward-looking statements made in this release are made only as of the date of this release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.