THE GYMBOREE CORPORATION (NASDAQ:GYMB) Files An 8-K Results of Operations and Financial Condition
Item2.02 Results of Operations and Financial Condition.
On March14, 2017, The Gymboree Corporation (the Company) issued
an earnings release announcing its financial results for the 13
weeks ended January28, 2017. A copy of the earnings release is
furnished as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.
Item5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
(a) and (b) Departure of Chairman and Chief Executive
Officer
On March14, 2017, the Companys Chief Executive Officer and
Chairman of the Board of Directors, Mark Breitbard, announced his
resignation as a director and Chief Executive Officer of the
Company, effective April3, 2017, in order to pursue other
opportunities. to his amended and restated employment agreement,
which was entered into in connection with his previously
announced transition, Mr.Breitbard will receive his accrued but
unpaid compensation upon his termination of employment.
(c) Appointment of Interim Chief Executive Officer;
On March14, 2017, the Company appointed Mark Weikel as its
interim Chief Executive Officer, effective April3, 2017.
Mr.Weikel currently serves on the board of directors of the
Company and its parent, Giraffe Holding, Inc. Mr.Weikel is 61
years old.
Mr. Weikel has been a director on the Companys board of directors
and the board of directors of Giraffe Holding, Inc. (the Companys
parent) since November 2014, and will continue in those roles
while serving as the Companys interim Chief Executive Officer.
Mr.Weikel has served as a Senior Business Advisor at Luxottica
Group SpA from April 2014 to December 2014. Mr.Weikel was
President and Chief Executive Officer of Retail Optical North
America at Luxottica Group SpA from January 2013 to March 2014.
Mr.Weikel served as President and General Manager of Lenscrafters
at Luxottica Group SpA from January 2011 until January 2013.
Mr.Weikel provided oversight and leadership to the finance,
planning and allocation, business planning and operations,
sourcing and production, human resources, brand marketing, visual
merchandising, product/merchandising and stores functions in his
roles at Luxottica Group SpA. Mr.Weikel has been a member of the
Board of Directors of The Magic House since 2016. Mr.Weikel has
been a member of the board of directors of Tractor Supply Company
since February 2014, and serves on its compensation committee and
audit committee. Mr.Weikel has also served on the board of
OneSight, a non-profit organization, since 2011. Prior to that
time, Mr.Weikel also served as the Chief Operating Officer of
Lord Taylor, the President and Chief Operating Officer of
Victorias Secret Stores, and in several positions within the May
Department Stores, include as the Chairman for Foleys Department
Stores.
In connection with his service on the Companys board of
directors, the Company previously entered into an indemnification
agreement with Mr.Weikel, which would require the Company to
indemnify him against certain liabilities that may arise in
connection with his status or service as a director. This
agreement will also apply to him with respect to his service as
an officer of the Company. The indemnification agreement also
would provide for an advancement of expenses incurred by
Mr.Weikel in connection with any proceeding relating to his
status as a director or officer. The Companys form of
indemnification agreement was filed with the SEC as Exhibit10.1
to the Form 8-K filed with the SEC on March24, 2015.
(e) Compensatory Arrangement with Interim Chief Executive
Officer
In connection with Mr.Weikels appointment as the Companys interim
Chief Executive Officer, the Company and Mr.Weikel agreed to the
terms of his employment on March14, 2017.
to the term sheet signed by Mr.Weikel and the Company, for the
two months following April2, 2017, Mr.Weikel will serve as our
interim Chief Executive Officer. The initial term of his
employment may be extended in one month increments on the same
terms. Mr.Weikel will be paid $100,000 per month as full
compensation for his duties during the employment period.
Mr.Weikel will also be entitled to reimbursement for all
reasonable business expenses, including travel and lodging
expenses incurred in connection with his duties during the
employment period.
Either party may terminate Mr.Weikels employment upon five
business days notice. No compensation will be payable to
Mr.Weikel upon any termination of his employment, other than
compensation that is accrued but unpaid as of the termination
date.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
No. |
Description |
|
| 99.1 |
Earnings release of The Gymboree Corporation dated March 14, 2017. |
About THE GYMBOREE CORPORATION (NASDAQ:GYMB)
The Gymboree Corporation is children’s apparel specialty retailers in North America, offering collections of apparel and accessories. During the fiscal year ended February 2, 2013 (2012), the Company operated a total of 1,262 retail stores and online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com. The Company also offered directed parent-child developmental play programs under the Gymboree Play & Music brand at 718 franchised and Company-operated centers in the United States and 42 other countries. In addition, as of February 2, 2013, third-party overseas partners operated 44 Gymboree retail stores in the Middle East and South Korea and 12 VIE-operated Gymboree retail stores in China.