Build-A-Bear Workshop Inc. said Thursday that it has hired Lehman Brothers to help its board of directors explore strategic alternatives for the firm.”We believe that through our highly profitable business model and unique retail-entertainment concept we will continue to grow total revenues, increase net income, and generate excess cash flow,” Maxine Clark, chairman and chief executive of Build-A-Bear, said in a statement.
Our future success and the drivers of our future growth will continue to be to implement our strategy of expanding our North American store base to at least 350 stores, building our European store base to approximately 120 stores, growing our international franchising operations to approximately 300 stores, developing and growing our existing portfolio of new concepts and brand extensions, and investing in our interactive website.
Having said that, Clark continued, the company believes it has an obligation to shareholders to consider “a broad range of potential strategic alternatives that could further enhance shareholder value.” She said that during the evaluation process, the company will continue to focus on “business as usual” for all operations.
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