Category: Consumer

Release – The ODP Corporation Announces Second Quarter 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ODP

PDF Version

Second Quarter Revenue of $1.6 Billion with GAAP EPS of $0; Adjusted EPS of $0.51

GAAP Operating Income of $9 Million; Net Income of $0; Operating Cash Flow of $16 Million

Adjusted EBITDA of $47 Million; Adjusted Free Cash Flow of $13 Million

B2B Distribution and Consumer Divisions Drove Improved Performance Trends

Progress on Long-Term Growth Initiatives

Provides Additional Guidance for 2025

BOCA RATON, Fla.–(BUSINESS WIRE)–Aug. 6, 2025– The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of products, services, and technology solutions to businesses and consumers, today announced results for the second quarter ended June 28, 2025.

Consolidated (in millions, except per share amounts)2Q252Q24YTD25YTD24
Selected GAAP and Non-GAAP measures:    
Sales$1,586$1,717$3,286$3,586
Sales change from prior year period(8)% (8)% 
Operating income (loss)$9$0.4$(23)$41
Adjusted operating income (1)$25$33$79$100
Net income (loss) from continuing operations$—$(4)$(29)$27
Diluted earnings (loss) per share from continuing operations$—$(0.12)$(0.97)$0.73
Adjusted net income from continuing operations (1)$15$20$47$70
Adjusted earnings per share from continuing operations
(fully diluted) (1)		$0.51$0.56$1.57$1.89
Adjusted EBITDA (1)$47$57$123$147
Operating Cash Flow from continuing operations$16$(1)$73$43
Free Cash Flow (2)$4$(20)$39$(7)
Adjusted Free Cash Flow (3)$13$5$58$22

Second Quarter 2025 Summary(1)(3)

  • Total reported sales of $1.6 billion, down 8% versus the prior year period on a reported basis. The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 60 fewer retail locations in service compared to the previous year and reduced retail and online consumer traffic, as well as lower sales in its ODP Business Solutions Division, despite improving year-over-year comparable revenue trends
  • GAAP operating income of $9 million versus $400 thousand in the prior year period. Net income from continuing operations and net diluted earnings per share was break even in the second quarter of 2025 compared to net loss from continuing operations of $4 million, or $(0.12) per diluted share, in the prior year period. GAAP operating results in the second quarter of 2025 included $16 million of charges of which $12 million is related to the Company’s Optimize for Growth restructuring plan
  • Adjusted operating income of $25 million, compared to $33 million in the second quarter of 2024; adjusted EBITDA of $47 million, compared to $57 million in the second quarter of 2024
  • Adjusted net income from continuing operations of $15 million, or adjusted diluted earnings per share from continuing operations of $0.51, versus $20 million or $0.56, respectively, in the prior year period
  • Operating cash flow from continuing operations of $16 million and adjusted free cash flow of $13 million, versus $(1) million and $5 million, respectively, in the prior year period
  • $658 million of total available liquidity including $177 million in cash and cash equivalents at quarter end

“Our team’s disciplined execution and focus on operational excellence resulted in another quarter of improved performance,” said Gerry Smith, Chief Executive Officer of The ODP Corporation. “During the quarter, we drove improved revenue trends and delivered solid operating results, highlighted by stronger adjusted free cash flow generation. These results reflect ongoing improvements across both our consumer and B2B businesses.”

“In our consumer segment, we meaningfully improved same-store sales trends versus last year, underscoring the effectiveness of our targeted sales strategies and strong value proposition. Meanwhile, in our B2B distribution business, we achieved approximately a 200-basis point improvement in year-over-year revenue trends, driven by stronger sales traction with new customers and early contributions from our expansion into the hospitality sector. Sales trends improved month over month throughout the quarter, improving our position as we head into the second half of the year.”

“On a consolidated basis, our strong performance resulted in solid adjusted EBITDA and drove adjusted free cash flow more than double last year’s level, further strengthening our balance sheet.”

“As we look to the second half of the year, we remain confident in our ability to drive continued improvement and value creation. We expect continued strength in performance in our consumer segment while driving improved revenue trends in our B2B distribution business, as we continue to onboard new customers and begin to penetrate the hospitality segment. Additionally, with our strong focus on cash, we expect to generate significantly higher adjusted free cash flow versus last year, further strengthening our foundation and balance sheet. We remain committed to executing our core strategy and delivering long-term shareholder value,” Smith added.

Consolidated Results

Reported (GAAP) Results
Total reported sales for the second quarter of 2025 were $1.6 billion, an 8% decrease compared to the same period last year, primarily reflecting lower sales in both the consumer and business-to-business (B2B) divisions. The decline in the consumer division, Office Depot, was mainly driven by 60 fewer stores in operation due to planned closures, as well as reduced retail and online consumer traffic. On a comparable store basis, sales declined 5%, representing a meaningful improvement over the 7% decrease in the prior year period. In the ODP Business Solutions Division, sales declined 6% year-over-year, primarily reflecting ongoing macroeconomic headwinds and softer enterprise spending. However, sales trends improved by approximately 200 basis points both sequentially and year-over-year, indicating positive momentum in the business. Veyer continued to deliver strong logistical support for both the ODP Business Solutions and Office Depot divisions despite lower internal sales volume, while also advancing its growth strategy by providing supply chain and procurement solutions to third-party customers and driving increases in external revenue.

The Company reported GAAP operating income of $9 million in the second quarter of 2025, up compared to $400 thousand in the prior year period. Operating results in the second quarter of 2025 included $16 million of charges primarily related to $13 million in restructuring expenses largely associated with the Optimize for Growth restructuring plan, $2 million in non-cash asset impairments of operating lease right-of-use (“ROU”) assets associated with the Company’s retail store locations, and $1 million related to the impairment of operating lease ROU assets associated with the Company’s supply chain facilities. Net income from continuing operations and net diluted earnings per share were break even in the second quarter of 2025, up compared to net loss from continuing operations of $4 million, or $(0.12) per diluted share in the second quarter of 2024.

Adjusted (non-GAAP) Results(1)
Adjusted results for the second quarter of 2025 exclude charges and credits totaling $16 million as described above and the associated tax impacts.

  • Second quarter 2025 adjusted EBITDA was $47 million compared to $57 million in the prior year period. This included adjusted depreciation and amortization of $24 million in both the second quarter of 2025 and 2024
  • Second quarter 2025 adjusted operating income was $25 million, down compared to $33 million in the second quarter of 2024
  • Second quarter 2025 adjusted net income from continuing operations was $15 million, or $0.51 per diluted share, compared to $20 million, or $0.56 per diluted share, in the second quarter of 2024, a decrease of 9% on a per share basis

Division Results

ODP Business Solutions Division
Leading B2B distribution solutions provider serving small, medium and enterprise level companies with an annual trailing-twelve-month revenue of $3.5 billion.

  • Reported sales for the second quarter of 2025 were $859 million, a decrease of 6% year-over-year. This result reflects an improvement in revenue trends, despite ongoing macroeconomic challenges and continued softness in enterprise demand. Sequential and year-over-year revenue trends improved by about 200 basis points, driven by ODP Business Solutions’ success in onboarding new customers, executing targeted sales initiatives, and generating incremental growth in hospitality categories
  • Total adjacency category sales, including cleaning and breakroom, furniture, technology, and copy and print, were 45% of total ODP Business Solutions’ sales, representing an increase over the same period last year
  • Delivered significant progress on long-term growth initiatives, accelerating expansion into new market sectors. Achieved substantial sales growth in Operating, Supplies & Equipment (OS&E) categories within the hospitality business and expanded presence in new markets helping drive increased demand for traditional product categories. Onboarded approximately one thousand new hotel properties as customers through the Company’s existing hospitality agreement. Made meaningful progress on potential new agreements with several leading hospitality management companies
  • Successfully attracted new enterprise customers and continuing to build upon large pipeline for future growth, both in traditional and new industry sectors
  • Operating income was $18 million in the second quarter of 2025, down compared to $29 million in the same period last year on a reported basis. EBITDA was $24 million, or 3% on a percentage of sales basis

Office Depot Division
Leading provider of retail consumer and small business products and services distributed via Office Depot and OfficeMax retail locations and eCommerce presence.

  • Reported sales were $716 million in the second quarter of 2025, down 10% year-over-year, reflecting an improvement over prior year trends. Sales were impacted by 60 fewer retail locations due to planned store closures, lower demand in certain product categories, and reduced online sales. Comparable store sales declined 5%, a meaningful improvement versus the 7% decrease in the prior year period, as targeted, profitable sales strategies gained traction. The Company closed 23 retail stores during the quarter, ending with 834 retail locations
  • Store and online traffic were lower year-over-year due to macroeconomic factors. However, targeted sales promotions resulted in higher average order volumes and sales per shopper, strengthening top-line results and margins
  • Operating income was $12 million in the second quarter of 2025, compared to $17 million during the same period last year on a reported basis, driven primarily by the flow through impact from fewer stores in service and lower sales volume. As a percentage of sales, operating income was 2%, flat with the same period last year

Veyer Division
Nationwide supply chain, distribution, procurement and global sourcing operation supporting Office Depot and ODP Business Solutions, as well as third-party customers. Veyer’s assets and capabilities include 8 million square feet of infrastructure through a network of distribution centers, cross-docks, and other facilities throughout the United States; a global sourcing presence in Asia; a large private fleet of vehicles; and business next-day delivery capabilities to 98.5% of U.S. population.

  • In the second quarter of 2025, Veyer provided support for its internal customers, ODP Business Solutions and Office Depot, as well as its third-party customers, generating reported sales of $1.1 billion
  • Reported operating income was $10 million in the second quarter of 2025, compared to $5 million in the prior year period
  • Growing new customer prospects resulting in expanded new business pipeline potential
  • In the second quarter of 2025, sales generated from third-party customers increased by 90% compared to the same period last year, resulting in sales of $19 million. EBITDA generated from third-party customers was $5 million in the quarter, an increase of 32% compared with the prior year period

Balance Sheet and Cash Flow

As of June 28, 2025, ODP had total available liquidity of $658 million, consisting of $177 million in cash and cash equivalents and $481 million of available credit under the Fourth Amended Credit Agreement. Total debt was $245 million.

For the second quarter of 2025, cash provided by operating activities of continuing operations increased to $16 million, which included $9 million in restructuring spend, compared to cash used by operating activities of continuing operations of $1 million in the second quarter of the prior year, which included $25 million in restructuring spend. The year-over-year increase in operating cash flow is primarily related to operational discipline including strong cash conversion, as well as prudent working capital management helping to offset the impact of lower sales.

Capital expenditures were $12 million in the second quarter of 2025 versus $19 million in the prior year period, as the Company continued to prioritize capital investments towards B2B growth opportunities supporting its supply chain operations, distribution network, and digital capabilities. Adjusted Free Cash Flow(3) was $13 million in the second quarter of 2025, up compared to $5 million in the prior year period.

“Our team’s focus on operational discipline and cash conversion helped us generate $13 million in adjusted free cash flow for the quarter—a 160% increase over last year,” said Adam Haggard, co-CFO of The ODP Corporation. “The changes we are making to our business model have resulted in stronger cash generation year-to-date and have helped us pay down approximately $35 million in debt so far this year, further strengthening our balance sheet. We remain committed to disciplined capital allocation in our core business, while pursuing higher growth opportunities in our traditional segments and in attractive new industries like hospitality. We are also sharpening our focus on inventory management opportunities which we expect will enhance future cash generation. We believe this strategy positions ODP to maximize cash flow and provides a pathway for long term sustainable growth and value creation.”

Hospitality Industry Progress

As previously announced, ODP Business Solutions has formed a strategic partnership with one of the world’s largest hotel management organizations, becoming a preferred provider for OS&E. This agreement positions ODP as a reliable distribution partner, supporting the recurring in-room hotel supply needs of its over 15,000 members. This partnership underscores ODP’s evolution beyond office supplies and highlights its ability to deliver tailored solutions to businesses in the hospitality, healthcare, and adjacent sectors.

The Company continues to make solid progress in expanding its presence within the hospitality sector, leveraging strategic relationships with leading suppliers, including Sobel Westex and Hunter Amenities, broadening access to a diverse range of premium products and elevating service for hospitality clients. During the quarter, ODP Business Solutions added key leadership and sales talent with significant prior hospitality experience and success. Additionally, the Company onboarded approximately one thousand new properties under its current agreement, which will help drive longer term growth. In the initial phase of its launch, the Company is seeing solid early demand for its OS&E product offering, resulting in robust month-over-month growth in hospitality categories in the quarter. Furthermore, the expanded product assortment is driving increased sales of traditional office products among hospitality customers.

The Company is also actively engaged in discussions with several additional major hospitality organizations to become a primary supplier of OS&E products for both company-owned and franchised locations.

“We are very encouraged by the early momentum we are seeing as we enter the hospitality market segment,” said Gerry Smith. “Our progress demonstrates strong demand for our hospitality solutions and the high-touch, reliable service that supports them. Furthermore, this expanded offering is driving increased interest in our traditional office products among hospitality customers. We are rapidly onboarding new customers in this segment and are actively pursuing opportunities to further expand our reach in the sector, making progress on discussions with several additional leading hospitality management companies. We believe the progress we are making will be reflected in our future results and will further strengthen our foundation for long-term, profitable growth.”

“Optimize for Growth” B2B Revenue Acceleration Plan

In the second quarter of 2025, the Company advanced its “Optimize for Growth” restructuring plan, an initiative aimed at reducing fixed-cost infrastructure while leveraging core strengths to accelerate growth in B2B market segments. This includes expansion into new enterprise verticals such as hospitality, healthcare, and other adjacent sectors.

In connection with this plan in the second quarter of 2025, the Company recognized $12 million of restructuring expense primarily related to severance costs and the closure of 23 retail stores, three distribution facilities, and one satellite location. In total, over the multi-year life of the plan, the Company expects to incur costs in the range of $185 million to $230 million, which we anticipate will generate approximately $380 million in EBITDA improvement and generate over $1.3 billion in total value.

Commentary Regarding 2025 Outlook

For the second half of the year, the Company expects to deliver continued improvement in performance, driven by:

  • Top-line trend improvement at ODP Business Solutions in the second half of 2025, driven by improved performance in traditional product categories and expansion into hospitality
  • Continued robust results in the consumer business, Office Depot, supporting strong cash generation throughout the second half of the year
  • Generation of over $115 million in adjusted free cash flow for the full year 2025, as the Company executes its strategy and sharpens its focus on working capital management

Estimated Adjusted Free Cash Flow for the full year 2025 is a non-GAAP measure. This measure excludes charges not indicative of core operations, such as cash charges associated with its Optimize for Growth plan and other significant items that currently cannot be predicted without unreasonable efforts. The exact amount of these charges are not currently determinable but may be significant. Accordingly, the Company is unable to provide an equivalent GAAP measure or reconciliations from GAAP to non-GAAP for Adjusted Free Cash Flow for the full year 2025.

“We are encouraged by our improved performance and progress in the first half of the year and we remain optimistic about driving further improvements to areas of our business in the second half,” added Smith. “Our outlook considers stable macroeconomic and business conditions. Additionally, while we are not immune from changes in the evolving tariff landscape, we believe that we are well positioned to adjust as necessary to limit potential impacts to our business.”

“We remain committed to executing our core strategy and capitalizing on the many opportunities ahead. By leveraging our strong asset base, we are driving growth in our core B2B business and expanding into higher-growth industries such as hospitality. At the same time, we are maximizing value and cash generation in our consumer business and reducing our fixed cost infrastructure, which we expect will positively impact margins in future years. Overall, we are strengthening our foundation and improving our positioning to drive future profitable growth and cash flow generation,” Smith added.

The ODP Corporation will webcast a call with financial analysts and investors on August 6, 2025, at 9:00 am Eastern Time, which will be accessible to the media and the general public. To listen to the conference call via webcast, please visit The ODP Corporation’s Investor Relations website at investor.theodpcorp.com. A replay of the webcast will be available approximately two hours following the event.

(1)As presented throughout this release, adjusted results represent non-GAAP financial measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, and asset impairments. Reconciliations from GAAP to non-GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.
(2)As used in this release, Free Cash Flow is defined as cash flows from operating activities less capital expenditures and changes in restricted cash. Free Cash Flow is a non-GAAP financial measure and reconciliations from GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.
(3)As used in this release, Adjusted Free Cash Flow is defined as Free Cash Flow excluding cash charges associated with the Company’s restructuring programs, and related expenses. Adjusted Free Cash Flow is a non-GAAP financial measure and reconciliations from GAAP financial measures can be found in this release as well as on the Company’s Investor Relations website at investor.theodpcorp.com.

About The ODP Corporation

The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; and Veyer, LLC, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.

ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of Veyer, LLC. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. ©2025 Office Depot, LLC. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD LOOKING STATEMENTS
This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, the Company, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “expectations”, “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of the Company’s control. There can be no assurances that the Company will realize these expectations or that these beliefs will prove correct, and therefore investors and stakeholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office supplies sales or to shifting consumer demands; competitive pressures on the Company’s sales and pricing; the risk that the Company is unable to transform the business into a service-driven, B2B platform or that such a strategy will not result in the benefits anticipated; the risk that the Company will not be able to achieve the expected benefits of its strategic plans, including charges and benefits related to Optimize for Growth, Project Core and other strategic restructurings or initiatives; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; failure to effectively manage the Company’s real estate portfolio; loss of business with government entities, purchasing consortiums, and sole- or limited- source distribution arrangements; failure to attract and retain qualified personnel, including employees in stores, service centers, distribution centers, field and corporate offices and executive management, and the inability to keep supply of skills and resources in balance with customer demand; failure to execute effective advertising efforts and maintain the Company’s reputation and brand at a high level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting reputation, business partner and customer relationships and operations and resulting in high costs and lost revenue; unanticipated downturns in business relationships with customers or terms with the suppliers, third-party vendors and business partners; disruption of global sourcing activities, evolving foreign trade policy (including tariffs imposed on certain foreign made goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers’ branded products and services and Office Depot private branded products; covenants in the credit facility; general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies; fluctuation in quarterly operating results due to seasonality of the Company’s business; changes in tax laws in jurisdictions where the Company operates; increases in wage and benefit costs and changes in labor regulations; changes in the regulatory environment, legal compliance risks and violations of the U.S. Foreign Corrupt Practices Act and other worldwide anti-bribery laws; volatility in the Company’s common stock price; changes in or the elimination of the payment of cash dividends on Company common stock; macroeconomic conditions such as higher interest rates and future declines in business or consumer spending; increases in fuel and other commodity prices and the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; catastrophic events, including the impact of weather events on the Company’s business; the discouragement of lawsuits by shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by the Company as the sole and exclusive forum for such lawsuits; and the impact of the COVID-19 pandemic on the Company’s business. The foregoing list of factors is not exhaustive. Investors and shareholders should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update or revise any forward-looking statements.

View full release here.

Tim Perrott
Investor Relations
561-438-4629
Tim.Perrott@theodpcorp.com

Source: The ODP Corporation

Superior Group of Companies (SGC) – Operating Momentum Improves

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, August 06, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q2 results. The company reported solid revenue and adj. EBITDA of $144.0 million and $7.4 million, respectively, both of which were better than our estimates of $131.8 million and $6.1 million, respectively. Notably, the strong operating results were largely driven by a 14% increase in Branded Products sales over the prior year period.

Mitigating tariff impact. Notably, management highlighted that its Branded Products segment is well-positioned to navigate the current tariff environment. Importantly, the company started diversifying manufacturing away from China during the first Trump administration and now sources the majority of its Branded Products outside of China. Furthermore, the company’s Healthcare Apparel segment produces all of its finished products outside of China.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Commercial Vehicle Group (CVGI) – Post Call Commentary

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, August 06, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Positives. There were a number of positives in the quarter, such as the 120 bp sequential improvement in gross margin, strong FCF generation, improved top line performance in Electrical Systems, and higher adjusted operating income in both Seating and Electrical Systems, reflecting benefits from prior restructuring actions.

But End Markets. In spite of the operating successes, CVG’s end markets remain challenged. It appears the much hoped for rebound in the Class 8 truck market will not occur in 2026, with only modest improvement in 2027. Still early days for these types of forecasts, but the Class 8 truck market is still 40% of revenue. And no real change in the Ag and Construction markets, which remain soft.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Superior Group of Companies Reports Second Quarter 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SGC

  • 08/05/2025

– Total net sales of $144.0 million, up 9% over $131.7 million in prior year second quarter –

– Net income of $1.6 million, up from $0.6 million in prior year second quarter –

– EBITDA of $6.1 million, up 9% over $5.6 million in prior year second quarter –

– Continued to execute on stock repurchase plan –

– Board of Directors approves $0.14 per share quarterly dividend –

ST. PETERSBURG, Fla., Aug. 05, 2025 (GLOBE NEWSWIRE) — Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its second quarter 2025 results.

“We were able to grow revenue 9% over the prior year, led by Branded Products sales climbing a very healthy 14%, resulting in strong sequential improvement from the first quarter,” said Michael Benstock, Chief Executive Officer. “We are experiencing modest improvement in client sentiment and we will continue to leverage our diverse sourcing channels and marketing strategies to make the most of market conditions. With our strong balance sheet and cost actions taken during the year, we’re able to navigate changing market conditions, invest for future growth and return capital to shareholders whenever possible. In addition to our consistent dividend, during the quarter we also continued to repurchase shares which we consider a compelling value.”

Second Quarter Results

For the second quarter ended June 30, 2025, net sales were $144.0 million, up from second quarter 2024 net sales of $131.7 million. Pretax earnings of $1.8 million were up from $0.7 million in the second quarter of 2024. Net earnings of $1.6 million or $0.10 per diluted share were up from net income of $0.6 million or $0.04 per diluted share for the second quarter of 2024.

Second Quarter 2025 Dividend

The Board of Directors declared a quarterly dividend of $0.14 per share, payable August 29, 2025 to shareholders of record as of August 18, 2025.

Share Repurchase Update

The Company allocated $4.0 million to repurchasing approximately 390,000 shares during the second quarter, resulting in $12.3 million remaining under its existing repurchase authorization at quarter end.

2025 Full-Year Outlook

The Company is maintaining its full-year revenue outlook range of $550 million to $575 million.

Webcast and Conference Call

The Company will host a webcast and conference call at 5:00 pm Eastern Time today. The live webcast and archived replay can be accessed in the investor relations section of the Company’s website at https://ir.superiorgroupofcompanies.com/Presentations. Interested individuals may also join the teleconference by dialing 1-844-861-5505 for U.S. dialers and 1-412-317-6586 for International dialers. The Canadian Toll-Free number is 1-866-605-3852. Please ask to be joined to the Superior Group of Companies call. A telephone replay of the teleconference will be available through August 19, 2025. To access the replay, dial 1-877-344-7529 in the United States or 1-412-317-0088 from international locations. Canadian dialers can access the replay at 855-669-9658. Please reference conference number 7254182 for replay access.

The Company’s website at https://ir.superiorgroupofcompanies.com/Presentations will also contain an updated investor presentation.

Disclosure Regarding Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements“ intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “potential,“ or “plan“ or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements in this press release may include, without limitation: (1) projections of revenue, income, and other items relating to our financial position and results of operations, including short term and long term plans for cash, (2) statements of our plans, objectives, strategies, goals and intentions, (3) statements regarding the capabilities, capacities, market position and expected development of our business operations and (4) statements of expected industry and general economic trends.

Such forward-looking statements are subject to certain risks and uncertainties that may materially adversely affect the anticipated results. Such risks and uncertainties include, but are not limited to, the following: the impact of competition; the effect of existing and/or new or expanded tariffs, uncertainties related to supply disruptions, inflationary environment (including with respect to the cost of finished goods and raw materials and shipping costs), employment levels (including labor shortages), and general economic and political conditions in the areas of the world in which the Company operates or from which it sources its supplies or the areas of the United States of America (“U.S.“ or “United States“) in which the Company‘s customers are located; changes in the healthcare, retail chain, food service, transportation and other industries where uniforms and service apparel are worn; our ability to identify suitable acquisition targets, discover liabilities associated with such businesses during the diligence process, successfully integrate any acquired businesses, or successfully manage our expanding operations; the price and availability of raw materials; attracting and retaining senior management and key personnel; the effect of the Company‘s previously disclosed material weakness in internal control over financial reporting; the Company may identify a material weakness in internal control in the future, which could result in us not preventing or detecting on a timely basis a material misstatement of the Company‘s financial statements and to maintain effective internal control over financial reporting; and other factors described in the Company‘s filings with the Securities and Exchange Commission, including those described in the “Risk Factors“ section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.

About Superior Group of Companies, Inc. (SGC):

Established in 1920, Superior Group of Companies is comprised of three attractive business segments each serving large, fragmented and growing addressable markets. Across Healthcare Apparel, Branded Products and Contact Centers, each segment enables businesses to create extraordinary brand engagement experiences for their customers and employees. SGC’s commitment to service, quality, advanced technology, and omnichannel commerce provides unparalleled competitive advantages. We are committed to enhancing shareholder value by continuing to pursue a combination of organic growth and strategic acquisitions. For more information, visit www.superiorgroupofcompanies.com.

Investor Relations Contact:
Investors@Superiorgroupofcompanies.com

Release -The ONE Group Reports Second Quarter 2025 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on STKS

 Download as PDF August 05, 2025

Revenues Increased 20% to $207.4 Million

Benihana Same Store Sales Increased 0.4% and STK Transactions Increased 2.8%

DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the second quarter ended June 29, 2025.

Highlights for the second quarter 2025 compared to the same quarter in 2024 are as follows:

  • Total GAAP revenues increased 20.2% to $207.4 million from $172.5 million;
  • Consolidated comparable sales*decreased 4.1%;
  • Operating income decreased$0.4 million to $0.7 million; the current year quarter includes $5.6 million of lease termination and exit expenses related to the exit of five grill locations;
  • Restaurant EBITDA**increased 8.0% to $31.9 million from $29.6 million;
  • GAAP net loss increased $2.8 million to $10.1 million from GAAP net loss of $7.3 million; the current year quarter includes $5.6 million of lease termination and exit expenses related to the exit of five grill locations; and
  • Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. increased 7.3% to $23.4 million from $21.8 million.

“I’m pleased to report that we met our expectations for the quarter while delivering strong top-line growth of 20% driven by the successful integration of our Benihana acquisition and continued execution of our key strategic initiatives. Benihana delivered positive same store sales and STK achieved positive traffic for the second and third consecutive quarters, respectively, clear indicators of underlying consumer engagement and brand strength,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

“We are focused on accelerating same store sales growth and pursuing asset-light and low-cost expansion strategies that enhance capital efficiency and balance sheet strength. We recently opened our second franchised Benihana Express location in Miami, Florida, allowing us to expand our Benihana brand without deploying capital. Looking ahead, we remain confident in our growth trajectory and are on track to open five to seven new venues this year while optimizing operations across our expanded portfolio. These initiatives reflect our ongoing efforts to increase shareholder value through a balanced and resilient operating model driven by strong top line growth and asset-light expansion,” concluded Hilario.

Restaurant Development

The Company plans to open five to seven new venues in 2025.

We have opened the following restaurants to date in 2025:

  • Owned Benihana restaurant in San Mateo, California (March 2025)
  • Owned STK restaurant in Topanga, California (April 2025)
  • Owned STK restaurant in Los Angeles, California (May 2025 – relocation of our existing STK Westwood restaurant)
  • Franchised Benihana Express restaurant in Miami, Florida (June 2025)

There is currently one Company-owned Benihana restaurant and one Company-owned Kona Grill restaurant under construction in the following cities:

  • Owned Benihana restaurant in Seattle, Washington
  • Owned Kona Grill restaurant in San Antonio, Texas (relocation of an existing Kona Grill restaurant)

Liquidity and Share Repurchase Program

As of June 29, 2025, we held $15.1 million in cash and short-term credit card receivables and had $33.6 million available under our revolving credit facility. Under the current conditions, our credit facility does not have any financial covenants.

In March 2024, our Board of Directors authorized a $5 million share repurchase program. During the second quarter ended June 29, 2025, the Company purchased 0.2 million shares for aggregate consideration of $0.6 million.

2025 Targets

As of January 1, 2025, we began reporting financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary. For 2025, our fiscal calendar began on January 1, 2025 and ends on December 28, 2025 and our second quarter had 91 days.

Financial Results and Other Select DataUS$s in millions Q3 2025 Guidance
September 28, 2025		2025 Guidance
December 28, 2025
Total GAAP revenues$190 to $195$835 to $870
Consolidated comparable sales -4% to -2%-3% to 1%
Managed, license and franchise fee revenues $3 to $4$15 to $16
Total owned operating expenses as a percentage of owned restaurant net revenue Approx. 86%83.5% to 82.2%
Consolidated total G&A, excluding stock-based compensation Approx $11Approx. $47
Consolidated Adjusted EBITDA*$15 to $18$95 to $115
Consolidated restaurant pre-opening expenses $1 to $2$7 to $8
Consolidated effective income tax rate  Approx. 7.5%
Consolidated total capital expenditures, net of allowances received by landlords $45 to $50
Consolidated number of new system-wide venues None5-7 new venues

*We have not reconciled guidance for Consolidated Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.

Conference Call and Webcast

Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast today at 4:30 PM Eastern Time.

The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10200059. The replay will be available until Tuesday, August 19, 2025.

The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events.”

About The ONE Group

The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:

  • STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
  • Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
  • Benihana Express, a small footprint casual concept showcasing the best of Benihana but without teppanyaki tables or bar.
  • Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
  • RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
  • Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
  • Samurai, an interactive dining experience located in sunny Miami, FL, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki right before your eyes.
  • ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.

Additional information about The ONE Group can be found at www.togrp.com.

Non-GAAP Definitions

We have evolved our definition of non-GAAP financial measures starting in Q3 2024 and Q1 2025. We use certain non-GAAP measures in analyzing operating performance and believe that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company’s financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.

We exclude items management does not consider in the evaluation of its ongoing core operating performance from Restaurant EBITDA, Adjusted EBITDA, adjusted net income, and adjusted net income / (loss) per share, and Adjusted EBITDA. Starting in Q3 2024, we no longer deduct pre-opening expenses from Adjusted EBITDA. Reconciliations of these non-GAAP measures are included under “Reconciliation of Non-GAAP Measures” in this press release.

*Comparable sales represent total U.S. food and beverage sales at owned and managed units, a non-GAAP financial measure, opened for at least a full 24-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions and new restaurant openings. Refer to the reconciliation of GAAP revenue to total food and beverage sales at owned and managed units in this press release.

**We define Restaurant EBITDA as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses before non-cash rent. Restaurant EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Operating income to Restaurant EBITDA in this press release.

***We define Adjusted EBITDA as net income (loss) before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, transaction and exit costs, transition and integration expenses and lease termination and exit expenses. Starting in Q3 2024, pre-opening expenses are no longer deducted from Adjusted EBITDA. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net income (loss) to Adjusted EBITDA in this press release.

Cautionary Statement on Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to the impact of the Benihana Inc. acquisition, restaurant openings and 2025 financial targets. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) our ability to integrate the new or acquired restaurants into our operations without disruptions to operations; (2) our ability to capture anticipated synergies; (3) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain employees; (4) factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (5) our ability to successfully improve performance and cost, realize the benefits of our marketing efforts and achieve improved results as we focus on developing new management and license deals; (6) changes in applicable laws or regulations; (7) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors, including economic downturns; (8) the impact of actual and potential changes in immigration policies, including potential labor shortages; (9) the potential impact of the imposition of tariffs, including increases in food prices and inflation and any resulting negative impacts on the macro-economic environment; and (10) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q.

Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

View full release here.

Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Michelle.Michalski@icrinc.com

Media:
ICR
Seth Grugle
(646) 277-1272
seth.grugle@icrinc.com

Source: The ONE Group Hospitality, Inc.

Released August 5, 2025

Steelcase (SCS) – To Be Acquired for $18.30/sh

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

To Be Acquired. Steelcase has entered into an agreement to be acquired by HNI Corporation in a cash and stock transaction with total consideration of approximately $2.2 billion to Steelcase common shareholders, or about $18.30/sh, an 80% premium to Friday’s close.

Details. Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase. The implied per share purchase price of $18.30 is based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close for Steelcase of approximately 5.8x TTM adjusted EBITDA, inclusive of run-rate cost synergies of $120 million. Upon closing, HNI shareholders will own approximately 64%, and Steelcase shareholders will own approximately 36% of the combined company. The deal is expected to close by year-end.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Commercial Vehicle Group (CVGI) – First Look: 2Q25 Shows Some Improvement but End Markets Remain Challenging

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q25 Results. Revenue came in at $172 million, down from $193.7 million a year ago, but above our $158 million estimate. Adjusted EBITDA was $5.2 million, down from $8.2 million a year ago, and in-line with our $5 million estimate. Net loss from continuing operations was $4.1 million, or a loss of $0.12/sh, versus $1.3 million, or a loss of $0.04/sh in 2Q24. Adjusted net loss was $0.09/sh in 2Q25 versus adjusted EPS of $0.05 last year. We had forecasted a net loss of $2 million, or a loss of $0.06/sh.

Highlights. Gross margin improved 80 bp sequentially to 11.3% due to operational efficiency improvements. Free cash flow was $17.3 million, up $16.5 million, due to better working capital management. Net debt decreased $31.8 million compared to the year end 2024 level.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

HNI Corporation to Acquire Steelcase in $2.2 Billion Deal, Creating Industry Powerhouse

Posted on by slightbourne@noblecapitalmarkets.com

HNI Corporation has announced a definitive agreement to acquire Steelcase Inc. in a cash-and-stock deal valued at approximately $2.2 billion. The strategic acquisition unites two iconic names in workplace furniture and design, combining their strengths in innovation, manufacturing, and dealer networks to form a dominant force in the commercial interiors market.

Under the terms of the deal, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steelcase share they own. Based on HNI’s stock price as of August 1, 2025, the total purchase price comes to about $18.30 per share. Once finalized, HNI shareholders will own roughly 64% of the combined entity, while Steelcase shareholders will hold the remaining 36%.

HNI Chairman and CEO Jeffrey Lorenger emphasized the complementary nature of the merger, stating, “This acquisition brings together two respected companies with strong brands and decades of leadership in the industry.” Lorenger will continue to lead the combined company, which will retain HNI’s headquarters in Muscatine, Iowa, and keep Steelcase’s base in Grand Rapids, Michigan.

The new entity will have a pro forma annual revenue of $5.8 billion and adjusted EBITDA of approximately $745 million, with anticipated annual cost synergies of $120 million. Financially, the acquisition positions the company for long-term earnings growth, with projections for accretive non-GAAP EPS by 2027 and a return to pre-acquisition leverage within 18 to 24 months.

The companies’ combined strengths span across corporate, healthcare, education, hospitality, and small-to-midsize business markets. With their complementary product portfolios and broad dealer networks, the merger enhances their ability to serve a wider range of customers with innovative solutions for modern workspaces. Both firms bring decades of product design expertise and a shared commitment to purpose-driven leadership and environmental stewardship.

Steelcase CEO Sara Armbruster called the merger a “bold step” that ushers in a new era for the company, employees, and customers. “Together, we will redefine what’s possible in the world of work, workers, and workplaces,” she said.

The transaction has received strong early support from key stakeholders. Some Steelcase shareholders have already agreed to vote in favor of the deal, and committed financing is in place from JPMorgan Chase and Wells Fargo. The merger is expected to close by the end of 2025, pending shareholder and regulatory approvals.

Advisors for the deal include J.P. Morgan Securities for HNI, and Goldman Sachs and BofA Securities for Steelcase. Legal counsel is being provided by Davis Polk & Wardwell for HNI and Skadden, Arps, Slate, Meagher & Flom for Steelcase.

The deal signals a major consolidation in the commercial furniture sector and positions the combined company to lead the evolution of the workplace at a time when hybrid work, digital transformation, and sustainable design continue to reshape business environments.

Release – HNI Corporation to Acquire Steelcase Inc.

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SCS

August 4, 2025

Highly Complementary Brand Portfolios, Dealer Networks, and Industry Segments will Enhance Customer Reach

Combined Capabilities to Drive Accretion and Accelerate Strategic Initiatives to Better Serve Customers

HNI and Steelcase to Host Conference Call and Webcast at 8:30 AM ET Today

MUSCATINE, Iowa & GRAND RAPIDS, Mich.–(BUSINESS WIRE)– HNI Corporation (NYSE: HNI) and Steelcase Inc. (NYSE: SCS) today announced that they have entered into a definitive agreement under which HNI will acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2 billion to Steelcase common shareholders.

Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase they own. The implied per share purchase price of $18.30 is based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close1 for Steelcase of approximately 5.8x TTM2 Adjusted EBITDA, inclusive of run-rate cost synergies of $120 million. Upon closing, HNI shareholders will own approximately 64% and Steelcase shareholders will own approximately 36% of the combined company.

“This acquisition brings together two respected companies with complementary strengths and represents an exciting milestone in HNI’s growth journey,” said Jeffrey Lorenger, HNI’s Chairman, President, and Chief Executive Officer. “We have long admired Steelcase for its insight-led approach, which has helped shape our industry for decades. With the Steelcase portfolio of brands and as in-office work trends accelerate, we will be even better positioned to meet the evolving needs of the workplace, enhance dealer and customer relationships, unlock new opportunities for growth, and create compelling value for the combined company’s shareholders.”

“Joining with HNI is a bold step that marks the next era for Steelcase, our customers, dealers, and employees,” said Sara Armbruster, President and Chief Executive Officer of Steelcase. “Together, we will be positioned to redefine what’s possible in the world of work, workers, and workplaces. Like Steelcase, HNI is an organization that leads with purpose, shares similar values, and puts the customer at the center of everything they do. I’m excited to see this combination shape our industry.”

Compelling Strategic Benefits

  • Combines Complementary Portfolios and Dealer Networks to Enhance Customer Reach: HNI’s and Steelcase’s geographic footprints and dealer networks are highly complementary, which bolsters the combined company’s ability to serve more customers across diverse industry segments, including small and medium business, large corporate, healthcare, education, and hospitality customers. The companies have the industry’s most respected and widely recognized brands, allowing the combined company to better support an expanded customer base and capture growth opportunities from industry tailwinds.
  • Brings Together World-Class Capabilities: Uniting a strong innovation engine with operational excellence, the combined organization will accelerate delivery of more advanced solutions to customers, while increasing value for shareholders.
  • Strong Financial Profile: The combined company will have pro forma annual revenue of approximately $5.8 billion, pro forma Adjusted EBITDA of approximately $745 million, and 2.1x net leverage. 3 These metrics are based on each company’s respective last reported 12-month results and are inclusive of annual run-rate synergies. Net leverage is expected to return to pre-acquisition levels within 18-24 months.
  • Highly Synergistic Combination: With recent experience in M&A execution and a disciplined integration approach, HNI’s proven ability to successfully combine core capabilities and deliver cost synergies will maximize the new organization’s future success. Annual run-rate synergies are expected to total $120 million when fully mature. The company projects the combination will be highly accretive to non-GAAP earnings per share beginning in 2027.
  • Accelerates Strategic Framework: The acquisition is fully aligned with HNI’s strategic framework focused on driving long-term profitable growth. With an enhanced financial profile, the new company will also be better positioned to accelerate and increase investments in long-term operational enhancements, digital transformation, and customer-centric buying experiences.

HNI and Steelcase share a deep commitment to respecting people, protecting the planet, operating with excellence, and acting with integrity. As a stronger and more diversified organization, the combined company will bring together the strengths of both HNI and Steelcase to create new career growth opportunities for team members, deliver more value for customers, and further support and invest in the communities where they operate.

Following the close of the transaction, the combined company will continue to be led by Jeffrey Lorenger, HNI’s Chairman, President, and Chief Executive Officer. HNI will continue to operate its corporate headquarters in Muscatine, Iowa, and Steelcase will maintain its headquarters in Grand Rapids, Michigan. HNI will maintain the Steelcase brand following the transaction’s close. In addition, post-closing, HNI’s Board of Directors will expand from 10 directors to 12, to include two of Steelcase’s current independent board members.

Approvals, Financing, and Timing to Close

The transaction, which is expected to close by the end of calendar year 2025, is subject to approval by HNI and Steelcase shareholders, the receipt of required regulatory clearances, and the satisfaction of other customary closing conditions.

Certain shareholders of Steelcase have entered into a voting agreement to vote in favor of the transaction at the special meeting of Steelcase shareholders to be held in connection with the transaction.

In support of the transaction, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. have executed a commitment letter to provide committed financing to HNI, subject to the terms and conditions therein.

Advisors

J.P. Morgan Securities LLC is serving as exclusive financial advisor to HNI, and Davis Polk & Wardwell LLP is serving as legal counsel. Goldman Sachs & Co. LLC and BofA Securities are serving as financial advisors to Steelcase, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.

Conference Call, Webcast and Presentation

HNI and Steelcase will hold a conference call to discuss the transaction today, August 4, 2025 at 8:30 a.m. Eastern Time. To listen, call (855) 761-5600 and use conference ID number 7006893. Access to a live audio webcast and slide presentation will be available on the Events & Presentations page of the Investor Relations section of HNI Corporation’s website or at the following link: https://events.q4inc.com/attendee/369737700 [events.q4inc.com].

About HNI Corporation

HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation’s website at www.hnicorp.com.

About Steelcase

Steelcase (NYSE: SCS) is a global design and thought leader in the world of work. Our purpose is to help the world work better. Along with more than 30 creative and technology partner brands, we research, design and manufacture furnishings and solutions for many of the places where work happens — including offices, homes, and learning and health environments. Together with our 11,300 employees, we’re working toward better futures for the wellbeing of people and the planet. Our solutions come to life through our global community of expert Steelcase dealers in approximately 790 locations, store.steelcase.com and other retail partners. For more information, visit Steelcase.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events and any other statements to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend” and similar words, phrases or expressions are intended to identify forward looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements about the benefits of the transaction between HNI and Steelcase (the “Transaction”), including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts.

The following Transaction-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between HNI and Steelcase; the outcome of any legal proceedings that may be instituted against HNI or Steelcase; the possibility that the Transaction does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the benefits from the Transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of HNI’s or Steelcase’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Transaction; the dilution caused by HNI’s issuance of additional shares of its capital stock in connection with the Transaction; and the diversion of management’s attention and time to the Transaction from ongoing business operations and opportunities.

Additional important factors relating to Steelcase that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase’s most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”).

Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, HNI’s ultimate realization of the anticipated benefits of the acquisition of Kimball International; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; change in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change, a description of which risks and uncertainties and additional risks and uncertainties can be found in HNI’s most recent Annual Report on Form 10-K and its other filings with the SEC.

These factors are not necessarily all of the factors that could cause HNI’s, Steelcase’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statements. Other unknown or unpredictable factors also could harm HNI’s, Steelcase’s or the combined company’s results.

All forward-looking statements attributable to HNI, Steelcase, or the combined company, or persons acting on HNI’s or Steelcase’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and HNI and Steelcase do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If HNI or Steelcase updates one or more forward-looking statements, no inference should be drawn that HNI or Steelcase will make additional updates with respect to those or other forward-looking statements. Further information regarding HNI, Steelcase and factors that could affect the forward-looking statements contained herein can be found in HNI’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC, and in Steelcase’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC.

No Offer or Solicitation

This communication is not an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Important Information and Where to Find It

In connection with the Transaction, HNI will file with the SEC a Registration Statement on Form S-4 to register the shares of HNI common stock to be issued in connection with the Transaction. The Registration Statement will include a joint proxy statement of HNI and Steelcase that also constitutes a prospectus of HNI. The definitive joint proxy statement/prospectus will be sent to the shareholders of each of HNI and Steelcase.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION REGARDING HNI, STEELCASE, THE TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by HNI or Steelcase through the website maintained by the SEC at http://www.sec.gov or from HNI at its website, www.hnicorp.com, or from Steelcase at its website, www.steelcase.com (information included on or accessible through either of HNI’s or Steelcase’s website is not incorporated by reference into this communication).

Participants in the Solicitation

HNI, Steelcase, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of HNI and Steelcase and other persons who may be deemed to be participants in the solicitation of proxies in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus related to the Transaction, which will be filed with the SEC. Information about the directors and executive officers of HNI and their ownership of HNI common stock is set forth in the definitive proxy statement for HNI’s 2025 Annual Meeting of Shareholders, filed with the SEC on March 11, 2025; in Table I (Information about our Executive Officers) at the end of Part I of HNI’s Annual Report on Form 10 K for the fiscal year ended December 28, 2024, filed with the SEC on February 25, 2025; in HNI’s Current Report on Form 8 K filed with the SEC on June 20, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by HNI’s directors and executive officers; and in other documents filed by HNI with the SEC. Information about the directors and executive officers of Steelcase and their ownership of Steelcase common stock can be found in Steelcase’s definitive proxy statement in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on May 28, 2025; under the heading “Supplementary Item. Information About Our Executive Officers” in Steelcase’s Annual Report on Form 10 K for the fiscal year ended February 28, 2025, filed with the SEC on April 18, 2025; in Steelcase’s Amendment No. 1 to Current Report on Form 8-K/A filed with the SEC on July 11, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by Steelcase’s directors and executive officers; and in other documents filed by Steelcase with the SEC. Free copies of the documents referenced in this paragraph may be obtained as described above under the heading “Important Information and Where to Find It.”

____________________
1 Assumes transaction close at 12/31/2025 with $21 million of net debt; equity consideration is at time of announcement
2 TTM as of 05/30/2025
3 Includes EBITDA add-backs, which encompass two-year look-forward run-rate synergies, as defined within the credit agreement

HNI Corporation

Investors
Vincent P. Berger
Executive Vice President and Chief Financial Officer
(563) 272-7400

Matthew S. McCall
Vice President, Investor Relations and Corporate Development
(563) 275-8898

Media
Lauren Odell / Felipe Ucrós
Gladstone Place Partners
hni@gladstoneplace.com
(212) 230-5930

Steelcase Inc.

Investors
Mike O’Meara
Investor Relations
ir@steelcase.com

Media
Brodie Bertrand
Corporate Communications
pr@steelcase.com

Andi Rose / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
arose@joelefrank.com / msiddig@joelefrank.com
(212) 355-4449

Source: HNI Corporation and Steelcase Inc.

Release – FAT Brands Announces Proposed Settlement of Stockholder Derivative Lawsuits

Posted on by aweinsoff@channelchek.com

Research News and Market Data on FAT

08/04/2025

LOS ANGELES, Aug. 04, 2025 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (the “Company”) announced today that it has entered into a stipulation of settlement to resolve two stockholder derivative lawsuits pending in the Court of Chancery of the State of Delaware (the “Court”) on behalf of the Company against certain current and former directors and officers of the Company. The stockholder derivative claims were filed in June 2021 (Case No. 2021-0511-NAC, relating to the Company’s December 2020 merger with Fog Cutter Capital Group), and March 2022 (Case No. 2022-0254-NAC, relating to the Company’s June 2021 recapitalization).

The settlement will resolve all claims asserted against the named defendants in the derivative lawsuits without any liability or wrongdoing attributed to them personally or the Company. Under the terms of the proposed settlement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 shares of Twin Hospitality Group Inc. (NASDAQ: TWNP), to the Company.

The settlement is subject to approval of the Court, and non-objection by the United States.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit fatbrands.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of certain securities laws, including the Private Securities Litigation Reform Act of 1995, including statements regarding the agreement to settle the pending derivative lawsuits, and other statements that are not purely historical facts. These statements involve risks and uncertainties, including, among others, the uncertainty of obtaining court approval and non-objection by the United States of the proposed settlement, whether any proposed settlement is appealed, and the timing of the settlement payment. There can be no assurance that the litigation will be finally resolved in accordance with the agreement or at all. For a further description of additional risks and uncertainties relating to the business of the Company, see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements are made only as of the date hereof and the Company does not intend to update or revise any of them, except as required by law.

MEDIA CONTACT:
Erin Mandzik, FAT Brands
emandzik@fatbrands.com
860-212-6509

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Source: FAT Brands Inc.

FAT Brands (FAT) – Refinancing Framework

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Refi Discussions. On or about July 9, 2025, FAT Brands entered into a confidentiality agreement with certain Holders of notes issued by the Company’s special purpose, whole business securitization financing subsidiaries. The Confidentiality Agreement facilitated the Company’s ability to engage in discussions with the Holders regarding one or more potential transactions involving a refinancing, restructuring or similar transaction with the Holders. As part of the confidentiality agreement, FAT Brands agreed to publicly disclose certain information, which Thursday’s 8-K accomplished.

First Look. The potential transaction described in the “Cleansing Material” was the Company’s initial proposal to the Holders. An agreement has not yet been reached with the Holders, and we expect negotiations to continue. The disclosed material provides summary term sheets for both FAT Brands’ and Twin Hospitality’s whole business securitizations.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ACCO Brands (ACCO) – Post Call Commentary and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mixed Environment. The operating environment remains mixed for ACCO. Americas sales continue to be impacted by tariffs and reduced spending for consumer and business products. The International segment is experiencing less disruption. If we can see some improvement in the environment, we are confident in ACCO’s ability to capture market share.

PowerA. Gaming was a positive contributor in the second quarter following the release of the Nintendo Switch 2, which became the fastest selling gaming console in history in the U.S. and Japan. As a leading third party accessory product assortment supporting the release of Nintendo’s Switch 2, we expect additional improvement in the gaming business in 2H25.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Xcel Brands Announces Pricing of $2.6 Million Public Offering and Concurrent Management-Led Private Placement

Posted on by aweinsoff@channelchek.com

Research News and Market Data on XCEL

August 1, 2025 at 8:50 AM EDT

PDF Version

NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — Xcel Brands (NASDAQ: XELB), a leading media and consumer products company known for building socially driven, live-commerce-focused brands, today announced the pricing of its public offering of 2,181,818 shares of common stock at a public offering price of $1.10 per share. In a concurrent private placement, the Company also agreed to issue and sell an aggregate of 145,147 unregistered shares to certain insiders of the Company including the Company’s Chief Executive Officer, Robert D’Loren, at a purchase price of $1.36, which is equal to the closing price of the Company’s common stock on July 31, 2025. The closing of the offering is expected to occur on or about August 4, 2025, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent for the offering.

The combined gross proceeds from the public offering and concurrent private placement, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $2.6 million. The Company intends to use the net proceeds from this offering for brand development and launch, working capital and other general corporate purposes, including payment of outstanding payables.

The securities described above are being offered pursuant to a registration statement on Form S-1, as amended (File No. 333-288495), which was declared effective by the Securities and Exchange Commission (the “SEC”) on July 31, 2025. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. The shares to be issued in the concurrent private placement were offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the co-branded collaboration brands TowerHill by Christie Brinkley, LB70 by Lloyd Boston, Trust. Respect. Love by Cesar Millan, GemmaMade by Gemma Stafford, and a brand in development with Coco Rocha and also holds noncontrolling interests or long-term license agreements in the Isaac Mizrahi brand, Orme Live and Mesa Mia Live by Jenny Martinez. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing, LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone and consisting of over 20,000 hours of content production time in live-stream and social commerce. The brand portfolio reaches in excess of 43 million social media followers with broadcast reach into 200 million households. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. For more information, visit www.xcelbrands.com.

Forward-Looking Statements

This press release contains certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to the services offered by Xcel Brands and the markets in which it operates, and Xcel Brands’ projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions provided for illustrative purposes only, and projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: general economic, political and business conditions; those factors identified in our “Risk Factors” included in the Form S-1 for this offering and in our periodic filings with the SEC; the ability of Xcel Brands to achieve its projected revenue, and its continued access to sources of additional debt or equity capital if needed. While Xcel Brands may elect to update these forward-looking statements at some point in the future, Xcel Brands specifically disclaims any obligation to do so.

For further information please contact:
Seth Burroughs
Xcel Brands
sburroughs@xcelbrands.com

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Source: Xcel Brands, Inc