Exhibit 99.1
FOR IMMEDIATE RELEASE
For Information, Contact:
Seymour Holtzman, Chairman of the Board
Jeff Unger, Investor Relations
Designs, Inc.
(781) 444-7222
RJ Falkner & Company, Inc.
Investor Relations Counsel
(800) 377-9893
[email protected]
DESIGNS, INC. ANNOUNCES EXTENSION OF DUTCH AUCTION TENDER OFFER
(Needham, MA, December 15, 2000) --Designs, Inc. (NASDAQ/NMS: DESI), operator of
Levi's(R) and Dockers(R) Outlet By Designs stores, today announced that it has
extended the expiration date of its "Dutch Auction" tender offer for the
Company's common stock to 5:00 p.m., EST, on December 21, 2000.
Designs, Inc. was advised by Equiserve Trust Company, the Depositary
for the offer, that, as of December 14, 2000, a total of 3,565,656 shares were
tendered in the offer. This includes 114,910 shares, tendered through notices of
guaranteed delivery, which have not yet been received by the Depositary.
The terms of the Offer dated November 14, 2000, provide that Designs,
Inc. will select the lowest Purchase Price that will allow it to buy 1,500,000
shares of its common stock validly tendered and not withdrawn pursuant to the
offer. Under applicable regulations of the Securities and Exchange Commission,
up to an additional 315,639 shares, or 2% of the outstanding shares, may be
purchased without further amending or extending the offer. Any shareholder who
requires tender offer materials may contact D.F. King and Co., the Information
Agent for the offer, at the address and telephone number indicated below.
Neither Designs, Inc. nor its Board of Directors is making any
recommendation to shareholders as to whether to tender or refrain from tendering
their shares or as to the purchase price on any tender.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY
OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF DESIGNS, INC.'S COMMON
STOCK. THE SOLICITATION OF OFFERS TO BUY DESIGNS, INC. COMMON STOCK WILL ONLY BE
MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS DISTRIBUTED TO
SHAREHOLDERS BY DESIGNS, INC. SHAREHOLDERS SHOULD CAREFULLY READ THOSE MATERIALS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS AND
CONDITIONS OF THE OFFER. SHAREHOLDERS CAN OBTAIN COPIES OF THE OFFER TO
PURCHASE, RELATED MATERIALS AND OTHER DOCUMENTS FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION THROUGH THE COMMISSION'S WEB SITE AT http://www.sec.gov
WITHOUT CHARGE. SHAREHOLDERS CAN ALSO OBTAIN COPIES OF THE OFFER TO PURCHASE AND
RELATED MATERIALS, WITHOUT CHARGE, FROM DESIGNS, INC. BY ORAL OR WRITTEN REQUEST
TO: DESIGNS, INC. ATTENTION: DENNIS HERNREICH, SENIOR
<PAGE>
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, 66 B STREET, NEEDHAM, MASSACHUSETTS,
02494, OR FROM THE COMPANY'S INFORMATION AGENT, D.F. KING AND CO., INC., AT 77
WATER STREET, NEW YORK, N.Y. 10005, TELEPHONE 800-758-5880.
The discussion of forward-looking information requires management of the Company
to make certain estimates and assumptions regarding the Company's strategic
direction and the effect of such plans on the Company's financial results. The
Company's actual results and the implementation of its plans and operations may
differ materially from forward-looking statements made by the Company. The
Company encourages readers of forward-looking information concerning the Company
to refer to its prior filings with the Securities and Exchange Commission that
set forth certain risks and uncertainties that may have an impact on future
results and direction of the Company.
Designs, Inc. operates 108 Levi's(R)Outlet by Designs and Dockers(R)Outlet by
Designs stores. These stores are located in outlet parks and malls throughout
the eastern United States and Puerto Rico.
