DWRI News Design Within Reach, Inc. Appoints Retail Industry Veteran Peter Lynch to Board of Directors
SAN FRANCISCO--(BUSINESS WIRE)--Design Within Reach, Inc. (Nasdaq:DWRI) today announced that Peter
Lynch, a thirty-year veteran of the retail industry with experience as
President, Chief Operating Officer and Chief Financial Officer for many
high profile and successful specialty retail, big box, outlet and
department stores, has been appointed to the Company's Board of
Directors effective October 24, 2006.
"We are pleased that Peter Lynch is joining our board," said Ray
Brunner, President and Chief Executive Officer of Design Within Reach.
"We welcome the financial knowledge that he brings to the board and his
many years of retail industry experience. We look forward to working
with Peter as we continue our turnaround plan to return the Company to
profitability.”
Mr. Lynch is Senior Managing Director of DJM Realty, LLC, a diversified
real estate consulting and advisory firm. Prior to joining DJM, from
1997 to 2003, he served as Executive Vice President Worldwide Operations
of Warner Bros Studio Stores, where he led a complex closedown of the
Studio Stores following the merger of AOL and Time Warner. Mr. Lynch has
also been Chief Operating Officer of Sideout Sport, President and Chief
Operating Officer of The Registry Stores, and President of Baby?
Guess/Guess? Kids retail division. Prior to that, he served as Chief
Financial Officer of House of Fabrics, Inc. and Store Furnishings
International, Inc. From 1982 to 1990, Mr. Lynch was with The Emporium
Capwell Department Store, where he rose through the ranks to become the
Executive Vice President, Finance and Operations for this $800 million
department store division of Carter Hawley Hale.
Mr. Lynch will stand for re-election to the Company's Board of Directors
when his current term expires at the Company's 2009 annual meeting of
stockholders.
About Design Within Reach, Inc.
Design Within Reach, Inc., founded in 1998 and headquartered in San
Francisco, is an integrated multi-channel provider of distinctive modern
design furnishings and accessories. The Company markets and sells its
products to both residential and commercial customers nationwide through
the DWR catalog, studios, website and direct sales force, and a single
common “in stock and ready to ship”
inventory.
“Design Within Reach”
is a registered trademark of Design Within Reach, Inc.
This press release includes forward-looking statements, including
statements related to anticipated revenues, expenses, earnings,
operating cash flows, the outlook for Design Within Reach’s
markets and the demand for its products. Factors that could cause Design
Within Reach's actual results to differ materially from these
forward-looking statements including the following: if we are unable to
continue to increase our net sales while reducing our promotional
discounts, our profitability may be impaired; if we fail to offer
merchandise that our customers find attractive, the demand for our
products may be limited; we do not have long-term vendor contracts and
as a result we may not have continued or exclusive access to products
that we sell; our business depends, in part, on factors affecting
consumer spending that are not within our control; our business will be
harmed if we are unable to implement our growth strategy successfully;
the expansion of our studio operations could result in increased
expenses with no guarantee of increased earnings; if we do not manage
our inventory levels successfully, our operating results will be
adversely affected; we depend on domestic and foreign vendors, some of
which are our competitors, for timely and effective sourcing of our
merchandise; declines in the value of the U.S. dollar relative to
foreign currencies could adversely affect our operating results; and we
face intense competition and if we are unable to compete effectively, we
may not be able to achieve and maintain profitability. Furthermore, if
we fail to file our Form 10-Q for the period ended July 1, 2006 by
November 24, 2006, the Company’s securities
may be subject to delisting from the Nasdaq Global Markets. Please refer
to our reports and filings with the Securities and Exchange Commission,
including our latest Annual Report on Form 10-K and Quarterly Report on
Form 10-Q, for a further discussion of these risks and uncertainties. We
also caution you not to place undue reliance on forward-looking
statements, which speak only as of the date they are made. We undertake
no obligation to update publicly any forward-looking statements to
reflect new information, events or circumstances after the date they
were made or to reflect the occurrence of unanticipated events.
