Russ plans name change
By Staff -- Playthings, 9/9/2009 12:50:00 PM
WAYNE, N.J.—Russ Berrie and Co. intends to change its corporate name to Kid Brands Inc., subject to shareholder approval later this month, in a move that follows the company’s exit from the gift business at the end of 2008.
"Our decision to pursue a new corporate identity as Kid Brands Inc. is the culmination of our company's transformation toward focusing purely on the attractive infant and juvenile products industry,” said Bruce G. Crain, CEO and president. “The name reflects and communicates our current portfolio of infant and juvenile businesses and is also consistent with our additional growth strategies and intentions to enter complementary and adjacent categories over time. Further, we believe our new name reinforces our core strategy of industry leadership through design-led and innovative branded product offerings and sends a clear message about our ability to bring comprehensive solutions to our retailer partners and to consumers."
The company plans to continue to market its branded products primarily under the names of its subsidiaries—Kids Line, LaJobi, Sassy and CoCaLo—and also continue to offer programs under select licenses such as Carter's, Disney, Graco and Serta.
Shareholders will vote on the new name during the company’s annual meeting on September 22. If the name change is approved, the company anticipates that its trading symbol on the NYSE would be changed to "KID" as soon as possible thereafter.
Last December, Russ Berrie announced it sold its gift business, which includes its core plush toy lines, to The Encore Group, a privately held giftware company. The deal included licensing the Russ and Applause brand names to Encore for five years.
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