From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) announced that it has extended its exclusive license agreement for Candie's apparel through August of 2004, notwithstanding the foregoing, Candie's is permitted to transition its apparel and swimwear business during the last six months of the term. Under the terms of the new agreement, Gadzooks will continue to exclusively offer categories of apparel, swimwear and innerwear under the Candie's label in all Gadzooks specialty retail stores. The agreement also gives Candie's the right to sell the exclusive products in its own retail stores as well. Commenting on the extended agreement, Gadzooks' President and Chief Merchandising Officer, Paula Masters stated, "Candie's continues to meet our expectations as an exclusive brand for apparel, swimwear and innerwear. As we transition into our new concept, we believe that the Candie's brand and style offerings will remain top in the minds of our female customers." In commenting on the announcement, Neil Cole, Chairman and Chief Executive Officer of Candie's Inc. stated, "We are pleased to be continuing our relationship with Gadzooks and believe that the new all-female format will further promote our branded apparel, innerwear and swimwear." Dallas-based Gadzooks is a high-energy specialty retailer of casual clothing and accessories offering young men's apparel, junior apparel, accessories and footwear. The Company is converting all its stores to an all- female assortment to be effective early in the second half of 2003. Gadzooks currently operates 426 Gadzooks stores and 4 Orchid stores, for a total of 430 stores in 41 states. Gadzooks owns and operates www.gadzooks.com , an interactive site for teens to visit on the web.
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