Russ Berrie to Change Name to Kid Brands Inc.
By Staff -- Gifts and Dec, 9/9/2009 10:45:00 AM
Wayne, NJ – Russ Berrie and Co. intends to change its corporate name to Kid Brands Inc., subject to shareholder approval later this month.
Russ Berrie first announced plans to stop using its corporate name within 180 days of selling its gift business to The Encore Group in December 2008, subject to shareholder approval. The combined Encore and Russ gift business changed its name to The Russ Companies Inc.
Shareholders have been notified of the proposal to change the corporate name through the company's proxy statement and the vote will take place at the Annual Meeting planned for 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.
The company plans to continue to market its branded products primarily under the brand names of its subsidiaries: Kids Line, LaJobi, Sassy and CoCaLo, and to continue to offer programs under licenses such as Carter's, Disney, Graco and Serta.
Bruce G. Crain, CEO and president, said in a statement, "Our decision to pursue a new corporate identity […] is the culmination of our company's transformation toward focusing purely on the attractive infant and juvenile products industry. 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."
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