iMedia Brands Selects B. Riley Real Estate as Advisor for Its Sale-Leaseback Process
12 Settembre 2022 - 12:00PM
iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI,
IMBIL) today announced it selected B. Riley Real Estate as Advisor
to manage and complete its sale-leaseback process for one or more
of its owned properties. The Company is targeting a Q4 closing
date.
The Company is marketing its two buildings
located in Eden Prairie, which serve as the corporate headquarters
and production studios for the Company, and its distribution center
building located in Bowling Green, Kentucky. In total, the three
buildings are 810,679 square feet.
“B. Riley has been a great partner to iMedia for
years,” said Tim Peterman, CEO of iMedia. “I am confident they will
help us optimize our SLT opportunity to monetize our buildings and
allow us to unlock unused cash to further reduce our leverage on an
expedited basis.”
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI, IMBIL) is a
global media company capitalizing on the convergence of
entertainment, ecommerce, and advertising. The Company owns and
operates a growing portfolio of vertically integrated television
networks in the United States and Western Europe.
iMedia’s common stock is traded on the NASDAQ
Global Market stock exchange under the ticker IMBI. iMedia’s 8.5%
bonds are also publicly traded on the NASDAQ Global Market under
the ticker IMBIL and pay holders 8.5% interest quarterly in arrears
on March 31, June 30, September 30, and December 31.
Investors:Ken
Cooperkcooper@imediabrands.com(952) 943-6119
Media:press@imediabrands.com(952) 943-6125
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This document may contain certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements contained
herein that are not statements of historical fact, including
statements regarding the expected impact of high logistics costs
and the impact of the Ukraine & Russia conflict are
forward-looking. The Company often use words such as anticipates,
believes, estimates, expects, intends, seeks, predicts, hopes,
should, plans, will, or the negative of these terms and similar
expressions to identify forward-looking statements, although not
all forward looking-statements contain these words. These
statements are based on management's current expectations and
accordingly are subject to uncertainty and changes in
circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to): variability in consumer
preferences, shopping behaviors, spending and debt levels; the
general economic and credit environment, including COVID-19;
interest rates; seasonal variations in consumer purchasing
activities; the ability to achieve the most effective product
category mixes to maximize sales and margin objectives; competitive
pressures on sales and sales promotions; pricing and gross sales
margins; the level of cable and satellite distribution for the
Company’s programming and the associated fees or estimated cost
savings from contract renegotiations; the Company’s ability to
establish and maintain acceptable commercial terms with third-party
vendors and other third parties with whom the Company has
contractual relationships, and to successfully manage key vendor
and shipping relationships and develop key partnerships and
proprietary and exclusive brands; the ability to manage operating
expenses successfully and the Company’s working capital levels; the
ability to remain compliant with the Company’s credit facilities
covenants; customer acceptance of the Company’s branding strategy
and its repositioning as a video commerce Company; the ability to
respond to changes in consumer shopping patterns and preferences,
and changes in technology and consumer viewing patterns; changes to
the Company’s management and information systems infrastructure;
challenges to the Company’s data and information security; changes
in governmental or regulatory requirements; including without
limitation, regulations of the Federal Communications Commission
and Federal Trade Commission, and adverse outcomes from regulatory
proceedings; litigation or governmental proceedings affecting the
Company’s operations; significant events (including disasters,
weather events or events attracting significant television
coverage) that either cause an interruption of television coverage
or that divert viewership from its programming; disruptions in the
Company’s distribution of its network broadcast to customers; the
Company’s ability to protect its intellectual property rights; the
Company’s ability to obtain and retain key executives and
employees; the Company’s ability to attract new customers and
retain existing customers; changes in shipping costs; expenses
related to the actions of activist or hostile shareholders; the
Company’s ability to offer new or innovative products and customer
acceptance of the same; changes in customer viewing habits of
television programming; logistics costs including the price of
gasoline and transportation; and the risks described from time to
time in the Company’s reports filed with the SEC, including, but
not limited to, the Company’s most recent annual report on Form
10-K, quarterly reports on Form 10-Q, and current reports on Form
8-K. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
announcement. The Company is under no obligation (and expressly
disclaims any such obligation) to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
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