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Cherokee Announces $0.38 Per Share Quarterly Dividend for December

^{Published on 2010-11-05 20:41:02 - Market Wire}
 

VAN NUYS, Calif.--([ BUSINESS WIRE ])--Cherokee Inc. (NASDAQ: CHKE), a leading licensor and global brand management company, announced today that its Board of Directors approved the distribution of a quarterly dividend to shareholders of $0.38 per share. The dividend will be payable on or about December 15, 2010, to shareholders of record on December 1, 2010. This dividend will represent the twenty-ninth consecutive quarterly dividend paid by Cherokee to its shareholders since December 2003. Including this upcoming dividend, since 1996 the Company will have paid out over $211 million in dividends and distributions to its shareholders.

"On behalf of our CEO, Henry Stupp, and our management team, I want to thank Russell for his many important contributions. He leaves the company with a solid financial infrastructure, and we wish him the best in his future endeavors."

The payment of any future dividends will be at the discretion of Cherokee's Board of Directors and will be dependent upon Cherokee's financial condition, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by Cherokee's Board of Directors.

In addition, the Company announced that Russell J. Riopelle, Chief Financial Officer, will be leaving the company at the end of 2010. Russell J. Riopelle, commented, aI am pleased to have contributed to the Company's growth and strong financial foundation over the past seven years. I look forward to facilitating a smooth transition, and I am confident with the strong leadership of Cherokeea™s new CEO, Henry Stupp, the company will enjoy continued success.a

Howard Siegel, the Companya™s President and Chief Operating Officer, commented, aOn behalf of our CEO, Henry Stupp, and our management team, I want to thank Russell for his many important contributions. He leaves the company with a solid financial infrastructure, and we wish him the best in his future endeavors.a

About Cherokee Inc.

Cherokee Inc., is a global marketer and manager of a portfolio of LIFESTYLE BRANDS it owns and represents in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 30 countries around the world including Target Stores (U.S.), Tesco (U.K., Ireland and certain Central European countries), Zellers (Canada), RT-Mart (Peoples Republic of China), Pick an Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India and certain Middle Eastern countries), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain) and the TJX Companies (U.S., Canada and Europe).

Statements included within this news release that are not historical in nature constitute forward-looking statements for the purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995.When used, the words aanticipates,a abelieves,a aexpects,a amay,a ashoulda and similar expressions are intended to identify such forward-looking statements.Forward-looking statements included in this press release (including, without limitation, express or implied statements regarding the transition of Mr. Margolisa™ role and potential future business development) involve known and unknown risk and uncertainties that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.Such risks and uncertainties, include, but are not limited to, the outcome of the vote at the upcoming stockholder meeting, theeffect of national, international and regional economic conditions, the financial condition of the apparel industry and the retail industry, the overall level of consumer spending domestically and internationally, the effect of intense competition in the industry in which the Company operates, adverse changes in licensee or consumer acceptance of products bearing the Companya™s brands as a result of fashion trends or otherwise, the ability and/or commitment of the Companya™s licensees to design, manufacture and market Cherokee, Sideout and Carole Little branded products, the Companya™s dependence on a select group of licensees for most of the Companya™s revenues, the Companya™s dependence on its key management personnel and adverse determinations of claims, liabilities or litigations.A further list and description of these risk, uncertainties and other matters can be found in the Companya™s Annual Report on Form 10-K for Fiscal Year 2010, and in its periodic reports on Forms 10-Q and 8-K (if any).Undue reliance should not be placed on the forward-looking statements contained herein because some or all of them may turn out to be wrong.The Company disclaims any intent or obligation to update any of the forward-looking statements contained herein to reflect future events and developments.