Crown Crafts Concentrating Ownership

Infant and juvenile bedding and accessories manufacturer Crown Crafts has taken two steps toward concentrating ownership of the already closely-held company.

First, the board of directors formed a capital committee to direct up to $6 million to repurchase outstanding shares of common stock over the next year.

The committee is chaired by William Deyo, joined by members E. Randall Chestnut (chairman, president and ceo), Steven Fox, and Zenon Nie.

The buyback will cover Series A common stock; terms and conditions of any such repurchases will be set by the committee.

Also, major Crown Crafts shareholder Wynnefield Partners Small Cap Value indicated in an SEC filing that it would nominate two of its agents to the Crown Crafts board of directors. Wynnefield and its affiliates own 14.6% of Crown Crafts, the company said. A Wynnefield principal, Nelson Obus, is one of the nominees; the other is Frederick Wasserman, assigned by Wynnefield in November 2005 as an unpaid, non-voting board observer.

The board itself was to nominate three current directors for re-election: Chestnut, Deyo, and Fox.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • The Countdown to the ICON Honors Continues featuring Christophe Pourny

    Camera Icon More Videos

CURRENT ISSUE

HTT digital edition

See the May 2017 issue of Home & Textiles Today. In this issue, we discuss our annual Market Basket survey, which finds higher prices and more polyester at leading retailers. See details!