Wynnefield Partners ups stake in Crown Crafts
Staff Staff -- Home Textiles Today, June 6, 2002
Gonzales, LA — A New York-based private investment group, Wynnefield Partners, has boosted its stake in Crown Crafts Inc., an infant's and juvenile products producer, to 7.8 percent, with a holding of 732,535 shares of the company's common stock.
"This is real good news for us," said Randall Chestnut, Crown Crafts' chairman, president and ceo. "They first bought into Crown about three years ago, and they've been good friends ever since. This should send out a real strong signal about how they feel about the company and its prospects."
Chestnut characterized Wynnefield Partners as "passive, friendly advisors and good friends of the company. They came to us about three years ago, but they always kept their holdings under 5 percent. Recently they bought some more stock, and they own almost 8 percent. They're one of our largest shareholders now."
Wynnefield, said Chestnut, "stuck with the company through its restructuring and transition, and it's a very friendly stake. So this is very good news for Crown Crafts."
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