Exhibit 99.1
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CONTACTS:
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▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ INVESTOR RELATIONS:
Chief Financial Officer ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ The Leather Experts Integrated Corporate Relations, Inc.
(▇▇▇) ▇▇▇-▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇
FOR IMMEDIATE RELEASE
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▇▇▇▇▇▇▇ THE LEATHER EXPERTS INC. ANNOUNCES AGREEMENT FOR
$9.9 MILLION PRIVATE PLACEMENT
MINNEAPOLIS - (BUSINESS WIRE) - April 26, 2002 - ▇▇▇▇▇▇▇ The Leather Experts
Inc. (NASDAQ: WLSN) today announced that it has entered into a definitive common
stock purchase agreement for the sale in a private placement of up to nine
hundred thousand shares of newly issued Common Stock to two investors. The
purchase price is $11.00 per share and will result in net proceeds of
approximately $9.9 million. The sale is expected to close within one week. The
Company has also granted to one of the investors an option to buy an additional
100,000 shares of Common Stock at $11.00 per share at any time within 75 days
after the closing of the initial sale. The shares of Common Stock have not been
registered under the Securities Act of 1933, as amended, and may not be offered
or sold in the United States in the absence of an effective registration
statement.
The Company intends to use the net proceeds from this private placement to
replenish working capital and for general corporate purposes.
ABOUT WILSONS LEATHER
Wilsons Leather is the leading specialty retailer of leather outerwear, apparel
and accessories and the leading specialty retailer of travel products and
accessories in the United States. As of April 6, 2002, Wilsons Leather operated
765 stores located in 46 states, the District of Columbia, Guam, Puerto Rico,
and Canada including 488 mall stores, 96 outlet stores and 32 airport locations.
In addition, the Company operated 149 premium travel products and accessories
stores in 26 states, Puerto Rico and Guam under the El Portal, Bentley's Luggage
and California Luggage Outlet names. The Company, which regularly supplements
its permanent mall stores with temporary holiday stores during its peak selling
season from October through January, operated 281 holiday stores in 2001. The
Company's e-commerce site at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ offers leather
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apparel and accessories, as well as Company background and financial
information. The Company also operates online web-sites at ▇▇▇.▇▇-▇▇▇▇▇▇.▇▇▇ and
▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇.
STATEMENTS IN THIS PRESS RELEASE REGARDING THE COMPANY'S PLANS FOR THE USE OF
NET PROCEEDS FROM THE SALE OF UP TO 1.0 MILLION SHARES OF NEWLY ISSUED COMMON
STOCK ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES, AND
ACTUAL RESULTS MAY BE MATERIALLY DIFFERENT. FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER INCLUDE: ECONOMIC DOWNTURNS; CHANGES IN CUSTOMER SHOPPING
PATTERNS; UNSEASONABLE WEATHER; RISKS ASSOCIATED WITH OUR DEBT SERVICE; RISKS
ASSOCIATED WITH FUTURE GROWTH; RISKS ASSOCIATED WITH ACQUISITIONS; CHANGE IN
CONSUMER PREFERENCES AND FASHION TRENDS AWAY FROM LEATHER; SEASONALITY OF THE
BUSINESS; RISKS ASSOCIATED WITH FOREIGN SOURCING AND INTERNATIONAL BUSINESS;
DISRUPTIONS IN PRODUCT SUPPLIES TO OUR TRAVEL STORES; DECREASED AVAILABILITY AND
INCREASED COST OF LEATHER; COMPETITION IN OUR MARKETS; LOSS OF KEY MEMBERS OF
OUR MANAGEMENT TEAM; RELIANCE ON THIRD PARTIES FOR MAINTAINING OUR MANAGEMENT
INFORMATION SYSTEMS; CONCENTRATION OF THE COMPANY'S COMMON STOCK; AND VOLATILITY
OF THE COMPANY COMMON STOCK. THE INFORMATION INCLUDED IN THIS PRESS RELEASE IS
OPERATIVE AS OF THIS DATE ONLY. WILSONS LEATHER DOES NOT UNDERTAKE ANY
OBLIGATION TO UPDATE ITS FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR
CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF
UNANTICIPATED EVENTS. IN ORDER TO ENSURE THAT ALL INVESTORS CONTINUE TO HAVE
EQUAL ACCESS TO THE SAME INFORMATION, WILSONS LEATHER WILL REFRAIN FROM UPDATING
PROJECTIONS MADE IN THIS PRESS RELEASE UNLESS IT DOES SO THROUGH MEANS THAT ARE
DESIGNED TO PROVIDE BROAD DISTRIBUTION OF THE INFORMATION TO THE PUBLIC.
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