Tub & Physique Works Proclaims Appointment of Thomas J. Kuhn to Board of Administrators

Skilled Monetary and Governance Advisor Brings 35 Years of Expertise to Board

COLUMBUS, Ohio, March 06, 2023 (GLOBE NEWSWIRE) — Tub & Physique Works, Inc. (NYSE: BBWI) introduced right this moment that Thomas J. Kuhn, an skilled lawyer, finance government and board member, has been appointed as a brand new unbiased member of the Firm’s Board of Administrators (the “Board”), efficient March 10, 2023. Mr. Kuhn is at the moment Managing Member of Doorbrook LLC and previously held senior roles at funding banking agency Allen & Firm LLC and the regulation agency of Covington & Burling LLP. Mr. Kuhn is a extensively revered government and advisor whose distinctive background brings precious monetary, authorized and company governance experience to the not too long ago refreshed Tub & Physique Works Board.

Mr. Kuhn’s appointment to the Tub & Physique Works Board was the product of the Board’s continued engagement with Third Level LLC (“Third Level”), who not too long ago really helpful Mr. Kuhn as an extra candidate for the Board. At Third Level’s suggestion, members of the Nominating and Governance Committee and the Board interviewed Mr. Kuhn, and the Board unanimously decided that Mr. Kuhn would carry extremely precious and complementary expertise and experiences to the Board. Mr. Kuhn’s appointment follows the not too long ago introduced appointments of unbiased administrators Lucy Brady, President, Grocery & Snacks at Conagra Manufacturers, who was additionally really helpful by Third Level, and Steve Voskuil, Senior Vice President and Chief Monetary Officer at The Hershey Firm. With these three new administrators, the Board now contains 13 administrators, 12 of whom are unbiased and 7 of whom are members of various communities: feminine, individuals of shade and/or LGBTQIA+.

Sarah Nash, Board Chair, commented, “We’re happy that Tom will be part of the Tub & Physique Works Board of Administrators. The Board was impressed with Tom’s background as a strategic advisor to quite a few firms and boards of administrators. We’re assured that Tom’s 35 yr historical past as a revered monetary and authorized advisor, together with working with client firms, will carry an essential perspective to Tub & Physique Works because it focuses on its key strategic initiatives to maximise shareholder worth. The Board values the suggestions of its shareholders and appreciates Third Level’s considerate suggestions of each Tom and Lucy.”

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Mr. Kuhn stated, “Tub & Physique Works is a number one private care and perfume firm that has taken the best steps to place itself for future development. I look ahead to working with this refreshed Board and administration staff because the Firm seems to be to proceed delivering robust efficiency and long-term shareholder worth.”

Third Level Chief Govt Officer Daniel S. Loeb commented, “Tom is a trusted strategic advisor whose sensible monetary and governance insights can be extremely additive to the Board. I commend the Tub & Physique Works Board for his or her dedication to bringing on recent voices and imagine that with the current additions of Tom, Lucy, and Steve, the Board is well-positioned to drive long-term shareholder worth.”

Third Level has knowledgeable the Firm that it now not intends to appoint candidates to face for election to the Tub & Physique Works Board on the Firm’s 2023 Annual Assembly of Stockholders.

About Thomas J. Kuhn
Mr. Kuhn has served as Managing Member of Doorbrook LLC, a non-public advisory and funding agency, since 2022. Previous to Doorbrook, Mr. Kuhn was Senior Advisor and Particular Counsel at Oscar Well being, which he joined following his employment on the regulation agency of Covington & Burling LLP, the place he served as Of Counsel till 2021. From 2000 via 2013, Mr. Kuhn was a Managing Director at funding banking agency Allen & Firm LLC. Previous to becoming a member of Allen & Firm, he was the Senior Vice President and Normal Counsel of USA Networks, Inc. (a predecessor to IAC).

ABOUT BATH & BODY WORKS:
House of America’s Favourite Fragrances®, Tub & Physique Works is a worldwide chief in private care and residential perfume, together with prime promoting collections for wonderful perfume mist, physique lotion and physique cream, 3-wick candles, residence perfume diffusers and liquid hand cleaning soap. Powered by agility and innovation, the corporate’s predominantly U.S.-based provide chain allows the corporate to ship high quality, on-trend luxuries at reasonably priced costs. Tub & Physique Works serves and delights prospects nevertheless and wherever they wish to store, from welcoming, in-store experiences at greater than 1,800 company-operated Tub & Physique Works places within the U.S. and Canada and greater than 425 worldwide franchised places to an internet storefront at bathandbodyworks.com.

Secure Harbor Assertion Below the Non-public Securities Litigation Reform Act of 1995
We warning that any forward-looking statements (as such time period is outlined within the Non-public Securities Litigation Reform Act of 1995) contained on this press launch or made by our firm or our administration contain dangers and uncertainties and are topic to alter based mostly on varied elements, lots of that are past our management. Accordingly, our future efficiency and monetary outcomes could differ materially from these expressed or implied in any such forward-looking statements. Phrases equivalent to “estimate,” “venture,” “plan,” “imagine,” “anticipate,” “anticipate,” “intend,” “deliberate,” “potential” and any comparable expressions could determine forward-looking statements. Dangers related to the next elements, amongst others, in some instances have affected and sooner or later may have an effect on our monetary efficiency and precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements included on this press launch or in any other case made by our firm or our administration:

• common financial circumstances, inflation, client confidence, client spending patterns and market disruptions together with pandemics or important well being hazards, extreme climate circumstances, pure disasters, terrorist actions, monetary crises, political crises or different main occasions, or the prospect of those occasions;

• the COVID-19 pandemic has had and will proceed to have an adversarial impact on our enterprise and outcomes of operations;

• the seasonality of our enterprise;

• the anticipated advantages from the Victoria’s Secret & Co. spin-off might not be realized;

• the spin-off of Victoria’s Secret & Co. might not be tax-free for U.S. federal revenue tax functions;

• our dependence on Victoria’s Secret & Co. for info expertise providers;

• difficulties arising from turnover in firm management or different key positions;

• our capability to draw, develop and retain certified associates and handle labor-related prices;

• the dependence on retailer site visitors and the supply of appropriate retailer places on acceptable phrases;

• our continued development partially via new retailer openings and current retailer remodels and expansions;

• our capability to efficiently function and develop internationally and associated dangers;

• our unbiased franchise, license and wholesale companions;

• our direct channel enterprise;

• our capability to guard our popularity and our model picture;

• our capability to efficiently full environmental, social and governance initiatives, and related prices thereof;

• our capability to draw prospects with advertising and marketing, promoting and promotional applications;

• our capability to take care of, implement and shield our commerce names, emblems and patents;

• the extremely aggressive nature of the retail business and the segments wherein we function;

• client acceptance of our merchandise and our capability to handle the life cycle of our manufacturers, develop new merchandise and launch new product traces efficiently;

• our capability to supply, distribute and promote items and supplies on a worldwide foundation, together with dangers associated to:

  • political instability, wars and different armed conflicts, environmental hazards or pure disasters;

  • important well being hazards or pandemics, which may lead to closed factories and/or shops, diminished workforces, shortage of uncooked supplies, and scrutiny or embargoing of products produced in impacted areas;

  • duties, taxes and different costs;

  • authorized and regulatory issues;

  • volatility in forex trade charges;

  • native enterprise practices and political points;

  • delays or disruptions in transport and transportation and associated pricing impacts;

  • disruption as a result of labor disputes; and

  • altering expectations relating to product security as a result of new laws;

• our geographic focus of vendor and distribution amenities in central Ohio;

• our reliance on a restricted variety of suppliers to help a considerable portion of our stock buying wants;

• the power of our distributors to ship merchandise in a well timed method, meet high quality requirements and adjust to relevant legal guidelines and rules;

• fluctuations in international forex trade charges;

• fluctuations in product enter prices;

• fluctuations in vitality prices;

• our capability to adequately shield our property from loss and theft;

• will increase within the prices of mailing, paper, printing or different order achievement logistics;

• claims arising from our self-insurance;

• our and our third-party service suppliers’, together with Victoria’s Secret & Co. in the course of the time period of the Transition Providers Settlement between us and Victoria’s Secret & Co., capability to implement and preserve info expertise programs and to guard related information;

• our capability to take care of the safety of buyer, affiliate, third-party and firm info;

• inventory worth volatility;

• our capability to pay dividends and make share repurchases beneath share repurchase authorizations;

• shareholder activism issues;

• our capability to take care of our credit score scores;

• our capability to service or refinance our debt and preserve compliance with our restrictive covenants;

• the influence of the transition from London Interbank Supplied Charge and our capability to adequately handle such transition;

• our capability to adjust to legal guidelines, rules and expertise platform guidelines or different obligations associated to information privateness and safety;

• our capability to adjust to regulatory necessities;

• authorized and compliance issues; and

• tax, commerce and different regulatory issues.

We’re not beneath any obligation and don’t intend to make publicly accessible any replace or different revisions to any of the forward-looking statements contained on this press launch to replicate circumstances current after the date of this press launch or to replicate the prevalence of future occasions even when expertise or future occasions make it clear that any anticipated outcomes expressed or implied by these forward-looking statements won’t be realized. Extra info relating to these and different elements may be present in “Merchandise 1A. Threat Components” in our 2021 Annual Report on Kind 10-Ok, as filed with the Securities and Change Fee (the “SEC”), and our subsequent filings.

Vital Extra Info
Tub & Physique Works, Inc. (the “Firm”) intends to file a proxy assertion and WHITE proxy card with the SEC in reference to the solicitation of proxies for the Firm’s 2023 Annual Assembly of Stockholders (the “Proxy Assertion” and such assembly the “Annual Assembly”). The Firm, its administrators and sure of its government officers can be individuals within the solicitation of proxies from shareholders in respect of the Annual Assembly. Info relating to the names of the Firm’s administrators and government officers and their respective pursuits within the Firm by safety holdings or in any other case are set forth within the Firm’s proxy assertion for the 2022 Annual Assembly of Stockholders, filed with the SEC on March 31, 2022 (the “2022 Proxy Assertion”). To the extent holdings of such individuals within the Firm’s securities have modified because the quantities described within the 2022 Proxy Assertion, such adjustments have been mirrored on Preliminary Statements of Helpful Possession on Kind 3 or Statements of Modifications in Helpful Possession on Kind 4 filed with the SEC. Extra info may also be discovered within the Firm’s quarterly stories on Kind 10-Q, filed with the SEC on November 30, 2022, September 2, 2022 and June 2, 2022. Particulars regarding the nominees of the Firm’s Board of Administrators for election on the Annual Assembly can be included within the Proxy Assertion. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Traders and shareholders will be capable to get hold of a replica of the definitive Proxy Assertion and different paperwork filed by the Firm freed from cost from the SEC’s web site, www.sec.gov. The Firm’s shareholders may also be capable to get hold of, with out cost, a replica of the definitive Proxy Assertion and different related filed paperwork by directing a request by mail to Tub & Physique Works, Inc., Consideration: Investor Relations, Three Restricted Parkway, Columbus, Ohio 43230, or from the Firm’s web site, www.bbwinc.com.

For additional info, please contact:

Tub & Physique Works, Inc.:
Investor Relations
Heather Hollander
InvestorRelations@bbw.com     
     
Media Relations
Tammy Roberts Myers
Communications@bbw.com