8-K
filed January 24, 2023, 6:59 PM ET
ticker VRA
CIK 0001495320
M&A
confidence high
sentiment positive
materiality 0.80
Vera Bradley acquires remaining 25% of Pura Vida for $10M, restructures leadership, cuts three exec roles
Vera Bradley, Inc.
- Acquired remaining 25% interest in Pura Vida for ~$10M cash; transaction expected to close Jan 30, 2023.
- Eliminated positions of Vera Bradley Brand President, Chief Creative Officer, and Chief Revenue Officer; three executives depart.
- Pura Vida co-presidents Thall and Goodman resign; Thall to remain as consultant.
- Alison Hiatt hired as Chief Marketing Officer; restructuring expected to yield annualized savings of over $2M.
- Pura Vida interim oversight by VP Finance Shah; searches underway for new President and SVP Merchandising/Design.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Mary Beth Trypus departed as Chief Revenue Officer, Vera Bradley at Vera Bradley, Inc..
- Action
- departed
- Role
- Chief Revenue Officer, Vera Bradley
Exact text from the filing
Daren Hull, Brand President, Vera Bradley; Beatrice Mac Cabe, Chief Creative Officer, Vera Bradley; and, Mary Beth Trypus, Chief Revenue Officer, Vera Bradley are no longer with the Company effective January 23, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Daren Hull departed as Brand President, Vera Bradley at Vera Bradley, Inc..
- Action
- departed
- Role
- Brand President, Vera Bradley
Exact text from the filing
Daren Hull, Brand President, Vera Bradley; Beatrice Mac Cabe, Chief Creative Officer, Vera Bradley; and, Mary Beth Trypus, Chief Revenue Officer, Vera Bradley are no longer with the Company effective January 23, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Beatrice Mac Cabe departed as Chief Creative Officer, Vera Bradley at Vera Bradley, Inc..
- Action
- departed
- Role
- Chief Creative Officer, Vera Bradley
Exact text from the filing
Daren Hull, Brand President, Vera Bradley; Beatrice Mac Cabe, Chief Creative Officer, Vera Bradley; and, Mary Beth Trypus, Chief Revenue Officer, Vera Bradley are no longer with the Company effective January 23, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Vera Bradley, Inc. entered into Interest Purchase Agreement with Creative Genius Holdings, Inc., Creative Genius Investments, Inc., Griffin Thall and Paul Goodman valued at approximately $10 million payable at closing (effective 2022-01-23).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Creative Genius Holdings, Inc., Creative Genius Investments, Inc., Griffin Thall and Paul Goodman
- Value
- approximately $10 million payable at closing
- Effective
- 2022-01-23
Exact text from the filing
On January 23, 2022, Vera Bradley, Inc. (the “Company”) and certain of its subsidiaries entered into an Interest Purchase Agreement (the “Interest Purchase Agreement”) with Creative Genius Holdings, Inc. a California corporation, Creative Genius Investments, Inc., a California corporation, Griffin Thall and Paul Goodman (collectively “Sellers”) to purchase the remaining 25% of the outstanding membership interests (the "Remaining Pura Vida Interests") of Creative Genius, LLC, a California limited liability company (“Pura Vida”) through which the Company designs, markets and distributes bracelets, jewelry and other related accessories under the brand name Pura Vida. On July 16, 2019, the Company purchased 75% of Pura Vida's outstanding equity interest and entered into a Put/Call Agreement with the Sellers (the “Put/Call Agreement”) providing for certain rights with respect to the purchase by the Company and sale by the Sellers of the Remaining Pura Vida Interests as described below. Purs
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Vera Bradley, Inc. terminated Put/Call Agreement with Creative Genius Holdings, Inc., Creative Genius Investments, Inc., Griffin Thall and Paul Goodman.
- Action
- termination
- Counterparty
- Creative Genius Holdings, Inc., Creative Genius Investments, Inc., Griffin Thall and Paul Goodman
Exact text from the filing
On July 16, 2019, the Company purchased 75% of Pura Vida's outstanding equity interest and entered into a Put/Call Agreement with the Sellers (the “Put/Call Agreement”) providing for certain rights with respect to the purchase by the Company and sale by the Sellers of the Remaining Pura Vida Interests as described below.
View on SEC.gov
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