Exhibit 99.1
FOR IMMEDIATE RELEASE:
CONTACTS:
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Blair Corporation
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Carl Hymans |
JUDE DIPPOLD
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G.S. Schwartz & Co |
CORPORATE COMMUNICATIONS DIRECTOR
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212-725-4500 |
814-728-8040
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carlh@schwartz.com |
BLAIR SHAREHOLDERS APPROVE MERGER WITH APPLESEEDS TOPCO INC.
WARREN, Pa., (April 24, 2007) Blair Corporation (Amex: BL), (www.blair.com), a national
multi-channel direct marketer of womens and mens apparel and home products, today announced that
its shareholders have approved a definitive merger agreement with Appleseeds Topco Inc. at a
special meeting of stockholders held in Warren. Under the terms of the merger agreement,
Appleseeds Topco, a portfolio company of Golden Gate Capital, will acquire all of the outstanding
shares of Blairs common stock for $42.50 per share in cash.
Approximately 76% of Blairs total outstanding shares were voted for the approval of the
transaction. Shareholder approval satisfies a required condition to the closing of the transaction.
Blair shareholders clearly recognize the value of this merger, said Blair President and
Chief Executive Officer Al Lopez. We look forward to completing the transaction and becoming part
of Appleseeds Topco.
Pending satisfaction of other customary closing conditions, the transaction is anticipated to close
within ten business days, at which time Blairs common stock will cease trading. Following the
close, Blair will operate as a wholly-owned subsidiary of Appleseeds Topco. It is expected that
the combined entity will have annual revenue of over $1.1 billion.
Stephens Inc. served as financial advisor and Patton Boggs, LLP served as legal advisor to Blair
Corporation.
About Blair
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad range of womens and mens
apparel and home products through direct mail marketing and its Web site www.blair.com. Blair
Corporation employs approximately 1,900 associates (worldwide) and operates facilities and retail
outlets in Northwestern Pennsylvania as well as a catalog outlet in Wilmington, Delaware. The
company, which has annual sales of approximately $425 million, is publicly traded on the American
Stock Exchange (Amex: BL). For additional information, please visit http://www.blair.com.
Safe Harbor Statements
This release contains certain statements, including without limitation, statements containing the
words believe, plan, expect, anticipate, strive, and words of similar import relating to
future results of the Company (including certain projections and business trends) that are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to, changes in political and economic
conditions, demand for and market acceptance of new and existing products, as well as other risks
and uncertainties detailed in the most recent periodic filings of the Company with the Securities
and Exchange Commission. The company disclaims any obligation to update or revise any
forward-looking statements based on the occurrence of future events, the receipt of new
information, or otherwise.