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Bluestem Group Inc. ("BGI" or the "Company") (OTCMKTS: BGRP) today announced that it plans to report the Company’s unaudited financial results for the 26-weeks ended July 31, 2020 and August 2, 2019, in early September. The Company’s unaudited financial results will include its wholly-owned subsidiary, Bluestem Brands, Inc. and its subsidiaries (collectively, "BBI") for the period through June 2, 2020, the date on which BGI provided notice to BBI that it had deconsolidated from and abandoned the stock of BBI, in order to protect and maintain control of the Company’s tax attributes (the "Deconsolidation"). As a result of the Deconsolidation, the Company’s results for all periods subsequent to June 2, 2020 will exclude financial results for BBI. On March 8, 2020 BBI filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
About Bluestem Group Inc.
Bluestem Group Inc. is headquartered in Eden Prairie, Minnesota. Prior to June 2, 2020, the Company, through its subsidiary Bluestem Brands, Inc., operated multiple direct to consumer retail brands. On June 2, 2020, the Company deconsolidated from and abandoned the stock of Bluestem Brands, Inc. and its subsidiaries. Bluestem Group Inc. currently has limited operations other than as the owner and lessor of certain commercial real estate properties.
Forward Looking Statements
This press release may include forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this press release that address activities, events, conditions or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to the its financial condition, results of operations, plans, objectives, future performance and business and these statements are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements may include the words "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "strategy," "future," "opportunity," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements.
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EVP & CFO
Bluestem Group Inc.