Winmark Corporation Appoints New Board Member

Rhea-AI Summary

Winmark Corporation (Nasdaq: WINA) has appointed Philip I. Smith to its Board of Directors. Smith, currently the Executive Chairman of Intricon Corporation and Operating Partner of Altaris, LLC, brings extensive governance, operational experience, and a strong financial background. CEO Brett D. Heffes expressed enthusiasm about Smith's potential contributions towards fulfilling Winmark's mission to provide sustainable resale opportunities. As of December 31, 2022, Winmark operates 1,295 franchises and has awarded an additional 57 franchises. The company focuses on guiding entrepreneurs to establish franchises like Plato’s Closet® and Play It Again Sports®.

Positive

• Philip I. Smith's appointment brings strong governance skills.
• Smith's operational and financial background may enhance company strategies.
• The company operates 1,295 franchises, indicating a solid business foundation.

Negative

• Potential concerns regarding continuity and experience gaps in the board.

MINNEAPOLIS--(BUSINESS WIRE)-- Winmark Corporation (Nasdaq: WINA) announced today that it has named Philip I. Smith to its Board of Directors. Currently, Mr. Smith serves as Executive Chairman of Intricon Corporation, an international micromedical device company, and as an Operating Partner of Altaris, LLC, a New York based investment firm focused on the healthcare industry.

“On behalf of the Board of Directors, I would like to welcome Phil Smith,” stated Brett D. Heffes, Chairman and Chief Executive Officer. “He is an extremely talented professional that possesses strong governance skills, a history of operating experience and a deep financial background. I look forward to working with him to fulfill our mission to provide Resale for Everyone^TM.”

Winmark - the Resale Company®, is a nationally recognized franchisor focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore® and Music Go Round®. At December 31, 2022, there were 1,295 franchises in operation and over 2,800 available territories. An additional 57 franchises have been awarded but are not open.

This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to future events or the future financial performance of the Company. Such forward-looking statements are only predictions or statements of intention subject to risks and uncertainties and actual events or results could differ materially from those anticipated. Because actual result may differ, shareholders and prospective investors are cautioned not to place undue reliance on such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005804/en/

Brett D. Heffes

763/520-8500

Source: Winmark Corporation

FAQ

Who is Philip I. Smith and what role did he assume at Winmark Corporation?

Philip I. Smith has been appointed to the Board of Directors of Winmark Corporation.

What companies is Philip I. Smith associated with?

He is the Executive Chairman of Intricon Corporation and an Operating Partner at Altaris, LLC.

What is Winmark Corporation's business focus?

Winmark focuses on franchising in the resale market, supporting entrepreneurs with various retail concepts.

How many franchises does Winmark Corporation currently operate?

As of December 31, 2022, Winmark operates 1,295 franchises.

What are some of the brands under Winmark Corporation?

Winmark's brands include Plato’s Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore®, and Music Go Round®.