You need to upgrade your Flash Player

You need to upgrade your Flash Player

George A. Zimmer: We view our number one market share as our most valuable asset and we will do whatever it takes to maintain our number one share.

Brian Tunick (J.P. Morgan): You talked about potential real estate opportunities for adding on to the core business. On the flip side, what is your opinion about store closing opportunities, either at the core or at the MW Tux freestanding stores, either proactively or if you have lease expirations?

Neill P. Davis: There’s no question that opportunities exist in the entire occupancy arena but we are very happy with the store level profitability of our core businesses and don’t believe that we have any issues dealing with store closures, other than when we potentially find an opportunity for a better location. We’ll end up trying to relocate so we can maximize our business in those particular markets. As you know, rental rates are under great pressure on the part of landlords, given the rapid exodus of doors that are beginning to develop, which will probably continue to develop into next year and we will be making sure that we are paying and incurring appropriate market levels of rent as we go forward into next year and that’s a part of our overall planning process.

George A. Zimmer: We have about 200 store leases that come up for renewal each year and that means that there are 400 stores coming up for renewal in less than 24 months.