Item 4 — Purpose of Transaction
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. On August 5, 2026, DGB Investment (together with its affiliates, "DGB"), delivered a letter to the Issuer nominating a slate of highly qualified director candidates, including Douglas G. Bergeron, Anna Brockway, Kristine E. Miller, Steve Oblak, Lindsay C. O'Reilly and Stefanie Tsen Ward (collectively, the "Nominees"), for election to the Board at the Issuer's 2026 annual meeting of stockholders (the "2026 Annual Meeting"). As evidenced by their biographies below, the Nominees are seasoned executives, who, collectively, have extensive experience in retail branding, technology, C-suite executive leadership, public company governance and operations, and are well qualified to serve on the Board. Also on August 5, 2026, DGB issued a press release (the "Press Release") announcing that it had nominated the Nominees for election to the Board at the 2026 Annual Meeting. In the Press Release, DGB expressed its concern that despite the Issuer's exceptional brand assets, North American manufacturing capabilities, and a national retail footprint, the Issuer is underperforming with revenue consistently declining and urgent change is needed to address the Issuer's increasingly outdated strategy. In the Press Release, DGB also highlighted its plan to revitalize the Issuer's historic and undervalued American brand by embracing e-commerce and focusing on improving the customer experience to turn around decades of stagnant growth and a significant valuation discount. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Nominees are: Anna Brockway Ms. Brockway founded and scaled America's leading online platform for high-end vintage home furnishings, and brings expertise in transforming heritage brands, including the revitalization of Levi Strauss & Co. (NYSE: LEVI). * Co-Founder and former President of Chairish, a luxury vintage home furnishings online marketplace that she helped build from a start-up to a successful exit in 2025. * Ms. Brockway led Chairish's brand and growth strategy, developing scalable customer acquisition and retention programs, implementing sophisticated attribution models to ensure disciplined marketing investment, pioneering retail pop-ups and tastemaker collaborations and guiding the company through strategic acquisitions in the U.S. and Europe. * Previously served as Vice President of Worldwide Marketing at Levi Strauss & Co. (NYSE: LEVI), helping to reconnect a new generation of consumers with the brand's authentic American heritage, craftsmanship and uncompromising quality by focusing on product innovation, retail presentation, partnerships and e-commerce. Doug Bergeron Mr. Bergeron is a former public company CEO and Chairman who brings shareholder alignment, firsthand operating experience, insights into retail industry technology, M&A and capital allocation expertise, and a track record of value creation. * Led the acquisition of VeriFone Systems Inc. (formerly NYSE: PAY), a retail technology company, from Hewlett-Packard for $50 million in 2001, became CEO and partnered with GTCR to aggressively grow VeriFone into a multinational company by 2013 with an enterprise value of several billion dollars. * Former Chairman of Cantaloupe, Inc. (formerly NASDAQ: CTLP), where as Co-Managing Partner of Hudson Executive Capital LP, he led a proxy contest in 2020 when it was then known as USA Technologies, Inc., culminating in a full board turnover. He then presided over a period of significant growth, which culminated in an $848 million sale to 365 Retail Markets in 2026 - a more than 89% total shareholder return since the start of the proxy contest.(1) * Extensive, proven experience recruiting C-level executives, leading operational mentoring and revitalizing businesses. Kristine Miller Ms. Miller is a global strategy and transformation leader who has served as a C-suite executive and director at public companies and brings extensive experience in retail, consumer and technology sectors, management consulting and corporate governance. * Most recently served as the Chief Strategy Officer of eBay Inc. (NASDAQ: EBAY) for over five years, where she led major changes to the company's brand positioning, digital marketing, core product experience and payments strategy, and spent 24 years at Bai