Jove Partners Raises Stake in Lifetime Brands (LCUT) TO 7.8%

In an amended 13D filing on Lifetime Brands, Inc. (Nasdaq: LCUT), Jove Partners disclosed a 7.8% stake (975,000 shares) in the company. This is up from the 6.3% stake the firm showed in a past filing.

The firm also disclosed a letter to the company saying they have been encouraged by its renewed effort to increase cash generation and optimize capital allocation. The firm is also pleased by the expanded buyback and election of David Dangoor to the board of directors.

From the Letter: "we are encouraged by your company's renewed effort to increase cash generation and optimize capital allocation. We believe that the proposed inventory reduction plan will incentivize employees to limit the resources tied up in product and provide Lifetime Brands with significant improvements in working capital. We anticipate that the announced closing of marginal and unprofitable retail operations will free-up capital and allow your management team to enhance its focus on the core business. In addition, we expect that the consolidation of your company's West Coast warehouse facilities will improve operations and, combined with the sale of your former headquarters, strengthen the balance sheet. We also fully support the plan to expand Lifetime Brands' share repurchases."

Jove Partners Discloses 5.2% Stake in Lifetime Brands (LCUT), Says Company Would Benefit From Additional Expertise on its Board

In a 13D filing on Lifetime Brands, Inc. (Nasdaq: LCUT), Jove Partners disclosed a 5.2% stake (700K shares) in the company. The firm also noted that they have engaged in discussions with management, members of the board of directors, other shareholders of the Company and other relevant parties concerning, among other things, the business, operations, management, strategy, board composition and future plans of the company, and may do so again in the future.

The firm believes that the company would benefit from additional marketing and industry expertise on its board of directors, and have suggested individuals for consideration by the board.