Kirkland (KIRK) CEO W. Michael Madden Resigns

April 5, 2018 5:06 PM EDT

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Kirkland's, Inc. (NASDAQ: KIRK) today announced that W. Michael Madden has resigned from his roles as President, Chief Executive Officer and Director of the Company, effective immediately, and will serve as an employee-advisor to the board until June 30, 2018. Michael B. Cairnes, the Company's Executive Vice President and Chief Operating Officer, will serve as Acting Chief Executive Officer while the board conducts a search for a new CEO. Since November 2016, Mr. Cairnes has been responsible for the operations of the Company, overseeing marketing/e-commerce, merchandising, planning & allocation, store and supply chain operations.

"We thank Mike Madden for his 18 years of service and his assistance as an advisor during this transition," said R. Wilson Orr, Kirkland's Chairman of the Board. "We have important initiatives underway that we believe can improve our financial performance, and Mike Cairnes' proven experience in running our day-to-day operations will enable us to maintain continuity and execution focus as the board proceeds with the CEO search."

Mr. Madden added, "I am proud to have served Kirkland's as CFO and CEO. The evolution of the home décor market holds significant opportunity, and Kirkland's has a well-established value proposition and a solid omni-channel foundation in place as it moves into its next phase of growth."

Michael Cairnes, Acting CEO said, "I am excited to continue the work we are doing to make Kirkland's the preferred destination for home décor shoppers and improve the customer experience as we transform Kirkland's into a nationally recognized home décor brand of choice. We are encouraged by the progress on our 2018 plan and plan to update investors in May."

Prior to joining Kirkland's, Mr. Cairnes was with Michael's Stores, where he served concurrently as President of its Aaron's Brothers retail business, since 2015, and President of its Artistree framing business, since 2007. Prior to Michael's, Mr. Cairnes held senior leadership positions at Brushstrokes, a publisher of art canvases, and Larson-Juhl, a manufacturer of home décor products. He also has served as a board and strategy advisor to Bain Capital and Blackstone.

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