Build-A-Bear Workshop 2009 Annual Report Download - page 30

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BUILD-A-BEAR WORKSHOP, INC. 2009 FORM 10-K
our own utilities, repairs and maintenance in our store, a pro
rata share of the malls’ common area maintenance and, in
some instances, merchant association fees and media fund
contributions. Most of our leases in North America also
require the payment of a fixed minimum rent as well as
percentage rent based on sales in excess of agreed upon
minimum annual sales levels. Our leases in the United
Kingdom and Ireland typically have rent reviews every five
years in which the base rental rate is adjusted to current
market rates if they are higher than the original rent agreed.
Leases in France may require us to pay an entry fee to the
landlord or make key money payments to secure lease
assignments from current tenants. French leases also are
subject to annual indexation increases that are typically tied
to French economic metrics.
Following is a list of our 345 company-owned stores in
the United States, Canada, the United Kingdom, Ireland and
France as of January 2, 2010:
State
Number of
Stores State
Number of
Stores
Alabama . ........ 5 Missouri . . . . . . .... 7
Alaska . . . ........ 1 Montana . . . . . .... 1
Arizona . . ........ 5 Nebraska ........ 1
Arkansas . ........ 3 Nevada . . . . . . .... 4
California ........ 26 NewHampshire . . . 2
Colorado . ........ 6 NewJersey ....... 12
Connecticut ....... 5 NewMexico . . .... 1
Delaware . ........ 1 NewYork ........ 13
Florida . . . ........ 20 North Carolina .... 9
Georgia . . ........ 8 Ohio . . . . . . . . .... 10
Idaho ............ 1 Oklahoma ........ 2
Illinois . . . ........ 9 Oregon . . . . . . .... 3
Indiana . . ........ 7 Pennsylvania . . .... 11
Iowa ............ 3 Puerto Rico ........ 1
Kansas . . . ........ 2 Rhode Island . . .... 1
Kentucky . ........ 3 South Carolina . .... 3
Louisiana . ........ 5 Tennessee ........ 6
Maine . . . ........ 2 Texas . . . . . . . . .... 24
Maryland . ........ 5 Utah . . . . . . . . . .... 3
Massachusetts . .... 9 Virginia . . . . . . .... 9
Michigan . ........ 5 Washington ....... 6
Minnesota ........ 2 West Virginia . .... 1
Mississippi ........ 1 Wisconsin ........ 5
Canadian Province Europe
Alberta . . ........ 3 United Kingdom
British Columbia . . . 3 England . . . . . . .... 42
Manitoba . ........ 1 Scotland . . . . . .... 6
Nova Scotia . . .... 1 Wales . . . . . . . .... 1
Ontario . . ........ 10 Northern Ireland . . . 1
Quebec . . ........ 3 Ireland ........... 1
Saskatchewan . .... 1 France ........... 3
NON-STORE PROPERTIES
In addition to leasing all of our store locations, we lease
approximately 59,000 square feet for our corporate
headquarters, or World Bearquarters, in St. Louis, Missouri.
Our World Bearquarters houses our corporate staff, our call
center and our on-site training facilities. The lease was
amended, effective January 1, 2008 with a five-year term,
and may be extended for two additional five-year terms. In
September 2006, we completed construction of a company-
owned warehouse and distribution center, or Bearhouse, in
Groveport, Ohio. The facility is approximately 350,000
square feet. In 2007, our web fulfillment site moved to the
Bearhouse.
In the United Kingdom, we lease approximately 2,000
square feet for our regional headquarters, or U.K.
Bearquarters, in Windsor, England. The lease commenced in
August 2003. The lease can be terminated at any time by
either party giving notice of termination six months prior to
cancellation.
ITEM 3. LEGAL PROCEEDINGS
From time to time we are involved in ordinary routine
litigation typical for companies engaged in our line of
business. We are involved in several court actions seeking to
enforce our intellectual property rights or to determine the
validity and scope of the proprietary rights of others. As of the
date of this Annual Report on Form 10-K, we are not involved
in any pending legal proceedings that we believe would be
likely, individually or in the aggregate, to have a material
adverse effect on our financial condition or results of
operations.
ITEM 4. RESERVED
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