Vince Holding Corp. Announces NYSE Acceptance of Business Plan to Regain Compliance
August 10 2017 - 5:31PM
Business Wire
Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel
and accessories brand (“Vince” or the “Company”), today announced
that on August 10, 2017, the New York Stock Exchange (“NYSE”)
accepted the Company’s business plan for continued listing on the
NYSE. Vince’s common stock will continued to be listed on the NYSE,
subject to quarterly reviews by the NYSE for the next 18 months to
ensure the Company’s continued progress toward the plan.
Brendan Hoffman, Chief Executive Officer, commented, “We are
pleased that our compliance plan has been accepted by the exchange.
We remain intently focused on strengthening our direct-to-consumer
business, optimizing our wholesale business, and enhancing our
brand. Ultimately, we believe that the initiatives that we are
undertaking will enable us to improve performance and create value
for our stockholders.”
As previously disclosed, on May 17, 2017, the Company received a
notice from the NYSE indicating that it was not in compliance with
the NYSE’s continued listing standards, because the Company’s
30-trading day average closing stock price was less than $1.00 and
at the same time, the Company’s 30-trading day average market
capitalization was less than $50 million and the Company’s
stockholders’ equity was less than $50 million.
ABOUT VINCE
Established in 2002, Vince is a global luxury brand best known
for utilizing luxe fabrications and innovative techniques to create
a product assortment that combines urban utility and modern
effortless style. From its edited core collection of ultra-soft
cashmere knits and cotton tees, Vince has evolved into a global
lifestyle brand and destination for both women’s and men’s apparel
and accessories. As of April 29, 2017, Vince products were sold in
prestige distribution worldwide, including approximately 2,300
distribution locations across more than 40 countries. With
corporate headquarters in New York and its design studio in Los
Angeles, the Company operated 40 full-price retail stores, 14
outlet stores and its e-commerce site, vince.com. Please visit
www.vince.com for more information.
Forward-Looking Statements: This document, and any statements
incorporated by reference herein, contains forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Forward-looking statements include the statements regarding,
among other things, our current expectations about the Company's
future results and financial condition, revenues, store openings
and closings, margins, expenses and earnings and are indicated by
words or phrases such as "may," "will," "should," "believe,"
"expect," "seek," "anticipate," "intend," "estimate," "plan,"
"target," "project," "forecast," "envision" and other similar
phrases. Although we believe the assumptions and expectations
reflected in these forward-looking statements are reasonable, these
assumptions and expectations may not prove to be correct and we may
not achieve the results or benefits anticipated. These
forward-looking statements are not guarantees of actual results,
and our actual results may differ materially from those suggested
in the forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties, some of which are
beyond our control, including, without limitation: our ability to
continue having the liquidity necessary to service our debt, meet
contractual payment obligations (including under the tax receivable
agreement) and fund our operations; our ability to comply with the
covenants under our term loan facility; our ability to continue as
a going concern; our ability to successfully complete the proposed
rights offering; our ability to successfully operate the newly
implemented systems, processes, and functions recently transitioned
from Kellwood Company; our ability to remediate the identified
material weaknesses in our internal control over financial
reporting; our ability to regain compliance with the continued
listing standards of the New York Stock Exchange; our ability to
ensure the proper operation of the distribution facility by a third
party logistics provider recently transitioned from Kellwood; our
ability to remain competitive in the areas of merchandise quality,
price, breadth of selection, and customer service; our ability to
anticipate and/or react to changes in customer demand and attract
new customers, including in connection with making inventory
commitments; our ability to control the level of sales in the
off-price channels; our ability to manage excess inventory in a way
that will promote the long-term health of the brand; changes in
consumer confidence and spending; our ability to maintain projected
profit margins; unusual, unpredictable and/or severe weather
conditions; the execution and management of our retail store growth
plans, including the availability and cost of acceptable real
estate locations for new store openings; the execution and
management of our international expansion, including our ability to
promote our brand and merchandise outside the U.S. and find
suitable partners in certain geographies; our ability to expand our
product offerings into new product categories, including the
ability to find suitable licensing partners; our ability to
successfully implement our marketing initiatives; our ability to
protect our trademarks in the U.S. and internationally; our ability
to maintain the security of electronic and other confidential
information; serious disruptions and catastrophic events; changes
in global economies and credit and financial markets; competition;
our ability to attract and retain key personnel; commodity, raw
material and other cost increases; compliance with domestic and
international laws, regulations and orders; changes in laws and
regulations; outcomes of litigation and proceedings and the
availability of insurance, indemnification and other third-party
coverage of any losses suffered in connection therewith; tax
matters; and other factors as set forth from time to time in our
Securities and Exchange Commission filings, including under the
heading “Risk Factors” in our registration statement on Form S-1/A
filed with the Securities and Exchange Commission on August 10,
2017, and under the heading "Item 1A—Risk Factors" in our Annual
Report on Form 10-K and our Quarterly Reports on Form 10-Q. We
intend these forward-looking statements to speak only as of the
time of this release and do not undertake to update or revise them
as more information becomes available, except as required by
law.
This press release is also available on the Vince Holding Corp.
website (http://investors.vince.com/).
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version on businesswire.com: http://www.businesswire.com/news/home/20170810006203/en/
Investor Relations:ICR, Inc.Jean Fontana,
646-277-1200Jean.fontana@icrinc.com
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