Steven Madden, Ltd. Announcement Pursuant to Nasdaq Marketplace Rule 4803(a)
August 29 2008 - 4:30PM
PR Newswire (US)
LONG ISLAND CITY, N.Y., Aug. 29 /PRNewswire-FirstCall/ -- Steven
Madden, Ltd. (NASDAQ:SHOO), a leading designer, wholesaler and
marketer of fashion footwear and accessories for women, men and
children, today announced that due to the resignation of Walter
Yetnikoff from the Company's board of directors and audit committee
on August 11, 2008, the Company received a letter from The Nasdaq
Stock Market on August 26, 2008 indicating that the Company no
longer complies with Nasdaq's audit committee requirements as set
forth in Marketplace Rule 4350. Nasdaq has provided the Company a
cure period to regain compliance with the audit committee
requirements. The cure period is (1) until the earlier of the
Company's next annual shareholders' meeting or August 8, 2009; or
(2) if the next annual shareholders' meeting is held before
February 4, 2009, then the Company must evidence compliance by
February 4, 2009. The Company is undertaking a search for a
suitable candidate to serve as an independent director and
independent audit committee member and fully expects to regain
compliance prior to the end of the cure period. This announcement
is being made pursuant to Nasdaq Marketplace Rule 4803(a), which
requires prompt disclosure of the receipt of a non-compliance
letter from Nasdaq. Steven Madden, Ltd. designs and markets
fashion-forward footwear and accessories for women, men and
children. The shoes and accessories are sold through company-owned
retail stores, department stores, apparel and footwear specialty
stores, and online at http://www.stevemadden.com/. The Company has
several licensees for its brands, including for outerwear, cold
weather accessories, eyewear, and hosiery and owns and operates 100
retail stores, including its online store. The Company is the
licensee for footwear, handbags and belts for Fabulosity, for
footwear for l.e.i. and for handbags and belts for Betsey Johnson,
Daisy Fuentes and Tracy Reese. Statements in this press release
that are not statements of historical or current fact constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of the Company
to be materially different from the historical results or from any
future results expressed or implied by such forward-looking
statements. In addition to statements which explicitly describe
such risks and uncertainties readers are urged to consider
statements labeled with the terms "believes", "belief", "expects",
"intends", "anticipates" or "plans" to be uncertain and
forward-looking. The forward looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's reports and
registration statements filed with the Securities and Exchange
Commission. DATASOURCE: Steven Madden, Ltd. CONTACT: Investors:
Cara O'Brien or Leigh Parrish, Media: Diane Zappas, all of FD, for
Steven Madden, Ltd., +1-212-850-5600 Web site:
http://www.stevemadden.com/
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