NEW YORK--(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/).
View source version on businesswire.com: http://www.businesswire.com/news/home/20170810006203/en/
Source: Vince Holding Corp.