Frederick's of Hollywood Receives Notice Regarding NYSE MKT
Continued Listing Standards
HOLLYWOOD, Calif., Dec. 4, 2012 /PRNewswire/ -- Frederick's of
Hollywood Group Inc. (NYSE MKT: FOH) ("Company") today announced
that it has received a notice from the NYSE MKT indicating that,
based on the Company's shareholders' equity as reported in its Form
10-K for the year ended July 28,
2012, the Company is not in compliance with Section
1003(a)(iii) of the NYSE MKT Company Guide, having less than
$6 million of shareholders' equity
while sustaining losses from continuing operations and net losses
in its five most recent fiscal years. On November 30, 2011, the Company had received a
notice from the NYSE MKT indicating that, based on the Company's
shareholders' equity as reported in its Form 10-K for the year
ended July 30, 2011, the Company was
not in compliance with Sections 1003(a)(i) and (ii) of the NYSE MKT
Company Guide, having less than $2
million and $4 million of
shareholders' equity while sustaining losses from continuing
operations and net losses in two out of its three most recent
fiscal years, and net losses in three out of its four most recent
fiscal years, respectively. On January
6, 2012, the Company had submitted a plan to the NYSE MKT
addressing how it intended to regain compliance with those
continued listing standards by May 30,
2013, which plan was accepted by the NYSE MKT. The Company
intends to supplement its compliance plan by December 31, 2012 to address how it will regain
compliance with Section 1003(a)(iii) of the NYSE MKT Company
Guide.
The Company's common stock continues to trade on the NYSE MKT
under the symbol "FOH" with the trading symbol extension "BC" to
denote non-compliance with the NYSE MKT's continued listing
standards.
Forward Looking Statement
Certain of the matters set
forth in this press release are forward-looking and involve a
number of risks and uncertainties. These statements are based
on management's current expectations or beliefs. Actual
results may vary materially from those expressed or implied by the
statements herein. Among the factors that could cause actual
results to differ materially are the following: competition;
business conditions and industry growth; rapidly changing consumer
preferences and trends; general economic conditions; working
capital needs; continued compliance with government regulations;
loss of key personnel; labor practices; product development;
management of growth, increases in costs of operations or inability
to meet efficiency or cost reduction objectives; timing of orders
and deliveries of products; risks of doing business abroad; the
ability to protect our intellectual property; and the other risks
that are described from time to time in the Company's SEC
reports. The Company is under no obligation to, and expressly
disclaims any obligation to, update or alter its forward-looking
statements, whether as a result of new information, future events,
changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's
of Hollywood Group Inc., through its subsidiaries, sells women's
apparel and related products under its proprietary Frederick's of
Hollywood® brand
through 119 specialty retail stores, a catalog and an online shop
at http://www.fredericks.com/. With its exclusive product
offerings including Seduction by Frederick's of Hollywood and the Hollywood Exxtreme
Cleavage® bra, Frederick's of Hollywood is the Original Sex
Symbol®.
Our press releases and financial reports can be accessed on our
corporate website at http://www.fohgroup.com.
This release is available on the KCSA Strategic Communications
Web site at http://www.kcsa.com.
CONTACT:
|
Investor
Contacts:
|
Frederick's of Hollywood Group
Inc.
|
Todd
Fromer / Garth Russell
|
Thomas
Rende,
CFO
|
KCSA
Strategic Communications
|
(212)
779-8300
|
212-896-1215 / 212-896-1250
|
|
tfromer@kcsa.com /grussell@kcsa.com
|
SOURCE Frederick's of Hollywood Group Inc.