Hartmarx Shares Continue to be Listed on the Chicago Stock Exchange Following NYSE Delisting Action due to Non-Compliance With M
21 Novembre 2008 - 2:00PM
PR Newswire (US)
CHICAGO, Nov. 21 /PRNewswire-FirstCall/ -- Hartmarx Corporation
(NYSE: HMX) today announced that on November 20, 2008, the Company
was notified by the NYSE Regulation, Inc. ("NYSER") that the
Company is not in compliance with the New York Stock Exchange LLC
(the "NYSE") continued listing standard requiring a listed common
stock to maintain a minimum average market capitalization of not
less than $25 million over a consecutive 30-trading-day period. As
a result of no longer meeting the minimum market capitalization
requirement, the NYSE will suspend trading of the Company's common
stock effective with the NYSE's opening on Wednesday, November 26,
2008. The NYSE has also initiated the process of delisting the
Company's common stock, subject to the completion of applicable
procedures, including the Company's right to request a review by a
committee of the Board of Directors of the NYSER. The Company does
not intend to request such a review. NYSE rules do not provide a
cure period for non-compliance with the minimum market
capitalization continued listing standard. The Company expects that
its common stock will continue to be listed on the Chicago Stock
Exchange and will be traded through normal brokerage channels. The
Company's stock ticker symbol - HMX - will remain unchanged. The
delisting from the NYSE does not constitute a default under the
Company's lending arrangements and will not change the Company's
filing of periodic and other reports with the Securities and
Exchange Commission under applicable federal securities laws.
Hartmarx produces and markets business, casual and golf apparel
under its own brands, including Hart Schaffner Marx, Hickey
Freeman, Palm Beach, Coppley, Monarchy, Manchester Escapes, Society
Brand, Racquet Club, Naturalife, Pusser's of the West Indies,
Brannoch, Sansabelt, Exclusively Misook, Barrie Pace, Eye,
Christopher Blue, Pine IV, Worn, Blue House Drive, One Girl Who...,
Zooey by alice heller and b.chyll. In addition, the Company has
certain exclusive rights under licensing agreements to market
selected products under a number of premier brands such as Austin
Reed, Tommy Hilfiger, Burberry men's tailored clothing, Ted Baker,
Bobby Jones, Jack Nicklaus, Claiborne, Pierre Cardin, Perry Ellis,
Lyle & Scott, Golden Bear, Jag and Dr. Martens. The Company's
broad range of distribution channels includes fine specialty and
leading department stores, value-oriented retailers and direct mail
catalogs. The comments set forth above contain forward-looking
statements made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements can be identified by the use of
forward-looking terminology such as "anticipate," "believe,"
"continue," "estimate," "expect," "intend," "may," "should" or
"will" or the negatives thereof or other comparable terminology.
Forward-looking statements are not guarantees as actual results
could differ materially from those expressed or implied in such
forward-looking statements. The statements could be significantly
impacted by such factors as the level of consumer spending for
men's and women's apparel, the prevailing retail environment, the
Company's relationships with its suppliers, customers, licensors
and licensees, actions of competitors that may impact the Company's
business, possible acquisitions and the impact of unforeseen
economic changes, such as interest rates, or in other external
economic and political factors over which the Company has no
control. The reader is also directed to the Company's periodic
filings with the Securities and Exchange Commission for additional
factors that may impact the Company's results of operations and
financial condition. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Web
Site: http://www.hartmarx.com/ DATASOURCE: Hartmarx Corporation
CONTACT: Glenn Morgan for Hartmarx Corporation, +1-312-372-6300 Web
Site: http://www.hartmarx.com/
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