NEW YORK, Sept. 29, 2015 /PRNewswire/ -- Aéropostale,
Inc. (NYSE: ARO), a mall-based specialty retailer of casual apparel
for young women and men, today disclosed that on September 29, 2015, it received notice from the
New York Stock Exchange (the NYSE) that the average closing price
of the Company's common stock over a consecutive 30 trading-day
period had fallen below $1.00 per
share, which is the minimum average price required by the
NYSE. The notice has no immediate impact on the listing of
the Company's common stock.
The Company plans to notify the NYSE by October 13, 2015 that it intends to cure the
deficiency and return to compliance with NYSE continued listing
requirements. Under the NYSE rules, the Company can cure this
deficiency if, during the six-month period following receipt of the
NYSE notice, on the last trading-day of any calendar month, the
Company's common stock has a closing share price of at least
$1.00 and an average closing share
price of at least $1.00 over the 30
trading-day period ending on the last trading day of that month. If
the Company determines that it will cure the stock price deficiency
by taking an action that will require approval by its stockholders
at the next annual meeting of stockholders, the six-month period
described above will extend to shortly after such annual
meeting.
The Company intends to consider available alternatives,
including but not limited to, a reverse stock split, in order to
cure the stock price deficiency and return to compliance with the
NYSE continued listing requirement.
The Company's common stock will continue to be listed and traded
on the NYSE during the cure period, subject to the Company's
compliance with the other NYSE listing standards.
The NYSE notification does not affect Aéropostale's business
operations or its Securities and Exchange Commission reporting
requirements and does not conflict with or cause an event of
default under any of the Company's material debt or other
agreements.
About Aéropostale, Inc.
Aéropostale, Inc. is a
specialty retailer of casual apparel and accessories, principally
targeting 14 to 17 year-old young women and men through its
Aéropostale stores and website and 4 to 12 year-olds through its
P.S. from Aéropostale stores and website. The Company
provides customers with a focused selection of high quality fashion
and fashion basic merchandise at compelling values in an exciting
and customer friendly store environment. Aéropostale
maintains control over its proprietary brands by designing,
sourcing, marketing and selling all of its own merchandise, other
than in licensed stores. Aéropostale products can be
purchased in Aéropostale stores and online at
www.aeropostale.com. P.S. from Aéropostale products can be
purchased in P.S. from Aéropostale stores, in certain Aéropostale
stores and online at www.ps4u.com and www.aeropostale.com. The
Company currently operates 758 Aeropostale® stores in 50 states and
Puerto Rico, 41 Aéropostale stores
in Canada and 25 P.S. from
Aéropostale® stores in 12 states. In addition, pursuant to various
licensing agreements, the Company's licensees currently operate 290
Aéropostale® and P.S. from Aéropostale® locations in the
Middle East, Asia, Europe,
and Latin America. Since November
2012, Aéropostale, Inc. has operated GoJane.com, an online
women's fashion footwear and apparel retailer. GoJane
products can be purchased online at www.gojane.com.
SPECIAL NOTE: THIS PRESS RELEASE AND ORAL STATEMENTS MADE FROM
TIME TO TIME BY REPRESENTATIVES OF THE COMPANY CONTAIN CERTAIN
"FORWARD-LOOKING STATEMENTS" CONCERNING EXPECTATIONS FOR SALES,
STORE OPENINGS, GROSS MARGINS, EXPENSES, STRATEGIC DIRECTION AND
EARNINGS. ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM THOSE
PROJECTED IN THE FORWARD-LOOKING STATEMENTS. AMONG THE FACTORS THAT
COULD CAUSE ACTUAL RESULTS TO MATERIALLY DIFFER INCLUDE, CHANGES IN
THE COMPETITIVE MARKETPLACE, INCLUDING THE INTRODUCTION OF NEW
PRODUCTS OR PRICING CHANGES BY OUR COMPETITORS, CHANGES IN THE
ECONOMY AND OTHER EVENTS LEADING TO A REDUCTION IN DISCRETIONARY
CONSUMER SPENDING; SEASONALITY; RISKS ASSOCIATED WITH CHANGES IN
SOCIAL, POLITICAL, ECONOMIC AND OTHER CONDITIONS AND THE POSSIBLE
ADVERSE IMPACT OF CHANGES IN CURRENCY EXCHANGE RATES AND IMPORT
RESTRICTIONS; RISKS ASSOCIATED WITH THE COMPANY'S DEBT
ARRANGEMENTS; RISKS ASSOCIATED WITH UNCERTAINTY RELATING TO THE
COMPANY'S ABILITY TO IMPLEMENT ITS TURNAROUND STRATEGIES, AS
WELL AS THE OTHER RISK FACTORS SET FORTH IN THE COMPANY'S FORM 10-K
AND QUARTERLY REPORTS ON FORM 10-Q, FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
OR REVISE ANY FORWARD-LOOKING STATEMENTS TO REFLECT SUBSEQUENT
EVENTS
Company Contact:
Susan Lewis/VP, Investor & Media
Relations
(646) 364-0215 or slewis@aeropostale.com
Media Contact:
Effie Veres, FTI Consulting
(212) 850-5676
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SOURCE Aeropostale, Inc.