NEW YORK, Nov. 5, 2015 /PRNewswire/ -- Aeropostale, Inc.
(NYSE: ARO), a mall-based specialty retailer of casual apparel for
young women and men, today disclosed that on October 30, 2015, it received notice from the New
York Stock Exchange (the "NYSE") that it is not in compliance with
listing rules because, as of October 28,
2015, the average global market capitalization over a
consecutive 30 trading-day period was less than $50 million and, at the same time, stockholders'
equity was less than $50
million. The notice has no immediate impact on the
listing of the Company's common stock.
The Company plans to notify the NYSE by November 13, 2015 that it intends to submit a
plan to cure the deficiency and return to compliance with NYSE
continued listing requirements. Under the NYSE rules, the
Company has 45 days from the receipt of the notice to submit a plan
advising the NYSE of definitive action the Company has taken, or is
taking, that would bring the Company into conformity with continued
listed standards within 18 months of receipt of the notice.
Within 45 days of receipt of the plan, the NYSE will make a
determination as to whether the Company has made a reasonable
demonstration of an ability to come into conformity with the
relevant standards in the 18 month period. If the NYSE
accepts the plan, the Company's common stock will continue to be
listed and traded on the NYSE during the 18 month cure period,
subject to the Company's compliance with other continued listing
standards, and the Company will be subject to quarterly monitoring
by the NYSE for compliance with the plan.
The Company is taking appropriate steps pursuant to the NYSE
listing standards to regain compliance within the prescribed
timeframe. During this period, the Company's common stock
will continue to be listed and traded on the NYSE, subject to the
Company's compliance with the other NYSE listing
standards.
The NYSE notification does not affect Aeropostale'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 Aeropostale, Inc.
Aeropostale, Inc. is a
specialty retailer of casual apparel and accessories, principally
targeting 14 to 17 year-old young women and men through its
Aeropostale stores and website and 4 to 12 year-olds through its
P.S. from Aeropostale 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. Aeropostale
maintains control over its proprietary brands by designing,
sourcing, marketing and selling all of its own merchandise, other
than in licensed stores. Aeropostale products can be
purchased in Aeropostale stores and online at
www.aeropostale.com. P.S. from Aeropostale products can be
purchased in P.S. from Aeropostale stores, in certain Aeropostale
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 Aeropostale stores
in Canada and 25 P.S. from
Aeropostale® stores in 12 states. In addition, pursuant to various
licensing agreements, the Company's licensees currently
operate 303 Aeropostale® and P.S. from Aeropostale® locations
in the Middle East, Asia, Europe,
and Latin America. Since November
2012, Aeropostale, 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 CONTAINS CERTAIN
"FORWARD-LOOKING STATEMENTS" MADE IN RELIANCE UPON THE SAFE HARBOR
PROVISIONS OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS
AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED, CONCERNING THE FUTURE STOCK PRICE OF THE COMPANY'S COMMON
STOCK, THE COMPANY'S INTENTION TO REGAIN COMPLIANCE WITH NYSE
LISTING STANDARDS AND THE IMPACT ON THE RECEIPT OF THE NYSE NOTICE
ON THE COMPANY'S BUSINESS OPERATIONS. BECAUSE
SUCH STATEMENTS INCLUDE RISKS, UNCERTAINTIES AND CONTINGENCIES,
ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM THOSE EXPRESSED 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 IMPORT RESTRICTIONS; RISKS ASSOCIATED WITH
UNCERTAINTY RELATING TO THE COMPANY'S ABILITY TO IMPLEMENT
ITS STRATEGIES; RISKS ASSOCIATED WITH THE COMPANY'S ABILITY
TO IMPLEMENT AND REALIZE THE ANTICIPATED BENEFITS OF THE COMPANY'S
STRATEGIC INITIATIVES AND COST REDUCTION PROGRAM, 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 OR CIRCUMSTANCES.
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.