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(SOURCE:Frederick’s of Hollywood Group Inc., 12-02-2011)
HOLLYWOOD, Calif., Dec. 2, 2011 /PRNewswire/ -- Frederick’s of Hollywood Group Inc. ("Company") today announced that it has received a notice from the NYSE Amex 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 is not in compliance with Sections 1003(a)(i) and (ii) of the NYSE Amex 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. The Company has until January 6, 2012 to submit a plan to the NYSE Amex addressing how it intends to regain compliance with these continued listing standards within 18 months, or by May 30, 2013. The Company intends to submit a plan of compliance to the NYSE Amex by January 6, 2012.
The Company’s common stock continues to trade on the NYSE Amex under the symbol "FOH", but will shortly become subject to the trading symbol extension "BC" to denote non-compliance with the NYSE Amex’s continued listing standards.
Forward Looking StatementCertain 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 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 intimate apparel, swimwear and related products under its proprietary Frederick’s of Hollywood® brand through 123 specialty retail stores, a world-famous catalog and an online shop at . 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 . This release is available on the KCSA Strategic Communications Web site at .
CONTACT: Frederick’s of Hollywood Group Inc.Thomas Rende, CFO(212) 779-8300
Investor Contacts:Todd Fromer / Garth RussellKCSA Strategic Communications212-896-1215 / 212-896-1250 /
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