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current news

NYSE Is Delisting Frederick’s February 22


(Filed Under Financial and General Interest News). The common stock of Frederick’s of Hollywood Group Inc., which trades as FOH, is being delisted from the New York Stock Exchange, “and its common stock is expected to be suspended from the Exchange effective at the open of the market on February 22, 2013,” according to the company. It added that Frederick’s “intends to remain current in its SEC reporting obligations, and expects that its common stock will be quoted and traded on the OTCQB Marketplace upon delisting from the Exchange, or as soon as practicable.”

The delisting comes after several warnings and was expected. Shares of the company’s stock have traded below $1, on average, in each of the quarters of the fiscal year ended July 28, 2012 as well as in the months since. Five years ago, on February 22, 2008, Frederick’s stock traded at $3.61. Today (February 15, 2013) it was trading at about 23 cents. In each of the last four fiscal years the firm has posted losses, ranging from $34.6 million in the fiscal year ended July 25, 2009 to $6.4 million in the most recent year. Although the trend had been improving, the firm posted a loss for the first quarter of its current fiscal year of $5.1 million, more than double the loss in the same quarter the previous year. In the past four years and three months the firm has posted combined losses of $79.4 million.

Five years ago, on February 14, 2008, the company reported it was operating 135 retail stores. Lately it has been operating 118 stores, a decrease of 12.6%. And in its most recent annual report it stated “We will continue to close certain under performing stores upon the expiration of their respective leases.”

Acknowledging that Frederick’s decided not to request a hearing to appeal the delisting determination, chairman and CEO Thomas Lynch said, “Although we are disappointed with the Exchange’s decision to move forward with delisting proceedings, we will continue to be a fully reporting company with the SEC and do not expect our move to the OTCQB to impact our business. We remain committed to unlocking the value of the Frederick’s of Hollywood brand for our shareholders.” In its announcement, Frederick’s noted that the “OTCQB is a market tier operated by the OTC Market Group Inc. for qualifying companies that are not listed on a national securities exchange.”


more Financial and General Interest News >>

Published 02-15-2013 by Nick Monjo

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