NEW YORK--(BUSINESS WIRE)--Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel and accessories brand, today announced that on August 10, 2017, the New York Stock Exchange accepted the Company’s business plan for continued listing on the NYSE. Vince’s common stock will continued to be listed on the NYSE, subject to quarterly reviews by the NYSE for the next 18 months to ensure the Company’s continued progress toward the plan.
Brendan Hoffman, Chief Executive Officer, commented, “We are pleased that our compliance plan has been accepted by the exchange. We remain intently focused on strengthening our direct-to-consumer business, optimizing our wholesale business, and enhancing our brand. Ultimately, we believe that the initiatives that we are undertaking will enable us to improve performance and create value for our stockholders.”
As previously disclosed, on May 17, 2017, the Company received a notice from the NYSE indicating that it was not in compliance with the NYSE’s continued listing standards, because the Company’s 30-trading day average closing stock price was less than $1.00 and at the same time, the Company’s 30-trading day average market capitalization was less than $50 million and the Company’s stockholders’ equity was less than $50 million.
Established in 2002, Vince is a global luxury brand best known for utilizing luxe fabrications and innovative techniques to create a product assortment that combines urban utility and modern effortless style. From its edited core collection of ultra-soft cashmere knits and cotton tees, Vince has evolved into a global lifestyle brand and destination for both women’s and men’s apparel and accessories. As of April 29, 2017, Vince products were sold in prestige distribution worldwide, including approximately 2,300 distribution locations across more than 40 countries. With corporate headquarters in New York and its design studio in Los Angeles, the Company operated 40 full-price retail stores, 14 outlet stores and its e-commerce site, vince.com. Please visit www.vince.com for more information.