Bakers Footwear Receives Letter from Nasdaq Regarding Minimum Stockholders Equity Requirement
18 Diciembre 2009 - 3:01PM
Business Wire
Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading
specialty retailer of moderately priced fashion footwear for young
women, announced that on December 14, 2009, the Company received a
Staff Deficiency letter from The Nasdaq Stock Market (Nasdaq)
informing the Company that, based on the Company’s Form 10-Q filed
on December 9, 2009, the Company does not meet the $2,500,000
minimum stockholders’ equity required for continued listing on The
Nasdaq Capital Market (Capital Market) by Marketplace Rule
5550(b)(1). The Nasdaq letter has no immediate effect on the
listing of the Company’s common stock.
Nasdaq rules provide the Company with 15 calendar days (until
December 29, 2009) to submit a plan to regain compliance with the
$2,500,000 minimum stockholders’ equity standard. If the plan is
accepted, Nasdaq may grant an extension of up to 105 calendar days
from the date of the deficiency letter to regain compliance. If
compliance cannot be demonstrated within the extension period, or
if Nasdaq determines that the Company’s plan is not sufficient to
achieve compliance, it may provide written notice that the
Company’s common stock is subject to delisting from the Capital
Market. At such time, the Company may request a hearing before a
Nasdaq hearings panel. In such an event, the Company’s common stock
would remain listed on the Capital Market pending a final
determination by the panel.
The Company intends to submit its compliance plan to Nasdaq by
December 29, 2009 and believes it will regain compliance with the
Nasdaq minimum stockholders’ equity requirement at the end of
fiscal year 2009. Based on the Company’s business plan, the Company
expects to have net income greater than $6,000,000 in its fiscal
fourth quarter. The Company’s Quarterly Report on Form 10-Q and the
Company’s Annual Report on Form 10-K disclose additional
information regarding its business plan and provide additional
disclosure regarding the risks of the Company’s current liquidity
situation and its ability to comply with its financial
covenants.
Previously, as announced on September 18, 2009, the Company
received notice from Nasdaq that it does not satisfy the $1.00
minimum bid price requirement for continued listing on the Nasdaq
Capital Market. The Company has until March 15, 2010 to demonstrate
compliance with the minimum bid requirement.
About Bakers Footwear Group, Inc.
Bakers Footwear Group, Inc. is a national, mall-based, specialty
retailer of distinctive footwear and accessories for young women.
The Company’s merchandise includes private label and national brand
dress, casual and sport shoes, boots, sandals and accessories. The
Company currently operates over 240 stores nationwide. Bakers’
stores focus on women between the ages of 16 and 35. Wild Pair
stores offer fashion-forward footwear to both women and men between
the ages of 17 and 29.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN
THE MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND
SECTION 21(E) OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS
FOOTWEAR HAS NO DUTY TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE
EVENTS AND CIRCUMSTANCES COULD DIFFER MATERIALLY FROM THOSE SET
FORTH IN THIS STATEMENT DUE TO VARIOUS FACTORS. FACTORS THAT COULD
CAUSE THESE CONDITIONS NOT TO BE SATISFIED INCLUDE INABILITY TO
SATISFY NASDAQ LISTING REQUIREMENTS, INABILITY TO SATISFY DEBT
COVENANTS, MATERIAL DECLINES IN SALES TRENDS AND LIQUIDITY,
MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR IN BAKERS
FOOTWEAR’S BUSINESS, PROSPECTS, RESULTS OF OPERATIONS OR FINANCIAL
CONDITION, AND OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE
DETAILED IN BAKERS FOOTWEAR’S MOST RECENT ANNUAL REPORT ON FORM
10-K AND OUR MOST RECENT QUARTERLY REPORTS ON FORM 10-Q, INCLUDING
THOSE DISCUSSED IN “RISK FACTORS,” IN “MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS” AND IN
NOTE 2 TO THE FINANCIAL STATEMENTS IN THESE REPORTS, AND IN BAKERS
FOOTWEAR’S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.
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