Tween Brands not in compliance with NYSE listing standards
Multichannel merchant Tween Brands Inc. has received notification from the New York Stock Exchange (NYSE) that it does not currently comply with NYSE continued listing standards.
Tween Brands, which markets the Limited Too and Justice brands for girls 7-14, received the notification on March 6 advising the company that its average market capitalization over a 30-day trading period was less than the $75 million level required by the NYSE.
Tween Brands has 45 calendar days from receipt of the notice to respond by submitting a business plan demonstrating how it will regain compliance within 18 months.
“While we are disappointed with the receipt of the notification, we intend to submit a plan to the NYSE, the cornerstone of which will be the successful transition to the Justice store brand, that will demonstrate the steps the company is taking to regain compliance,” said Mike Rayden, chairman and CEO at Tween Brands, in a statement.
In August, Tween Brands announced plans to transition to a single brand taking the best of Limited Too and the best of Justice to create a new Justice, which launched in February. Select Justice stores now carry a Limited Too clothing line. The same items also can be found online at www.shopjustice.com.
The transition involved converting approximately 560 Limited Too stores to the more value-oriented Justice brand. The company currently operates more than 900 Justice stores.