Home / Knowledge / News / Apparel/Garments / Hampshire update on Net Operating Loss Carryforwards
Hampshire update on Net Operating Loss Carryforwards
20
Jul '13
Hampshire Group, Limited, a leading provider of sportswear, announced that the Board of Directors, in consultation with management and the Company’s professional advisors, completed an examination of past trading and corporate actions that can affect the Company’s net operating loss carry forwards.

As a result of this examination, the Board of Directors has determined that on March 7, 2013, the Company underwent a “change of control” as defined by Section 382 of the Internal Revenue Code and, as a result, the Company will be significantly limited in its future use of federal net operating loss carryforwards generated prior to March 7, 2013 pursuant to the provisions of Section 382 and related sections of the Internal Revenue Code. The Company expects similar limitations will apply under state laws to state net operating loss carryforwards as well.

The Company is currently calculating the exact amount of the annual limitations. The Company currently estimates that it will be limited to using less than $1.0 million of the net operating loss carryforwards generated prior to March 7, 2013 on an annual basis going forward. Any net operating loss carryforwards generated after March 7, 2013 will be fully available for use. Full details will be provided in the Company’s upcoming 10-Q filing for the quarter ended June 30, 2013, which is expected to be filed in August 2013.

About Hampshire Group

Hampshire Group, Limited, along with its wholly-owned subsidiaries, Hampshire Brands, Inc. and Rio Garment S.A., is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. The Company specializes in designing and marketing men’s sportswear to department stores, chain stores and mass market retailers under licensed brands, our own proprietary brands and the private labels of our customers

Hampshire Group

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search