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

Courtesy: House of Fraser

Textiles | On 27th Apr 2017

House of Fraser's online sales up 16.1%

British department store group House of Fraser's online sales have...

Textiles | On 27th Apr 2017

Rieter completes 20 years of launching Com4 yarn

Rieter, the world's leading supplier of systems for short-staple...

Textiles | On 27th Apr 2017

Walmart releases 10th Global Responsibility Report

Walmart has released its tenth annual Global Responsibility Report,...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

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

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search