Wilsons receives notification from Nasdaq

22 Apr '08

2 min read

Wilsons The Leather Experts Inc announced that its Annual Report on Form 10-K, filed on April 14, 2008, included an explanatory paragraph from Wilsons' independent registered public accounting firm that Wilsons' recurring losses from operations and negative cash flows from operating activities raise substantial doubt about Wilsons' ability to continue as a "going concern." NASDAQ Marketplace Rules require Nasdaq listed companies to publicly announce the receipt of a "going concern" audit opinion.

Wilsons also announced that it received a letter, dated April 15, 2008, from The Nasdaq Stock Market, notifying Wilsons that based on its Form 10-K for the period ended February 2, 2008, Nasdaq staff determined that Wilsons' shareholders' equity was $5.0 million.

Accordingly, Wilsons does not comply with the minimum $10.0 million stockholders' equity requirement for continued listing on The Nasdaq Global Market set forth in Marketplace Rule 4450(a)(3).

The Nasdaq staff is reviewing Wilsons' eligibility for continued listing on The Nasdaq Global Market and has asked the Company to provide, on or before April 30, 2008, a specific plan to achieve and sustain compliance with all of the Nasdaq Global Market listing requirements, including a time frame for completion of the plan. The Company intends to respond formally to the Nasdaq request for a plan on or before the April 30, 2008 deadline.

Wilsons The Leather Experts Inc

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