The Children's Place Retail Stores Inc announced that, as anticipated, it received a Nasdaq Staff Determination letter dated June 14, 2007 from the Nasdaq Stock Market.
The letter states that because the Company has not filed its Form 10-Q for the fiscal first quarter of 2007 with the Securities and Exchange Commission, Nasdaq, pursuant to Marketplace Rule 4310(c)(14), has an additional basis for delisting the Company's securities from The Nasdaq Global Select Market.
The Company anticipated receipt of this notice since, as previously announced, it received previous determination letters indicating that the Company was not in compliance with the filing requirements for continued listing due to the Company's inability to file its Quarterly Reports on Form 10-Q for the second quarter ended July 29, 2006 and third ended October 28, 2006 and its annual report on Form 10-K for the fiscal year ended February 3, 2007.
Currently, Nasdaq's Listing and Hearing Review Council is reviewing the Company's continued listing because of the Company's failure to file such reports.
The Company has made a submission to the Council in support of its continued listing while it prepares and submits the missing reports, including, as previously announced, a restatement of its financial statements, which the Company expects to complete as soon as practicable.
In accordance with Marketplace Rule 4804(c), the Company may make an additional submission in regard to this additional deficiency for consideration as part of the pending review. There is no assurance that the Council will grant the Company's request for continued listing.
The Children's Place Retail Stores Inc
marketing@alchempro.com
