The company acknowledged Monday that under Nasdaq rules, it was required to get stockholder approval before borrowing
Because of that, the company will voluntarily delist itself from Nasdaq. It was still trading Monday, however. After opening at
The company founded in 1972 has struggled in recent years.
In March, after reporting sales had dropped 18.3 percent in the fourth quarter of 2013, the company announced that it was postponing its planned move from its current headquarters on
That week the company's stock fell from
At the time, Chief Executive Office Brian Woolf said the chain had been too skewed toward teens and needed to refocus on women in their mid-20s to mid-30s.
In May, it released its first-quarter earnings: Net revenues decreased 26.6 percent to
Net loss for the quarter was
The company then announced that Woolf's salary would be reduced from
(c)2014 The Florida Times-Union (Jacksonville, Fla.)
Visit The Florida Times-Union (Jacksonville, Fla.) at www.jacksonville.com
Distributed by MCT Information Services