Latest news with #VinceHoldingCorp
Business Wire
07-07-2025
- Business
- Business Wire
Vince to Participate in Virtual Fireside Chat Hosted by Small Cap Consumer Research
NEW YORK--(BUSINESS WIRE)--Vince Holding Corp., (NYSE: VNCE) ('VNCE' or the 'Company'), a global contemporary retailer, today announced that Brendan Hoffman, Chief Executive Officer, and Yuji Okumura, Chief Financial Officer, will participate in a fireside chat hosted by Eric Beder from Small Cap Consumer Research on Thursday, July 10, 2025 at 12:00 p.m. Eastern Time. The event will be webcast live and can be accessed on the Company's Investor Relations website, An online archive will be available on that site following the fireside chat. ABOUT VINCE HOLDING CORP. Vince Holding Corp. is a global retail company that operates the Vince brand women's and men's ready to wear business. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day effortless style. Vince Holding Corp. operates 44 full-price retail stores, 14 outlet stores, and its e-commerce site, as well as through premium wholesale channels globally. Please visit for more information. This press release is also available on the Vince Holding Corp. website (
Fibre2Fashion
18-06-2025
- Business
- Fibre2Fashion
American retailer Vince reports $4.8 mn Q1 loss, suspends FY25 outlook
American retailer Vince Holding Corp has reported net sales of $57.9 million in the first quarter (Q1) of fiscal 2025 (FY25) ended May 3, reflecting a decline of 2.1 per cent year-on-year (YoY). The drop was primarily attributed to store closures and remodels, which weighed on the direct-to-consumer (DTC) segment, where sales fell 4.4 per cent to $27.6 million. The gross profit of the company totalled $29.2 million, representing 50.3 per cent of net sales. The gross margin contraction was driven by higher freight, duty, distribution, and wholesale mix costs. These pressures were partly offset by improved product pricing, lower input costs, and reduced promotional activity, Vince said in a press release. Vince Holding Corp has reported net sales of $57.9 million in Q1 FY25, down 2.1 per cent YoY, impacted by store closures and a 4.4 per cent drop in DTC sales. Gross profit stood at $29.2 million. The company posted a net loss of $4.8 million and adjusted EBITDA of -$3 million. Vince forecasts Q2 sales to be flat or down 3 per cent, with no full-year guidance due to tariff uncertainties. Selling, general, and administrative (SG&A) expenses rose to $33.6 million, or 58 per cent of sales. Vince posted an operating loss of $4.4 million, compared to an adjusted loss of $2 million in the same period last year. Adjusted EBITDA came in at -$3 million. The net loss for the quarter stood at $4.8 million or $0.37 per share, against an adjusted net loss of $3.3 million or $0.26 per share in Q1 FY24. The company did not recognise a tax benefit due to the anticipated non-realisation of year-to-date losses. Vince ended the quarter with 58 company-operated stores, down by four from a year ago. Segment-wise operating income declined to $8.6 million, compared to $10.1 million in the prior year period. 'I continue to be encouraged by the strong execution and commitment to excellence I see across our organisation, and while we are navigating a challenging environment marked by uncertainty, our first quarter performance was relatively in line with our expectations,' said Brendan Hoffman, chief executive officer (CEO) at Vince . 'As an organisation, we quickly pivoted all efforts in the latter portion of the quarter to develop and put into action mitigation plans in light of the evolving tariff policies. In short order we have diversified our supply chain, negotiated with vendors, and leveraged other opportunities to mitigate near-term costs. As we look ahead, we will continue these efforts along with providing customers a high-quality product offering and an engaging experience across our channels,' added Hoffman. Looking ahead to Q2 FY25, the company forecasts net sales to be flat or decline by up to 3 per cent. The operating income is projected to range from a 1 per cent loss to a 1 per cent gain of net sales, while adjusted EBITDA is expected to be between 1 and 4 per cent of sales. Given the uncertainty related to the potential impact and duration of current tariff policy, the company is not providing guidance for the full fiscal 2025, added the release. Fibre2Fashion News Desk (SG)
Yahoo
17-06-2025
- Business
- Yahoo
Vince Holding Corp. Reports First Quarter 2025 Results
Net Sales of $57.9 Million NEW YORK, June 17, 2025--(BUSINESS WIRE)--Vince Holding Corp. (NYSE: VNCE) ("VNCE" or the "Company"), a global contemporary retailer, today reported its financial results for the first quarter ended May 3, 2025. Brendan Hoffman, Chief Executive Officer of VNCE said, "I continue to be encouraged by the strong execution and commitment to excellence I see across our organization, and while we are navigating a challenging environment marked by uncertainty, our first quarter performance was relatively in line with our expectations. As an organization, we quickly pivoted all efforts in the latter portion of the quarter to develop and put into action mitigation plans in light of the evolving tariff policies. In short order we have diversified our supply chain, negotiated with vendors, and leveraged other opportunities to mitigate near-term costs. As we look ahead, we will continue these efforts along with providing customers a high quality product offering and an engaging experience across our channels." In this press release, the Company is presenting its financial results in conformity with U.S. generally accepted accounting principles ("GAAP") as well as on an "adjusted" basis. Adjusted results presented in this press release are non-GAAP financial measures. See "Non-GAAP Financial Measures" below for more information about the Company's use of non-GAAP financial measures and Exhibit 3 and Exhibit 4 to this press release for a reconciliation of GAAP measures to such non-GAAP measures. For the first quarter ended May 3, 2025: Total Company net sales decreased 2.1% to $57.9 million compared to $59.2 million in the first quarter of fiscal 2024. The year-over-year decline was driven by store closures and remodels which negatively impacted the retail store channel in the direct-to-consumer segment. Gross profit was $29.2 million, or 50.3% of net sales, compared to gross profit of $29.9 million, or 50.6% of net sales, in the first quarter of fiscal 2024. The decrease in gross margin rate was primarily driven by approximately 260 basis points related to higher freight and duty costs, approximately 120 basis points related to wholesale channel mix, and approximately 60 basis points due to higher distribution and handling costs. These factors were partially offset by approximately 330 basis points related to lower product costs and higher pricing and approximately 80 basis points related to lower promotional activity. Selling, general, and administrative expenses were $33.6 million, or 58.0% of sales, compared to $31.9 million, or 54.0% of sales, in the first quarter of fiscal 2024. The increase in SG&A dollars was primarily driven by higher marketing and advertising expenses, increased legal, information technology and third-party costs as well as increased expenses related to remodels and relocations. Loss from operations was $4.4 million compared to income from operations of $5.6 million in the same period last year. Excluding the Gain on Sale of Subsidiary (as defined below) in the first quarter of fiscal 2024, Adjusted loss from operations* in the first quarter of fiscal 2024 was $2.0 million. The income tax provision was $0 for the first quarter of fiscal 2025, as the Company has year-to-date ordinary pre-tax losses for the interim period and is anticipating annual ordinary pre-tax income for the fiscal year. The Company has determined that it is more likely than not that the tax benefit of the year-to-date loss will not be realized in the current or future years and as such, tax provisions for the interim periods should not be recognized until the Company has year-to-date ordinary pre-tax income. The tax provision in the first quarter of fiscal 2025 compares to an income tax benefit of $0.9 million in the same period last year. Net loss was $4.8 million or $(0.37) per share compared to net income of $4.4 million or $0.35 per share in the same period last year. Excluding the Gain on Sale of Subsidiary, the Adjusted net loss* was $3.3 million or $(0.26) per share in the first quarter of fiscal 2024. Adjusted EBITDA* was $(3.0) million compared to $(1.5) million in the same period last year. The Company ended the quarter with 58 company-operated Vince stores, a net decrease of 4 stores since the first quarter of fiscal 2024. First Quarter Review Net sales decreased 2.1% to $57.9 million as compared to the first quarter of fiscal 2024. Wholesale segment sales increased 0.1% to $30.3 million compared to the first quarter of fiscal 2024. Direct-to-consumer segment sales decreased 4.4% to $27.6 million compared to the first quarter of fiscal 2024. Income from operations relating to our reportable segments, Vince Wholesale and Vince Direct-to-consumer, was $8.6 million compared to income from operations of $10.1 million in the same period last year. Net Sales and Operating Results by Segment: Three Months Ended May 3, May 4, (in thousands) 2025 2024 Net Sales: Vince Wholesale $ 30,290 $ 30,257 Vince Direct-to-consumer 27,643 28,914 Total net sales $ 57,933 $ 59,171 (Loss) income from operations: Vince Wholesale $ 9,397 $ 10,184 Vince Direct-to-consumer (800 ) (64 ) Total segment income from operations 8,597 10,120 Other(1) — 7,633 Subtotal 8,597 17,753 Unallocated corporate (2) (13,035 ) (12,149 ) Total (loss) income from operations $ (4,438 ) $ 5,604 (1) During fiscal 2024, due to the completion of the winddown and sale of Rebecca Taylor, and the determination that Parker would not be considered in the Company's future operating plans, Rebecca Taylor and Parker was determined to no longer be an operating segment of the Company. Other relates to activity for Rebecca Taylor and Parker and for the first quarter of 2024 primarily consists of the Gain on Sale of Subsidiary (as defined below). (2) Unallocated corporate expenses are related to the Vince brand and are comprised of selling, general and administrative expenses attributable to corporate and administrative activities (such as marketing, design, finance, information technology, legal and human resource departments), and other charges that are not directly attributable to the Company's Vince Wholesale and Vince Direct-to-consumer reportable segments. Balance Sheet At the end of the first quarter of fiscal 2025, total borrowings under the Company's debt agreements totaled $34.7 million and the Company had $20.4 million of excess availability under its revolving credit facility. Net inventory at the end of the first quarter of fiscal 2025 was $62.3 million compared to $56.7 million at the end of the first quarter of fiscal 2024. During the quarter ended May 3, 2025, the Company did not issue shares of common stock under the ATM program. The Company continues to have shares available under the program to exercise with proceeds to be used as sources, along with cash from operations, to fund future growth. Outlook For the second quarter of fiscal 2025 the Company expects the following: Net sales to be approximately flat to down 3% compared to the prior year period. Operating Income as a percentage of net sales to be approximately (1)% to 1%. Adjusted EBITDA as a percentage of net sales to be approximately 1% to 4%. Given the uncertainty related to the potential impact and duration of current tariff policy, the Company is not providing guidance for the full year fiscal 2025. Strategic Partnership with Authentic Brands Group On May 25, 2023, the Company announced that it completed the previously announced transaction (the "Authentic Transaction") with Authentic Brands Group ("Authentic"). In connection with the Authentic Transaction, VNCE entered into an exclusive, long-term license agreement (the "License Agreement") with Authentic for usage of the contributed intellectual property for VNCE's existing business in a manner consistent with the Company's current wholesale, retail and e-commerce operations. The License Agreement contains an initial ten-year term and eight ten-year renewal options allowing VNCE to renew the agreement. *Non-GAAP Financial Measures In addition to reporting financial results in accordance with GAAP, the Company has provided, with respect to the financial results relating to the three months ended May 3, 2025 and May 4, 2024, adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation and amortization, share-based compensation, capitalized cloud computing amortization, and gain on sale of Rebecca Taylor, Inc. and its wholly owned subsidiary ("Gain on Sale of Subsidiary"). For the three months ended May 4, 2024, the Company has provided adjusted income (loss) from operations, adjusted income (loss) before income taxes and equity in net loss of equity method investment, adjusted income (loss) before equity in net loss of equity method investment, adjusted net income (loss), and adjusted earnings (loss) per share, which are non-GAAP measures, in order to eliminate the effect of the Gain on Sale of Subsidiary. The Company believes that the presentation of these non-GAAP measures facilitates an understanding of the Company's continuing operations without the impact associated with the aforementioned items. While these types of events can and do recur periodically, they are excluded from the indicated financial information due to their impact on the comparability of earnings across periods. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP results has been provided in Exhibit 3 and Exhibit 4 to this press release. Conference Call A conference call to discuss the first quarter results will be held today, June 17, 2025, at 8:30 a.m. ET, hosted by Vince Holding Corp. Chief Executive Officer, Brendan Hoffman, and Chief Financial Officer, Yuji Okumura. During the conference call, the Company may make comments concerning business and financial developments, trends and other business or financial matters. The Company's comments, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed. Those who wish to participate in the call may do so by dialing (833) 470-1428, conference ID 598215. Any interested party will also have the opportunity to access the call via the Internet at To listen to the live call, please go to the website at least 15 minutes early to register and download any necessary audio software. For those who cannot listen to the live broadcast, a recording will be available for 12 months after the date of the event. Recordings may be accessed at ABOUT VINCE HOLDING CORP. Vince Holding Corp. is a global retail company that operates the Vince brand women's and men's ready to wear business. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day effortless style. Vince Holding Corp. operates 44 full-price retail stores, 14 outlet stores, and its e-commerce site, as well as through premium wholesale channels globally. Please visit for more information. Forward-Looking Statements: This document, and any statements incorporated by reference herein contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the statements under "Outlook" above as well as statements regarding, among other things, our current expectations about possible or assumed future results of operations of the Company and are indicated by words or phrases such as "may," "will," "should," "believe," "expect," "seek," "anticipate," "intend," "estimate," "plan," "target," "project," "forecast," "envision" and other similar phrases. Although we believe the assumptions and expectations reflected in these forward-looking statements are reasonable, these assumptions and expectations may not prove to be correct and we may not achieve the results or benefits anticipated. These forward-looking statements are not guarantees of actual results, and our actual results may differ materially from those suggested in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, including, without limitation: changes to and unpredictability in the trade policies and tariffs imposed by the U.S. and the governments of other nations; our ability to maintain adequate cash flow from operations or availability under our revolving credit facility to meet our liquidity needs; general economic conditions; restrictions on our operations under our credit facilities; our ability to improve our profitability; our ability to maintain our larger wholesale partners; our ability to accurately forecast customer demand for our products; our ability to maintain the license agreement with ABG Vince, a subsidiary of Authentic Brands Group; ABG Vince's expansion of the Vince brand into other categories and territories; ABG Vince's approval rights and other actions; our ability to realize the benefits of our strategic initiatives; the execution of our customer strategy; our ability to make lease payments when due; our ability to open retail stores under favorable lease terms and operate and maintain new and existing retail stores successfully; our operating experience and brand recognition in international markets; our ability to remediate the identified material weakness in our internal control over financial reporting; our ability to comply with domestic and international laws, regulations and orders; increased scrutiny regarding our approach to sustainability matters and environmental, social and governance practices; competition in the apparel and fashion industry; the transition associated with the appointment of new chief executive officer and new chief financial officer; our ability to attract and retain key personnel; seasonal and quarterly variations in our revenue and income; the protection and enforcement of intellectual property rights relating to the Vince brand; our ability to successfully conclude remaining matters following the wind down of the Rebecca Taylor business; the extent of our foreign sourcing; our reliance on independent manufacturers; our ability to ensure the proper operation of the distribution facilities by third-party logistics providers; fluctuations in the price, availability and quality of raw materials; the ethical business and compliance practices of our independent manufacturers; our ability to mitigate system or data security issues, such as cyber or malware attacks, as well as other major system failures; our ability to adopt, optimize and improve our information technology systems, processes and functions; our ability to comply with privacy-related obligations; our ability to submit a required business plan and regain compliance with the New York Stock Exchange (the "NYSE") Listed Company Manual and maintain a listing of our common stock on the NYSE; our status as a "controlled company"; our status as a "smaller reporting company"; and other factors as set forth from time to time in our Securities and Exchange Commission filings, including those described under "Item 1A—Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We intend these forward-looking statements to speak only as of the time of this release and do not undertake to update or revise them as more information becomes available, except as required by law. Vince Holding Corp. and Subsidiaries Exhibit (1) Condensed Consolidated Statements of Operations (Unaudited, amounts in thousands except percentages, share and per share data) Three Months Ended May 3, May 4, 2025 2024 Net Sales $ 57,933 $ 59,171 Cost of products sold 28,770 29,258 Gross profit 29,163 29,913 as a % of net sales 50.3 % 50.6 % Gain on sale of subsidiary — (7,634 ) Selling, general and administrative expenses 33,601 31,943 as a % of net sales 58.0 % 54.0 % (Loss) income from operations (4,438 ) 5,604 as a % of net sales (7.7 )% 9.5 % Interest expense, net 856 1,646 (Loss) income before income taxes and equity in net income (loss) of equity method investment (5,294 ) 3,958 Provision (benefit) for income taxes — (887 ) (Loss) income before equity in net income (loss) of equity method investment (5,294 ) 4,845 Equity in net income (loss) of equity method investment 491 (465 ) Net (loss) income $ (4,803 ) $ 4,380 (Loss) earnings per share: Basic (loss) earnings per share $ (0.37 ) $ 0.35 Diluted (loss) earnings per share $ (0.37 ) $ 0.35 Weighted average shares outstanding: Basic 12,820,338 12,507,561 Diluted 12,820,338 12,611,901 Vince Holding Corp. and Subsidiaries Exhibit (2) Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands) May 3, February 1, May 4, 2025 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 2,588 $ 607 $ 739 Trade receivables, net 23,009 32,927 22,248 Inventories, net 62,260 59,146 56,674 Prepaid expenses and other current assets 7,598 3,896 6,949 Total current assets 95,455 96,576 86,610 Property and equipment, net 8,096 7,378 6,869 Operating lease right-of-use assets 88,011 91,209 70,377 Goodwill — — 31,973 Equity method investment 22,179 23,464 25,075 Other assets 4,216 4,108 2,175 Total assets $ 217,957 $ 222,735 $ 223,079 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 27,407 $ 35,090 $ 22,478 Accrued salaries and employee benefits 9,309 8,709 4,195 Other accrued expenses 9,429 13,722 9,487 Short-term lease liabilities 14,592 16,025 15,823 Total current liabilities 60,737 73,546 51,983 Long-term debt 34,749 19,156 50,102 Long-term lease liabilities 84,211 87,180 65,771 Deferred income tax liability and other liabilities 1,093 1,094 3,567 Stockholders' equity 37,167 41,759 51,656 Total liabilities and stockholders' equity $ 217,957 $ 222,735 $ 223,079 Vince Holding Corp. and Subsidiaries Exhibit (3) Reconciliation of GAAP to Non-GAAP measures (Unaudited, amounts in thousands except share and per share amounts) For the Three Months ended May 4, 2024 As Reported (GAAP) Gain on Sale of Subsidiary As Adjusted(Non-GAAP) Income (loss) from operations $ 5,604 $ 7,634 $ (2,030 ) Interest expense, net 1,646 — 1,646 Income (loss) before income taxes and equity in net loss of equity method investment 3,958 7,634 (3,676 ) Benefit for income taxes (887 ) — (887 ) Income (loss) before equity in net loss of equity method investment 4,845 7,634 (2,789 ) Equity in net loss of equity method investment (465 ) — (465 ) Net income (loss) $ 4,380 $ 7,634 $ (3,254 ) Earnings (loss) per share - diluted (1) $ 0.35 $ 0.61 $ (0.26 ) (1) As reported is based on diluted weighted-average shares outstanding of 12,611,901 and as adjusted is based on basic weighted average shares outstanding of 12,507,561 for the three months ended May 4, 2024. Accordingly, the sum of the as reported earnings (loss) per share and the reconciling items may not equal the as adjusted earnings (loss) per share. Vince Holding Corp. and Subsidiaries Exhibit (4) Reconciliation of Net (Loss) Income to Adjusted EBITDA (Unaudited, amounts in thousands) Three Months Ended May 3, May 4, 2025 2024 Net (loss) income $ (4,803 ) $ 4,380 Interest expense, net 856 1,646 Provision (benefit) for income taxes — (887 ) Depreciation and amortization 761 1,013 Share-based compensation 146 (5 ) Capitalized cloud computing amortization 12 — Gain on Sale of Subsidiary — (7,634 ) Adjusted EBITDA $ (3,028 ) $ (1,487 ) View source version on Contacts Investor Relations: ICR, Churchill, Sign in to access your portfolio
Yahoo
12-06-2025
- Business
- Yahoo
CaaStle Meltdown: P180 Sues ‘The Hunsicker Enterprise' for Conspiracy
It took Christine Hunsicker 14 years to build CaaStle up into what looked like a pioneering fashion rental service with hundreds of thousands of subscribers and a $1.4 billion valuation. But it took almost no time at all for the start-up case study to move from helping to buy fashion brands to devolving almost entirely into scandal. More from WWD Vince Sees Q4 Sales and Profitability Gains, but Projects Q1 Declines Amid Macro Uncertainties Fashion's Enron? P180 Blasts CaaStle's Christine Hunsicker in Fraud Lawsuit CaaStle Gets $2.75M Bridge Loan to Plan Chapter 11 Filing and Weigh Strategic Transactions Hunsicker was working with Brendan Hoffman's P180 to buy control of Vince Holding Corp. in late January and just two months later was out as CaaStle's chief executive officer, accused of doctoring financial statements, racking up losses of more than $510 million and more. The narrative is flipping again, from business breakdown to legal fallout. Already law enforcement was said to be investigating. Now P180 — which was cofounded by Hoffman and Hunsicker and minority-owned by CaaStle — is arguing in a new federal lawsuit that Hunsicker is more than a solitary bad actor, but the 'ringleader of a conspiracy' that violated the Racketeering Influenced and Corrupt Organizations Act, or RICO. 'This case is a tale of lies, betrayal and cover up,' said the P180 suit, which was filed May 27 and also names Jaswinder Pal Singh, George Goldenberg, Scott Callon and Chirag Jain as defendants. They are all tied to CaaStle. A spokesperson for the rental service did not immediately address WWD questions regarding the company or the suit on Tuesday. Hunsicker could not be reached. The federal case follows similar lines as a New York state suit that P180 filed against CaaStle, but adds more details and implicates more players. It is still Hunsicker at the center, though. Hoffman had worked with her before, during his first stint as CEO of Vince, when he dabbled in rental. But it was later, after he left the top job at Wolverine Worldwide in 2023, that Hunsicker made him a real rental believer. According to the suit, Hoffman came to believe that, 'Apparel retailers could reclaim — and perhaps even multiply — their valuation by increasing their marginal gains on discounted merchandise. For years, valuation of apparel companies had declined to be just pennies per dollar of revenue. Hunsicker promised e-commerce scale — specifically, technology and logistics that would enable regular clothing shipments to customers on a massive level — that would allow apparel companies to increase their margin on what otherwise would be discounted merchandise.' In a nutshell, the premise was that renting out instead of discounting goods that don't sell at full price would boost margins. It was a revelation profound enough that Hoffman created P180, marrying his expertise and relationships with Hunsicker's 'self-proclaimed technological and e-commerce prowess,' the suit said. 'What Hoffman did not know — but which eventually has become clear — is that Hunsicker is a world-class fraudster ranking alongside the likes of Bernie Madoff and Elizabeth Holmes,' the suit claimed. 'She lied to the world to make it appear that CaaStle was a success, lied specifically to Hoffman about CaaStle and hid CaaStle's financial data from Hoffman. She presented herself as a skillful and successful entrepreneur who built a robust e-commerce business, raised hundreds of millions of dollars for it and commanded a board of notable leaders in corporate governance. 'Hunsicker, though, did not act alone. She had co-conspirators…with whom she created her house of cards. Hunsicker and her co-conspirators repeatedly stated or implied that CaaStle had a large scale, a huge subscriber base and spectacular financials.' Instead of 'hundreds of thousands of subscribers and hundreds of millions of dollars in revenue, CaaStle itself had just a fraction of those subscribers, barely had any revenue, had supposedly spent hundreds of millions of dollars it received from investors, and had no viable business,' the suit said. 'The whole thing was a sham perpetuated by a pattern of persistent lying, obfuscation and, eventually, cover-up.' The suit repeatedly refers to the alleged conspiracy as 'The Hunsicker Enterprise.' Susan Scafidi, founder and director of the Fashion Law Institute at Fordham Law School, said the complaint 'recasts' the scandal, replacing a single mastermind with a conspiracy. 'It appears intended not only to get ahead of a government investigation but also to distribute the blame — and thus the potential financial liability — for alleged extreme financial misrepresentations, and also to tap into the enhanced damages available under RICO,' Scafidi said. 'If, as JFK noted, success has many fathers but failure is an orphan, this lawsuit aims to bring in as many key CaaStle players as possible for paternity tests — and the discovery process is likely to be in-depth and painful. 'The concept behind CaaStle was very compelling, and from a social perspective it's a pity that the circular and sharing economies of fashion seem so hard to monetize. But the big winners here may be the legal teams working to unravel the plot twists,' she said. There will be plenty to work with. P180's suit claims that 'The Hunsicker Enterprise' induced it to take self-dealing loans and had money 'fraudulently transferred out' of its bank account to both CaaStle and personal accounts. The alleged conspirators also overstated CaaStle's capabilities while P180 lined up investments in Vince and Altuzarra. Separately, CaaStle denied allegations in two cases filed against it in state court, one by a company that owns the name Express over use of the name Express Style Trial and the other by P180. CaaStle tried to get the state court suit by P180 thrown out, claiming it doesn't have standing to bring the case. But a P180 spokesperson said, 'CaaStle filed a motion to dismiss on a technicality that will soon be remedied and will not prevent the case from moving forward.' Best of WWD The Biggest Legal Battles Shaping the Fashion Industry Today PETA Asks Lululemon About Slaughterhouse Practices China's Livestreaming Star Viya Fined $210 Million for Tax Evasion
Business Wire
09-05-2025
- Business
- Business Wire
Vince Holding Corp. Receives Continued Listing Standard Notice from the NYSE
NEW YORK--(BUSINESS WIRE)--Vince Holding Corp. (NYSE: VNCE) ("VNCE" or the "Company"), a global contemporary retailer, today announced that on May 6, 2025, the Company received a written notice (the 'Notice') from the New York Stock Exchange ('NYSE') that the Company did not presently satisfy NYSE's continued listing standards under Section 802.01B of NYSE Listed Company Manual (the 'Manual'), which requires the Company's 30-trading day average market capitalization to be at least $50 million and the Company's stockholders' equity to be at least $50 million. As set forth in the Notice, as of May 5, 2025, the Company's 30-trading day average market capitalization was approximately $22.6 million and the Company's last reported stockholders' equity, as of February 1, 2025, was approximately $41.8 million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company must submit to NYSE a business plan that demonstrates compliance with Section 802.01B of the Manual. The Listing Operations Committee of the NYSE will review the business plan and will either accept the plan, at which time the Company will be subject to ongoing quarterly monitoring for compliance with the business plan, or NYSE will reject the business plan, at which time the Company will be subject to suspension and delisting proceedings. The Company expects to timely submit such a business plan to NYSE. Pursuant to NYSE rules, the Company's common stock will continue to be listed and traded on NYSE during the cure periods outlined above, subject to the Company's compliance with other NYSE continued listing requirements. The current noncompliance with the standard described above does not affect the Company's ongoing business operations or its reporting requirements with the Securities and Exchange Commission. ABOUT VINCE Vince Holding Corp. is a global retail company that operates the Vince brand women's and men's ready to wear business. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day effortless style. Vince Holding Corp. operates 44 full-price retail stores, 14 outlet stores, and its e-commerce site, as well as through premium wholesale channels globally. Please visit for more information. Forward-Looking Statements: This document, and any statements incorporated by reference herein contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about possible or assumed future results of operations of the Company and are indicated by words or phrases such as "may," "will," "should," "believe," "expect," "seek," "anticipate," "intend," "estimate," "plan," "target," "project," "forecast," "envision" and other similar phrases. Although we believe the assumptions and expectations reflected in these forward-looking statements are reasonable, these assumptions and expectations may not prove to be correct and we may not achieve the results or benefits anticipated. These forward-looking statements are not guarantees of actual results, and our actual results may differ materially from those suggested in the forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, including, without limitation: fluctuations in our market capitalization and stockholders' equity; our ability to regain compliance with the Manual and maintain a listing of our common stock on the NYSE; changes to and unpredictability in the trade policies and tariffs imposed by the U.S. and the governments of other nations; our ability to maintain adequate cash flow from operations or availability under our revolving credit facility to meet our liquidity needs; general economic conditions; restrictions on our operations under our credit facilities; our ability to improve our profitability; our ability to maintain our larger wholesale partners; our ability to accurately forecast customer demand for our products; our ability to maintain the license agreement with ABG Vince, a subsidiary of Authentic Brands Group; ABG Vince's expansion of the Vince brand into other categories and territories; ABG Vince's approval rights and other actions; our ability to realize the benefits of our strategic initiatives; the execution of our customer strategy; our ability to make lease payments when due; our ability to open retail stores under favorable lease terms and operate and maintain new and existing retail stores successfully; our operating experience and brand recognition in international markets; our ability to remediate the identified material weakness in our internal control over financial reporting; our ability to comply with domestic and international laws, regulations and orders; increased scrutiny regarding our approach to sustainability matters and environmental, social and governance practices; competition in the apparel and fashion industry; the transition associated with the appointment of new chief executive officer and new chief financial officer; our ability to attract and retain key personnel; seasonal and quarterly variations in our revenue and income; the protection and enforcement of intellectual property rights relating to the Vince brand; our ability to successfully conclude remaining matters following the wind down of the Rebecca Taylor business; the extent of our foreign sourcing; our reliance on independent manufacturers; our ability to ensure the proper operation of the distribution facilities by third-party logistics providers; fluctuations in the price, availability and quality of raw materials; the ethical business and compliance practices of our independent manufacturers; our ability to mitigate system or data security issues, such as cyber or malware attacks, as well as other major system failures; our ability to adopt, optimize and improve our information technology systems, processes and functions; our ability to comply with privacy-related obligations; our status as a 'controlled company'; our status as a 'smaller reporting company'; and other factors as set forth from time to time in our Securities and Exchange Commission filings, including those described under "Item 1A—Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We intend these forward-looking statements to speak only as of the time of this release and do not undertake to update or revise them as more information becomes available, except as required by law.
