Nitches, Inc. (NASDAQ: NICH) (the "Company")
January 21, 2009 announced the receipt of a letter dated
January 16, 2009 from the NASDAQ Stock Market LLC notifying the Company
that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because
the Company did not file its quarterly report on Form 10-Q for the period
ended November 30, 2008 by its prescribed due date. The Company also announced
today that it has submitted written notice to the NASDAQ Stock Market LLC
of its intention to voluntarily delist
its common stock from the NASDAQ Capital Market ("NASDAQ").
Nitches, Inc. is a wholesale importer and distributor of clothing and home
decor products manufactured to its specifications and distributed in the
United States under its brand labels and retailer-owned private labels.
The Company distributes clothing primarily in three categories: women's
sleepwear and loungewear; women's sportswear and outerwear, and men's casual
wear and performance apparel. Nitches, Inc. markets women's sleepwear and
loungewear under the brands, including Princesse tam tam, Derek Rose, Crabtree &
Evelyn, Disney Couture, The Anne Lewin Collection, The Claire Murray Collection
and Gossard. The Company markets women's sportswear and outerwear under
the brands, including Adobe Rose, Country Tease, Saguaro and Southwest Canyon.
Nitches, Inc. markets men's casual wear and performance apparel under the
brands, including Nat Nast, Newport Blue, Dockers, The Skins Game and ZOIC.
The Company distributes home decor products under the Bill Blass and Newport
Blue brands. In February 2008, the Company announced that it has acquired
outdoor lifestyle retailer Backwoods Equipment Company, whose operations
consist of Backwoods stores and travel service Backwoods Adventures. The
Company sells its branded products to department stores, specialty boutiques,
moderate department stores, and national and regional discount department
stores and chains. Nitches, Inc. also develops and manufactures private
label products for retailers and catalogs. On June 21, 2007, Nitches, Inc.
entered into a securities purchase agreement with Birchten Investments,
Ltd., an unaffiliated institutional investor, and Granite Financial Group,
LLC, an unaffiliated investment bank, for the sale of 12% subordinated convertible
debentures and common stock purchase warrants.
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