Vince Holding Corp. Provides Business Update on COVID-19
18 March 2020 - 12:27AM
Business Wire
Vince Holding Corp. (NYSE:VNCE), a leading global contemporary
group (“Vince” or the “Company”), today announced that in an effort
to protect the safety of its employees, customers and the community
against the spread of COVID-19, it will temporarily close all Vince
and Rebecca Taylor stores in North America and the United Kingdom
from March 17 through March 29.
Retail employees for all brands will receive compensation for
their regularly scheduled shifts during this temporary closure
period. While retail locations will be closed, customers may
continue to shop online at vince.com, rebeccataylor.com and
parkerny.com.
Brendan Hoffman, Chief Executive Officer, commented, “Our
thoughts are with those who have been affected by this health
crisis. We will continue to monitor the situation and respond
accordingly. Despite the near-term uncertainty, we remain confident
in the long term fundamentals of our business.”
ABOUT VINCE HOLDING CORP.
Vince Holding Corp. is a global contemporary group, consisting
of three brands: Vince, Rebecca Taylor, and Parker. Vince,
established in 2002, is a leading global luxury apparel and
accessories brand best known for creating California-inspired
elevated yet understated pieces for every day effortless style.
Known for its range of luxury products, Vince offers women’s and
men’s ready-to-wear and accessories through 49 full-price retail
stores, 14 outlet stores, and its e-commerce site, vince.com as
well as premium wholesale channels globally and through its
subscription service, Unfold. Rebecca Taylor, founded in 1996 in
New York City, is a high-end women’s contemporary lifestyle brand
inspired by beauty in the everyday. The Rebecca Taylor collection
is available at Rebecca Taylor boutiques and at rebeccataylor.com
as well as high-end department and specialty stores worldwide as
well is its subscription service. Parker, founded in 2008 in New
York City, is a contemporary women’s fashion brand with high
perceived value. The Parker collection is available at parkerny.com
as well as high-end department and specialty stores worldwide.
Vince Holding Corp. is headquartered in New York. Please visit
www.vince.com for more information.
Forward-Looking Statements: This document, and any statements
incorporated by reference herein, contains 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 the Company's
future results and financial condition, revenues, store openings
and closings, margins, expenses and earnings 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: the expected
effects of the acquisition of Rebecca Taylor and Parker (the
“Acquired Businesses”) on the Company; our ability to integrate the
Acquired Businesses with Vince, including our ability to retain
customers, suppliers and key employees; our ability to realize the
benefits of our strategic initiatives; our ability to maintain our
larger wholesale partners; the execution and management of our
retail store growth plans; our ability to make lease payments when
due; our ability to expand our product offerings into new product
categories, including the ability to find suitable licensing
partners; our ability to comply with the obligations under our
credit facilities; our ability to continue having the liquidity
necessary to service our debt, meet contractual payment
obligations, and fund our operations; our ability to remediate the
identified material weakness in our internal control over financial
reporting; our ability to optimize our systems, processes and
functions; our ability to mitigate system security risk issues,
such as cyber or malware attacks, as well as other major system
failures; our ability to comply with privacy-related obligations;
our ability to comply with domestic and international laws,
regulations and orders; changes in laws and regulations; our
ability to ensure the proper operation of the distribution
facilities by third-party logistics providers; our ability to
anticipate and/or react to changes in customer demand and attract
new customers, including in connection with making inventory
commitments; our ability to remain competitive in the areas of
merchandise quality, price, breadth of selection and customer
service; our ability to keep a strong brand image; changes in
global economies and credit and financial markets; our ability to
attract and retain key personnel; our ability to protect our
trademarks in the U.S. and internationally; the execution and
management of our international expansion, including our ability to
promote our brand and merchandise outside the U.S. and find
suitable partners in certain geographies; our current and future
licensing arrangements; the extent of our foreign sourcing;
fluctuations in the price, availability and quality of raw
materials; commodity, raw material and other cost increases; our
reliance on independent manufacturers; seasonal and quarterly
variations in our revenue and income; further impairment of our
goodwill and indefinite-lived intangible assets; competition; other
tax matters; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200317005462/en/
Investor Relations: ICR, Inc. Jean Fontana, 646-277-1214
Jean.fontana@icrinc.com
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