USA: Worldtex Currently Below NYSE Continued Listing Standards
Worldtex, Inc (NYSE: WTX) announced today that it has been notified by the New York Stock Exchange ("NYSE") that it does not currently meet the newly effective NYSE continued listing standards. These standards require, among other things, that listed companies have a total market capitalization of not less than $50 million and total stockholders' equity of not less than $50 million.As required by the NYSE, Worldtex, Inc has presented a plan to the NYSE's Listings and Compliance Committee outlining how the company plans to comply with the continued listing standards. After reviewing the plan, the Committee will either accept it (following which the Company will be subject to quarterly monitoring for compliance with the plan), or not (in which event the Company will be subject to NYSE trading suspension and delisting.Worldtex has been adversely affected by a decline in demand for ladies hosiery that utilizes covered elastic yarn, softness in the European textile market and strengthening of the US dollar, a sales shift toward lower margin narrow elastic fabrics and the bankruptcy filing of its largest customer, Fruit of the Loom. However, Barry D. Setzer, chairman and chief executive officer, said: "Our experienced management team is working diligently to improve Worldtex's financial results, notwithstanding these challenging times for the textile industry. Worldtex is proud to have been listed on the New York Stock Exchange since 1992, and we are optimistic that the Exchange will continue our listing."With current annual revenues of nearly $300 million, Worldtex is a market leader in the covered elastic yarn and narrow elastic fabric markets throughout the Americas and Europe. Worldtex supplies a broad range of component products to the apparel, textile, medical and specialty end-use markets.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Digitalisation and data to disrupt supply chains
- EU eyes mandatory due diligence for apparel supply
- Unlocks for the future fashion sourcing landscape
- What TTIP might mean for US, EU textiles & apparel
- Geo-political uncertainty and how to survive it
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – G-III Apparel, Finish Line
- Big data to help US firms improve clothing fit
- Levi Strauss and ILO probe Cambodia factory death
- Labour rights risk Bangladesh EU trade benefits?
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack