Nitches, Inc., the parent of Backwoods, announced that it received a letter dated December 17 from Nasdaq notifying the company that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because the Company did not file its annual report on Form 10-K for the period ended August 31, 2008 by its prescribed due date.


To maintain our Nasdaq listing, Nitches said it must submit a plan to Nasdaq by Feb, 15, 2009, advising Nasdaq of action we have taken, or will take, to regain compliance.

 

The company said, “We intend to submit such a plan on or before Feb. 15, 2009. Following a review of the plan we submit, Nasdaq can grant us an exception, until June 15, 2009, to regain compliance.If we do not submit a plan, or if our plan is not accepted, or if our plan is accepted but we fail to make progress consistent with our plan, or we are not in compliance by June 15, 2009, we will be subject to delisting proceedings. Under Nasdaq rules, we have the right to appeal any determination by Nasdaq to delist our common stock.”

 

Nitches also makes women’s sleepwear and loungewear under the brands Anne Lewin, Crabtree & Evelyn, Princesse tam tam, Derek Rose, Gossard, Shock Absorber, Cuddl Duds and Odille Oasis. It makes women’s sportswear and outerwear under the brands Adobe Rose, Country Tease, Saguaro and Southwest Canyon. The company markets men’s casual wear and performance apparel under the brands Nat Nast, Newport Blue, Dockers, The Skins Game and ZOIC.