The Warnaco Group, Inc. (NASDAQ: WRNC) today announced that it has filed
an application to list its common stock on the New York Stock Exchange
(NYSE). The Company expects to begin trading on the NYSE on May 15, 2008
(subject to approval by the NYSE) under the stock symbol "WRC.”
The Company will continue to trade on the
Nasdaq Global Select Market
until that time.
"We are pleased to be listing on the NYSE,”
said Joseph R. Gromek, President and Chief Executive Officer of Warnaco. "It
is a milestone in the life of our Company as we continue to implement
our global growth strategies. In addition, we would like to thank the
NASDAQ for their support over the past several years.”
"We are delighted to welcome The Warnaco Group to our growing family of
NYSE-listed companies,” said NYSE Euronext
Group Executive Vice President and Head of Global Listings, Catherine R.
Kinney. "We look forward to a beneficial and
lasting partnership and to providing the Company and its shareholders
with the highest levels of service, liquidity and brand visibility
associated with listing on NYSE Euronext markets.” ABOUT WARNACO
The Warnaco Group, Inc., headquartered in New York, is a leading apparel
company engaged in the business of designing, sourcing, marketing and
selling intimate apparel, menswear, jeanswear, swimwear, men’s
and women’s sportswear and accessories under
such owned and licensed brands as Warner’s®,
Olga®, Body Nancy Ganz®,
and Speedo®, as well as Chaps®
sportswear and denim, and Calvin Klein® men’s
and women’s underwear, men’s
and women’s bridge apparel and accessories,
men’s and women’s
jeans and jeans accessories, junior women’s
and children’s jeans and men’s
and women’s swimwear.
FORWARD-LOOKING STATEMENTS
The Warnaco Group, Inc. notes that this press release and certain other
written, electronic and oral disclosure made by the Company from time to
time, may contain forward-looking statements that are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The forward-looking statements involve risks and
uncertainties and reflect, when made, the Company's estimates,
objectives, projections, forecasts, plans, strategies, beliefs,
intentions, opportunities and expectations. Actual results may differ
materially from anticipated results, targets or expectations and
investors are cautioned not to place undue reliance on any
forward-looking statements. Statements other than statements of
historical fact, including, without limitation, future financial
targets, are forward-looking statements. These forward-looking
statements may be identified by, among other things, the use of
forward-looking language, such as the words "believe," "anticipate,"
"estimate," "expect," "intend," "may," "project," "scheduled to,"
"seek," "should," "will be," "will continue," "will likely result, "
"targeted", or the negative of those terms, or other similar words and
phrases or by discussions of intentions or strategies. The following
factors, among others and in addition to those described in the
Company's reports filed with the SEC (including, without limitation,
those described under the headings "Risk Factors" and "Statement
Regarding Forward-Looking Disclosure," as such disclosure may be
modified or supplemented from time to time), could cause the Company's
actual results to differ materially from those expressed in any
forward-looking statements made by it: the Company's ability to execute
its repositioning and sale initiatives (including achieving enhanced
productivity and profitability) previously announced; economic
conditions that affect the apparel industry; the Company's failure to
anticipate, identify or promptly react to changing trends, styles, or
brand preferences; further declines in prices in the apparel industry;
declining sales resulting from increased competition in the Company’s
markets; increases in the prices of raw materials; events which result
in difficulty in procuring or producing the Company's products on a
cost-effective basis; the effect of laws and regulations, including
those relating to labor, workplace and the environment; changing
international trade regulation, including as it relates to the
imposition or elimination of quotas on imports of textiles and apparel;
the Company’s ability to protect its
intellectual property or the costs incurred by the Company related
thereto; the risk of product safety issues, defects or other production
problems associated with the Company's products; the Company’s
dependence on a limited number of customers; the effects of
consolidation in the retail sector; the Company’s
dependence on license agreements with third parties; the Company’s
dependence on the reputation of its brand names, including, in
particular, Calvin Klein; the Company’s
exposure to conditions in overseas markets in connection with the Company’s
foreign operations and the sourcing of products from foreign third-party
vendors; the Company's foreign currency exposure; the Company’s
history of insufficient disclosure controls and procedures and internal
controls and restated financial statements; unanticipated future
internal control deficiencies or weaknesses or ineffective disclosure
controls and procedures; the effects of fluctuations in the value of
investments of the Company’s pension plan;
the sufficiency of cash to fund operations, including capital
expenditures; the Company's ability to service its indebtedness, the
effect of changes in interest rates on the Company's indebtedness that
is subject to floating interest rates and the limitations imposed on the
Company's operating and financial flexibility by the agreements
governing the Company's indebtedness; the Company’s
dependence on its senior management team and other key personnel; the
Company’s reliance on information technology;
the limitations on purchases under the Company's share repurchase
program contained in the Company's debt instruments, the number of
shares that the Company purchases under such program and the prices paid
for such shares; the Company’s inability to
achieve its financial targets and strategic objectives, as a result of
one or more of the factors described above, changes in the assumptions
underlying the targets or goals, or otherwise; the failure of acquired
businesses to generate expected levels of revenues; the failure of the
Company to successfully integrate such businesses with its existing
businesses (and as a result, not achieving all or a substantial portion
of the anticipated benefits of such acquisitions); and such acquired
businesses being adversely affected, including by one or more of the
factors described above and thereby failing to achieve anticipated
revenues and earnings growth.
The Company encourages investors to read the section entitled "Risk
Factors" and the discussion of the Company's critical accounting
policies under "Management's Discussion and Analysis of Financial
Condition and Results of Operations -- Discussion of Critical Accounting
Policies" included in the Company's Annual Report on Form 10-K, as such
discussions may be modified or supplemented by subsequent reports that
the Company files with the SEC. The discussion in this press release is
not exhaustive but is designed to highlight important factors that may
affect actual results. Forward-looking statements speak only as of the
date on which they are made, and, except for the Company's ongoing
obligation under the U.S. federal securities laws, the Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
