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Perfumania says Nasdaq will delist its stock; firm will not appeal

Perfumania Holdings Inc. says it received a notice

Perfumania Holdings Inc. says it received a notice warning that its stock will be delisted from the Nasdaq Stock Market. Credit: Minyvonne Burke

Perfumania Holdings Inc., a seller of celebrity and designer perfumes and fragrances that filed for bankruptcy last month, has received a notice warning that its stock will be delisted from the Nasdaq Stock Market, the company disclosed Thursday.

The Bellport-based specialty retailer said the delisting notice, received Tuesday, came in response to the company’s failure to file its earnings report for the second quarter in fiscal 2017 with the Securities and Exchange Commission. The quarterly earnings report was due earlier this month.

Perfumania said it does not plan to appeal the delisting, considering the retailer’s intention to emerge from Chapter 11 bankruptcy as a private company.

As a result, trading of the company’s stock on the Nasdaq will be suspended as of the opening of business on Sept. 28. After being delisted, the stock may be eligible to be quoted on the over-the-counter market, the company said.

Last month, Perfumania filed for Chapter 11 in U.S. Bankruptcy Court in the District of Delaware and submitted a “prepackaged” reorganization plan.

Under the plan, Perfumania will cancel its current equity, and shareholders who sign a release form will be paid $2 per share, the company announced last month.

Perfumania also had announced it intended to close 64 of its 226 stores. None of its seven Long Island stores are slated to close, and the 295 employees on the Island would not be affected, company spokeswoman Jennifer Mercer had said at the time.

Shares of Perfumania rose 2 cents Thursday to close at $1.88. They are down more than 15 percent in the past 12 months.

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