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Vince shares closed down nearly 30% at 95 cents after news of the going concern warning emerged. Moody's Investors Service had already downgraded the company's corporate family rating and first lien debt a week earlier. The downgrade affected most of the company's $50.7 million in debt, which includes a $45 million senior secured term loan maturing in 2019 and $7.8 million drawn on an $80 million asset backed senior secured revolving credit facility. Vince could become a contestant in the pageant of pain many clothing and other retailers have entered. While Vince is a manufacturer, it makes men's and women's clothing for its own 40 stores and retailers such as Saks Fifth Avenue, Neiman Marcus, Nordstrom and Harrods. Vince CEO Brendan Hoffman was optimistic, saying in a news statement on January quarter earnings that the company plans to move forward with its expansion plans. But when it came down to dollars and cents, the news was not good. Net sales were down 21.9% to $63.9 million for the January quarter. Nearly $53 million in operating losses included $53.1 million in goodwill charges. "Results for the fourth quarter came in below our expectations, due primarily to challenges related to our systems conversion, which led to delayed shipments of spring product and off-price shipments, as well as lower than expected performance in our pre-spring collection," Hoffman said. He also said the company is suspending earnings guidance.

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