Cherokee Delays Year-End ReportThursday, April 18, 2013
Cherokee Inc. said late Thursday that it had delaying filing of its annual report due to unspecified financial reporting issues that occurred before its new chief financial officer started.
The Van Nuys apparel- and brand-licensing company typically ends its fiscal year at the end of January, but has not yet reported results. In a filing with the U.S. Securities and Exchange Commission, the company said it had determined that certain internal accounting controls over financial reporting were not effective.
Cherokee, whose apparel and accessory brands include Cherokee, Carole Little and Liz Lange, announced on March 1 that then-CFO Mark DiSiena had resigned to pursue other career opportunities and would be replaced by Jason Boling. Boling had been vice president of finance and accounting at Calabasas audio technology company DTS Inc.
Cherokee said Thursday that it plans to file its year-end report, “as soon as practical.”
Shares closed up 15 cents, or 1 percent, to $13 on the Nasdaq.