Shoe Pavilion retail location

SHERMAN OAKS, Calif. (June 23, 2008)—The Nasdaq Stock Market has issued a written notice to Shoe Pavilion, Inc. (SHOE), indicating that the company has not satisfied the minimum bid price requirements for continued listing on the Nasdaq Global Market—the bid price of its common stock has closed below the minimum bid price listing requirement of $1 per share for 30 consecutive business days. Under Nasdaq Marketplace rules, the off-price footwear retailer has until Dec. 16 to regain compliance with the minimum bid price requirement. If at any time before that date, the bid price of the company’s common stock closes at $1 per share or more for a minimum of 10 consecutive business days, the company will likely regain compliance with the listing requirement.

If the company does not achieve the minimum closing bid price requirement by the deadline, then Nasdaq will provide written notice of delisting. Shoe Pavilion may either appeal this decision or, it may apply to transfer its listing to the Nasdaq Capital Market, provided that it qualifies under all of the Nasdaq Capital Market initial listing criteria.

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