PFSweb to Delay Filing of its Second Quarter 2021 10-Q and Release of Earnings to Provide Additional Time to Account for LiveArea Divestiture

Rhea-AI Summary

PFSweb, Inc. (NASDAQ: PFSW) has announced a delay in filing its second quarter 2021 Form 10-Q due to the need for additional time to meet reporting and accounting requirements related to the proposed LiveArea divestiture. Despite this delay, the LiveArea sale remains on track to close in Q3 2021, subject to customary conditions. The company is committed to filing the necessary reports as soon as possible.

Positive

• LiveArea divestiture sale remains on track to close in Q3 2021.

Negative

• Delay in filing Q2 2021 Form 10-Q may impact investor confidence.

LiveArea Divestiture Still on Track to Close in the Third Quarter of 2021

ALLEN, Texas, Aug. 09, 2021 (GLOBE NEWSWIRE) -- PFSweb, Inc. (NASDAQ: PFSW), a global commerce services company, will have to delay the filing with the SEC of its second quarter 2021 Form 10-Q and release of earnings results in order to provide necessary additional time to meet the reporting and accounting requirements for its proposed LiveArea divestiture as a discontinued operation and other related financial reporting requirements associated with such divestiture.

The company is working diligently to complete and file with the SEC, as soon as possible, its second quarter Quarterly Report on Form 10-Q, and will announce the timing of the related earnings conference call as soon as the Form 10-Q nears completion.

The LiveArea sale transaction currently remains on track to close in the third quarter of 2021, subject to customary closing conditions.

About PFSweb, Inc.
PFSweb (NASDAQ: PFSW) is a global commerce services company that manages the online customer shopping experience on behalf of major branded manufacturers and retailers. Across two business units – LiveArea for data-driven marketing and omnichannel experience design through technology selection, platform implementation and orchestrated services, and PFS for order fulfillment, contact center, payment processing/fraud management, and order management services – they provide solutions to a broad range of Fortune 500® companies and household brand names such as Procter & Gamble, L’Oréal USA, Champion, Pandora, Ralph Lauren, Shiseido Americas, the United States Mint, and many more. PFSweb enables these brands to provide a more convenient and brand-centric online shopping experience through both traditional and online business channels. The company is headquartered in Allen, TX with additional locations around the globe. For more information, visit www.pfsweb.com.

Investor Relations:
Cody Slach and Jackie Keshner
Gateway Investor Relations
1-949-574-3860
PFSW@gatewayir.com

FAQ

What are the impacts of the LiveArea divestiture on PFSweb's financial performance?

The divestiture aims to streamline operations, potentially improving financial performance in the future.

When is PFSweb expected to release its Q2 2021 earnings report?

The earnings report will be released after the Form 10-Q is filed with the SEC.

What are the reasons for the delay in PFSweb's Q2 2021 filings?

The delay is due to additional time needed to meet reporting and accounting requirements related to the LiveArea divestiture.