Blaming the added costs of conforming to the Security Exchange Commission’s most recent requirements for public companies, Concepts Direct plans to deregister its common stock and become a privately held company.
The Longmont, CO-based multititle mailer intends to file a Form 15, which would take the company private, on May 14. The parent company of the Linda Anderson, Colorful Images, Snoopy etc., Music Stand, and Garfield Stuff stationery and gifts catalogs currently trades on the Over the Counter Bulletin Board (OTCBB) under the symbol CDIR.
The decision to go private is just the latest change for Concepts Direct. On April 14, three of its five board members resigned, and the company decided to reduce the number of board of directors to three. Chairman/president/CEO Philip Wiland said he was unsure as to when the third board member would be named.
The company was officially for sale earlier this year, after Wiland offered to buy the company for $0.68 a share. Wiland’s bid was refused.