Apparel retailer DTLR Holding Inc. of Hanover said Friday that it has canceled its plans for an initial public offering, citing an unspecified "business development" as the reason.

The company declined to comment beyond its one-sentence announcement.

DTLR announced its intention to go public a month ago, saying it planned to raise up to $75 million in the IPO. The company, which calls itself a "street-inspired lifestyle retailer," has 95 stores that sell shoes, shirts, caps and other items.

It said in November that its profit last fiscal year — ending in February — was $5.13 million, down modestly from $5.25 million the previous year.

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