Jennifer Convertibles Must Meet Listing Requirements

March 6, 2006  by in UnCategorized   

By Home Furnishings Business in on March 2006 The American Stock Exchange has approved Woodbury, N.Y.-based Jennifer Convertibles' plan to meet listing requirements and gave the retailer until July 5, 2007 to comply.

Jennifer Convertibles submitted its plan in response to a Jan. 5 letter from the American Stock Exchange saying the retailer faced delisting for not meeting the $4 million minimum shareholder equity requirement.

The company said that as of Nov. 26, it had only $81,000 in shareholder equity. The retailer said that over the last nine months it has generated $4.8 million in profits and expects "continued profitability."

Jennifer Convertibles operates a 177-store chain of sofa-sleeper stores and 16 Jennifer Leather stores.