Rowe Cos. in Noncompliance with AMEX Listing Regs

September 26, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on September 2006 The American Stock Exchange has give The Rowe Cos. written notice that the company does not meet one of the continued listing standards of the AMEX.

The exchange requires that the company submit a plan by Oct. 23 that outlines actions Rowe has taken or will take to comply with listing requirements or be delisted.

The company is in non-compliance with AMEX’s Section 1003(a)(iv) of the exchange’s company guide. “Based on the company’s voluntary commencement of Chapter 11 proceedings, the company has sustained losses which are so substantial in relation to its overall operations, or its financial condition has become so impaired that it appears questionable, in the opinion of AMEX, as to whether the company will be able to continue operations and/or meet its obligations as they mature.”

Rowe has not determined how it will respond to the notification.

The company, and its two subsidiaries Rowe Furniture and retailer Storehouse, filed Chapter 11 earlier this month.