Bombay Company Faces Delisting

May 24, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2007 The Bombay Company, Fort Worth, Texas, announced Thursday that it has been notified the the New York Stock Exchange that it is not in compliance with continued listing requirements. According to Bombay’s filing Thursday, the company’s stock price had fallen below $1 over a 30-day trading period, and its 30-day average market capitalization and stockholders’ equity had both fallen below $75 million.

The company intends to notify the exchange that it plans to cure the deficiencies and will submit a business plan to demonstrate its ability to comply with the listing standards. The company’s filing noted that if its unable to comply, it would seek to move its stock to another exchange.

The company, whose stock price opened at 62 cents Friday, was scheduled to report its first-quarter earnings Friday morning. In March, Bombay reported a $52.8 million net loss for its 2006 fiscal year as revenues declined 5.1 percent to $536.3 million. In its fourth quarter, revenues increased 0.7 percent to $188.2 million. It posted a fourth-quarter net loss of $1.7 million.

The company operates more than 419 home furnishings stores in the United States and internationally.