From Home Furnishing Business
NYSE Halts Trading of HHGregg Stock; Shares to be De-Listed
2017 by Larry Thomas in Financial Reports, Industry
Struggling retailer HHGregg said the New York Stock Exchange suspended trading of its stock at the close of business Monday, and it expects the stock to be de-listed.
The company said trading was suspended because its market capitalization has been below $15 million for more than 30 consecutive trading days, which is a violation of NYSE regulations. Trading will resume on the over-the-counter "pink sheets" under the symbol HGGG, the company said.
The stock closed Monday at 23 cents per share on the NYSE. It has traded as high as $2.72 per share in the past year, but has fallen precipitously in recent months in the wake of several unprofitable quarters and declining sales. The retailer has attempted to turn around its fortunes by, among other things, focusing on higher-margin furniture and appliances instead of lower-margin electronics.
Several media reports last week said the company was preparing to file for Chapter 11 bankruptcy protection.