Circuit City gets delisting notice from NYSE
The troubled electronics retailer's stock doesn't meet minimum criteria to be listed, the company is told.
Things are getting worse at Circuit City.
The embattled electronics retail chain was notified October 24 by the New York Stock Exchange that its stock listing price is so low it's on the verge of being delisted.
According to a form Circuit City filed with the SEC Thursday, the NYSE said the company's stock was "below criteria" because the average closing price was less than $1 per share for the 30 previous days. NYSE requires any company's minimum average over that time period to be $1.
Circuit City's stock closed Friday down 4 cents to reach 26 cents.
Now that Circuit City has received the notice, it has six months to get the stock's act together. As long as the average 30-day closing price is more than $1 sometime during the next six months, it can stay listed.
Circuit City has 10 days to respond to the NYSE that it plans to get its stock back above $1. In the meantime, the company's CC ticker symbol will be followed by a ".BC" to show it's below continued listing standards.
The country's second-largest electronics retail chain behind Best Buy has been in turmoil since posting a huge loss at the end of 2007. The CEO recently, and the company is looking at ways to turn itself around, including .