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Borders receives delisting warning from NYSE
SAN FRANCISCO (Reuters) – Troubled bookseller Borders Group Inc (BGP.N) said on Friday that the New York Stock Exchange warned it its low share price did not meet listing requirements.
The company said it was notified on Thursday it was not in compliance with a standard requiring shares to maintain an average closing price of $1.00 over a 30 day trading period. Borders has six months to fix the problem.
Shares last hit $1.00 on January 28.
Borders, which operates 500 namesake stores, is the second-largest book chain in the United States that has been struggling for years with sliding sales and most recently with a cash crunch.
It has said that it may need to explore a restructuring under court supervision, which could mean a bankruptcy filing.
Borders shares closed at 39 cents, down 1.75 percent, on Friday on the New York Stock Exchange.
(Reporting by Alexandria Sage; editing by Andre Grenon)
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Inviato da: tattoosupplies888
il 07/09/2010 alle 09:28