JC Penney warned that its stock could be thrown off NYSE
NEW YORK (AP) — J.C. Penney Co. says it has been warned that its stock could be removed from the New York Stock Exchange for trading below $1 for too long.
The department store chain, which traces its roots back to 1902, has six months to try and boost its stock price or face being delisted from the NYSE. It said it may seek shareholder approval for a reverse stock split.
One share of J.C. Penney was worth 69 cents Thursday. A year ago, shares traded above $2.
J.C. Penney has been hurting as more people shop online or at other stores. Attempts at reviving the once mighty chain have faltered. Sales at its established stores have fallen for the past three quarters.
The company, based in Plano, Texas, has 850 stores.