The American department store chain J.C. Penney is threatened to lose his listing on the New York Stock Exchange. The company’s share has been below the required minimum for quite some time, the New York Stock Exchange (NYSE) has announced. J.C. Penney now has six months to improve the situation.
The average closing price over a period of thirty trading days of J.C. Penney has fallen below 1 dollar per share, and that is not allowed according to NYSE rules. J.C. Penney now hopes to get shareholders’ approval for a reverse stock split to rise above the lower limit.
J.C. Penney has already lost about 70 percent of his stock market value in one year. The retail chain closed the first quarter with less revenue and an increasing loss. In addition, a debt of approximately $ 4 billion also weighs heavily on the company.
J.C. Penney is by no means the only American retail chain that has a hard time. Earlier this week, it was announced that the Barneys New York luxury department store had requested an extension of payment and closed three of its eight branches