Low Trading Price Could Get JC Penney Kicked Off New York Stock Exchange
NEW YORK (CBSDFW.COM/AP) — Plano-based J.C. Penney Co. is being 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 is now valued at around $220 million and has some 850 stores nationwide -- including more than 80 in Texas.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)