News & Press: National News

J.C. Penney receives delisting notice from NYSE

Tuesday, August 13, 2019  
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Maria Halkias | Dallas News

8/8/2019

Shoppers enter a J.C. Penney Co. store in Peoria, Illinois, U.S., on Saturday, May 12, 2018. Photo: Daniel Acker / © 2018 Bloomberg Finance LP

Photo: Daniel Acker

 

J.C. Penney received a notice from the New York Stock Exchange on Tuesday saying it was no longer in compliance with continued listing rules.

The company shares haven't maintained an average closing stock price of at least $1 over the past consecutive 30-day trading period.

Penney, which still has a market cap well above another trigger of $50 million, has six months from Tuesday to regain compliance, or until the company's next annual meeting in May 2020, if the company's recommended cure is a reverse stock split.

Penney said in a filing that it plans to pursue a reverse stock split no later than its next annual meeting if it needs to by then.  

Shares of Penney gained 6 cents, or 9%, to close at 69 cents a share on Thursday giving the company a market cap of $205.1 million.

The Plano-based department store chain is trying to turnaround the business under new leadership. CEO Jill Soltau has put her team together to restart Penney and make it more relevant to its shoppers. The company has also hired advisers to help it begin to restructure its $4 billion in debt that comes due in 2022 and 2023.


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