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Kmart Delisted From NYSE

20 Dec, 2002 By: Jessica Wolf

Another smackdown for Kmart came this week as the beleaguered retailer was delisted from the New York Stock Exchange Dec. 19.

Kmart (KM) stock was trading at about 35 cents per share at market close Dec. 19 and could not rally to meet exchange guidelines that required the stock to trade at more than $1 per share for a full month.

The company, in bankruptcy protection since early this year, will still list shares in the over-the-counter market under the ticker symbol KMRTQ for Kmart Corp. common stock.

Kmart officials told “CBS Market Watch” that the delisting will not interfere with Kmart Corp.'s continuing efforts to emerge from Chapter 11 protection. The delisting marked an end to Kmart's 84 years on the New York Stock Exchange.

Meanwhile, Kmart plans to take advantage of the last-minute gift shoppers of this year's shortened holiday shopping season by remaining open for 110 continuous hours, beginning at 6 a.m., Dec. 20.

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