New York Stock Exchange to Delist Borders9 Mar, 2011 By: Chris Tribbey
Beleaguered retailer Borders Group said March 9 that its stock will be delisted from the New York Stock Exchange starting March 21, “because, in the opinion of the Exchange, the Securities are no longer suitable for continued listing and trading on the Exchange.”
Borders filed for bankruptcy protection Feb. 16 and had been warned by the Exchange Feb. 3 that its stock would be delisted if Borders couldn’t keep a minimum average closing price of $1 during a consecutive 30-day period. Borders shares closed at 23 cents March 9.
“NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the company’s common stockholders,” the Exchange noted.