Friday, October 31, 2008

Tweeter Liquidated, Circuit City Fears Delisting From NYSE

A bad day for CE retail.

Circuit City has been notified by the New York Stock Exchange (NYSE) that it didn't satisfy one of the standards for continued listing of the company's common stock.The NYSE told Circuit City it was "below criteria" because the average closing price of the company's common stock was less than $1 per share for 30 straight trading days as of October 22.

Tweeter was purchased by a liquidator Thursday night after closing all of its distribution centers and pushing all inventory out to its stores, TWICE learned.
Company managers are currently being notified by conference call.
Last night, management held a conference call with top regional personnel to inform them of the decision, according to sources with close ties to the chain. The name of the liquidation company wasn’t mentioned in that call.

Normally you'd expect a snide comment at this point, but I've got nothing.

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