Circuit City Listing Suspended; First-Day Motions Approved
After threatening to do so last week, the New York Stock Exchange formerly moved towards delisting Circuit City's stock Monday. The move came the same day the troubled CE retailer filed for Chapter 11 bankruptcy protection.
The NYSE actually suspended the stock's listing, but according to a company statement, Circuit City "does not intend to take any further action to appeal the NYSE's decision, and therefore it is expected that the common stock will be delisted after the completion of the NYSE's application to the Securities and Exchange Commission."
The Exchange had threatened last week to drop the company's stock if it remained below its minimum threshold for continued inclusion.