New Albany, Ohio Tween Brands said Tuesday it has been notified that it is currently not in compliance with the New York Stock Exchange’s listing standards.
The notification, which the chain received on March 6, advised Tween Brands that its average market capitalization was less than the $75 million level required by the NYSE. This level must be maintained over the course of a 30-day trading period.
According to NYSE rules, the chain has 45 calendar days to respond to the non-compliance notification. It must submit a business plan defining how Tween plans to regain compliance with this standard within 18 months of receipt of the notice.
If the NYSE accepts the plan, the retailer will be subject to quarterly monitoring to ensure it complies with the plan going forward. If the NYSE does not accept the plan, the retailer will be subject to suspension and delisting by the Securities and Exchange Commission.
“While we are disappointed with the receipt of the notification, we intend to submit a plan to the NYSE,” said Mike Rayden, chairman and CEO. “At the cornerstone of the plan will be an outline of the successful transition to the Justice store brand, and we will demonstrate the steps the company is taking to regain compliance.”