Circuit City Receives Listing Warning From NYSE
Richmond, Va. Circuit City Stores announced Thursday that, on Oct. 24, the New York Stock Exchange (NYSE) notified the company that it did not satisfy one of the NYSE’s standards for continued listing applicable to the company’s common stock. The NYSE noted specifically that the company was “below criteria” for the NYSE’s price criteria for common stock because the average closing price of the company’s common stock was less than $1 per share over a consecutive 30-trading-day period as of Oct. 22.
Under NYSE policy, in order to cure the deficiency for this continued listing standard, the company’s common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1 by six months following receipt of the non-compliance notice. The NYSE also notified the company that the NYSE has the right to reevaluate continued listing determinations with respect to qualitative listing standards, including an abnormally low selling price at sustained levels.
In other news, a major shareholder of Circuit City has cut its holdings in the nation’s No. 2 consumer-electronics retailer, according to a regulatory filing on Thursday, the Richmond Times-Dispatch reported.
Classic Fund Management Aktiengesellschaft, a Liechtenstein-based asset-management company, lowered its stake to 8.2 million shares, or about 4.8%, from 9.5 million shares, or about 5.6%, according to documents filed with the Securities and Exchange Commission.
RadioShack launches electronics trade-in program
FORT WORTH, Texas RadioShack has launched an online electronics trade-in program that allows customers to exchange certain used portable electronics for a RadioShack Gift Card through http://www.RadioShack.com.
Customers who accept the trade-in value for their used product will be mailed a RadioShack Gift Card that can be used toward the purchase of new products in RadioShack stores nationwide or at RadioShack.com. Acceptable items for the RadioShack Online Trade-In Program include GPS devices, MP3 Players, wireless phones, digital camcorders, car audio head units, digital cameras, notebook computers, game media and game consoles.
“We are excited to offer our online customers an environmentally friendly solution by helping them trade-in their used portable electronics while at the same time helping them save on their next RadioShack purchase,” said Peter Whitsett, RadioShack’s evp of merchandising. “We know that consumers are looking for innovative ways to save money, and we think this program will help them stretch their dollars in time for the holiday shopping season at their neighborhood RadioShack.”
Pacific Sunwear rejects Adrenalina proposal
ANAHEIM, Calif. Pacific Sunwear of California announced that its board of directors has decided to reject Adrenalina’s revised proposal to purchase all of the issued and outstanding shares of common stock of Pacific Sunwear.
The company’s management, with the full support of the board, is committed to executing on their strategic plan to create long-term shareholder value.
Adrenalina, a retail-entertainment company currently operates three stores in Florida.