Pier 1 Imports Stock Faces NYSE Delististing for the Second Time This Year

Pier 1 Imports has received a new notice from the New York Stock Exchange saying it is no longer in compliance with rules for continued listing of its shares on the exchange.This time it's violating the market cap threshold of $50 million. The Fort Worth-based home furnishings retailer's market has been at about $25 million on average during the past 30 days ended on Aug. 2, when it had fallen to $14.4 million.Pier 1 received the notice from the NYSE on Monday. The company said in a filing on Thursday that it plans to respond within the required 10 days since receipt of the letter and expects to submit a plan.Earlier this year, the company's shareholders approved a 20-for-1 reverse stock split. That cured another NYSE rule that it had violated when it's shares traded for under $1 for more than 30 consecutive days. Twitter: @MariaHalkias  Continue reading...