Pier 1 Imports' Stock Tries to Break Out of the Path to NYSE Delisting

Six weeks after Pier 1 Imports was notified that it could lose its New York Stock Exchange listing, the company's share price has perked up and moved back above $1.The Fort Worth-based home furnishings retailer's shares have closed above $1 a share for four consecutive trading days and closed at $1.33 on Monday, up 2 cents a share.It's stock is not out of the woods yet, but now shares are on a path that could avoid the expense of a reverse stock split, which was one cure the company had suggested. First, within a six-month period after receiving the NYSE notice, a stock has to have a closing price of at least $1 a share on the last trading day of any month during the cure period.If Pier 1's stock price closes at $1 or more on Thursday, the last day of February, the clock starts on the second hurdle. It has to maintain an average closing share price of at least $1 over a consecutive 30-day trading period.The chain of 987 stores was notified on Jan. 15 that it was no longer in compliance with the NYSE's minimum stock price requirements. At that point, its shares had traded below $1 for 30 days, triggering a six-month period when the company can work to retain its listing.Pier 1 has has struggled to get its sales and profits up while it built its e-commerce business and competitors gained market share.   Continue reading...

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