Fresno, Ca — Trading of Gottschalks stock will be suspended on the New York Stock Exchange, prior to the market opening on October 27.
The NYSE made the decision due to the fact that over a 30-day trading period, the department store´s average global market capitalization was under $25 million. A written statement from Gottschalks says that the company plans to appeal the ruling. During the process, the stock will be moved to the OTC section, and could eventually be delisted, depending on the outcome.
The company says that the decision will not affect its business dealings, and remains in negotiations with Everbright Development Overseas, Ltd. If a deal is finalized with the Chinese company, officials say it would provide needed additional funding, and open up access to additional manufacturers.
Gottschalks is based out of Fresno.
Written by BJ Hansen