Circuit City Receives Delistment Warning from NYSE

Authored by Mark Hefflinger on October 31, 2008 - 5:51am.

Richmond, Va. - Circuit City Stores (NYSE: CC), the troubled consumer electronics retailer, said that it has received a warning from the New York Stock Exchange (NYSE) that its stock has fallen out of compliance with market rules.

Specifically, the stock's closing price averaged below the market's $1 minimum during a 30-trading-day period ending Oct. 22.

Under NYSE rules, Circuit City now has six months to regain compliance. In the meantime, its stock, under the symbol "CC," will carry a ".BC" suffix, indicating that it is "below criteria."

Philip Schoonover last month resigned as Circuit City's chairman, president and CEO.

James Marcum, a director since June, was named acting president and CEO.