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Jan 31 – Feb 6, 2011 Edition Borders Stock Falls Below NYSE Minimum
ANN ARBOR, Mich., Feb. 4, 2011–Borders Group, Inc. (NYSE: BGP) today reported that on Feb. 3, 2011, it was notified by NYSE Regulation, Inc. that it was not in compliance with the continued listing standard of the New York Stock Exchange, Inc. (the “NYSE”) requiring a minimum average closing price of $1.00 per share over a consecutive 30 trading day period. Subject to providing required notice to the NYSE, the company is entitled to a six-month period from the date of the notification to cure this deficiency. During this period, Borders’ shares would continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards.
Borders Group, Inc., Americas second-largest bookstore chain, said in late January it will delay payments to publishers and other vendors, indicating it could be heading for bankruptcy.