J.C. Penney is no longer at risk of having its stock delisted. The Plano, Texas-based retailer said it received notice from the New York Stock Exchange on Monday notifying it that it had regained compliance. It had been alerted its shares were at risk in early August.
Penney’s minimum average stock price in the last 30 trading days gave it an average above the $1 minimum. Penney shares also had to close above $1 on the last trading day of the month under the NYSE rules. It closed at $1.13 on Nov. 29. The stock price closed at $1.10, down 3 cents on Monday.
With a new management team put together the last year by CEO Jill Soltau, Penney showed it can improve its margins, or profitability, with its third-quarter results released last month, but sales continued to decline.
