Troubled RadioShack to be delisted from NYSE - WRCBtv.com | Chattanooga News, Weather & Sports

Troubled RadioShack to be delisted from NYSE

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A Radio Shack storefront. AP photo A Radio Shack storefront. AP photo
By The Associated Press

(AP) - The New York Stock Exchange plans to delist the shares of troubled retailer RadioShack.

RadioShack Corp. has been struggling with weak sales that have rendered it unprofitable. The Texas-based company warned last year that it may have to seek Chapter 11 bankruptcy and its CEO recently warned it might not be able to find a long-term plan to stay afloat.

This has hammered its stock price and the NYSE requires companies meet certain market capitalization thresholds to remain on the exchange. According to a press release Monday, the NYSE plans to delist Radio Shack and suspend its shares because the company does not intend to submit a plan to address the issue.

RadioShack declined to comment.

Shares fell 13 percent to close at 24 cents on the NYSE.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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