PacSun To Be Removed From NASDAQ
Following a bankruptcy filing in April, things keep getting worse for retailer PacSun.
According to WWD, the company will be removed from NASDAQ, effective July 15.
PacSun received a second warning letter from the stock exchange in March about its shares trading below the required $1 USD minimum at least once during the course of a 30-day period.
It planned to appeal the decision, but withdrew that request when it filed for bankruptcy.
An auction for PacSun was scheduled for June, but no bidders emerged, other than its lender, Golden Gate Capital.
Following news of its bankruptcy, PacSun CEO Gary Schoenfeld said the company had no plans to close any of its stores, and that business will continue to run as usual.