Express delisted from the New York Stock Exchange

U.S. mall brand Express has seen its shares suspended from the New York Stock Exchange (NYSE) and will now be traded on the OTC Pink Open Market. The NYSE decided to seek delisting of Express as the retailer failed to meet the requirement of maintaining an average global market capitalization of at least 15 million dollars over 30 consecutive trading days, reported Market Watch.

Although the NYSE mentioned Express's right to appeal, there were no indications of plans for an appeal in Express's press release and securities filing.

Express stated that it had taken decisive measures in recent months to position itself for the long term, including implementing cost-saving initiatives and enhancing operational efficiency.

“Over the past several months, we have taken decisive steps to position Express for the long term, including implementing a series of cost-saving initiatives and streamlining our process to enhance operational efficiency,” CEO Stewart Glendinning said in a statement. “We remain focused on continuing to serve our customers and positioning our organization for the future.”

Reports from February suggested that the company was gearing up for a debt restructuring, potentially involving a bankruptcy filing. Express currently operates approximately 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico.

Brands or companies can get delisted from a stock exchange for various reasons. The decision to delist a company is typically made by the stock exchange itself, and the most common reasons for delisting include failure to meet listing requirements, financial distress and violations of Exchange rules.