Express receives delisting notification from NYSE

American retailer Express has announced that it has received a delisting notification from the New York Stock Exchange (NYSE) that would see its common stock suspended from market close on March 6.

Instead, the company’s common stock will be trading publicly on the over-the-counter (OTC) Pink market, under the symbol ‘EXPR’.

According to a press release, the shift will not impact Express’ business operations or its US Securities and Exchange Commission reporting obligations, and will also not conflict with any of the company’s material debt.

NYSE’s decision to delist Express falls in line with its requirement for listed companies to have an average global market capitalization of at least 15 million dollars over 30 consecutive trading days.

In a release, Stewart Glendinning, CEO of Express, said: “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.

“We remain focused on continuing to serve our customers and positioning our organisation for the future.”

The news follows reports that Express was facing a potential bankruptcy filing, after the Wall Street Journal reported that the retailer had called in restructuring advisors and a law firm to oversee a debt restructuring process.

Despite this, Glendinning maintained a positive front for employees, stating in an internal memo that the company had seen “tremendous progress in [its] transformation over the past several months” through cost-saving measures and streamlining the business.