We are living in difficult times for selling wicker furniture, it seems. Pier 1 lost $36.9 million in the third quarter — and is in danger of being delisted from the NYSE.
Weak customer traffic and the recession has slowed the company’s plan to return to profitability, says Reuters, but the retailer says it has plenty of cash and intends to take steps to prevent its stock from being delisted.
A company is given a delisting notice when its stock falls below $1 for a period of 30 days. Now-bankrupt electronics retailer Circuit City was given the same notice shortly before filing for Chapter 11 protection.