ST. LOUIS - Furniture Brands International (NYSE:FBN) has received its second notice in less than a year that it has fallen below the New York Stock Exchange's continued listing standards.
Furniture Brands announced today that it was not in compliance with NYSE listing standards because its average market capitalization has been less than $50 million over a consecutive 30-day trading period and its last reported shareholders' equity was less than $50 million.
The company said it would submit a plan to the NYSE within the next 45 days "to demonstrate its ability to achieve compliance with the market capitalization listing standards.
On June 4, Furniture Brands announced that it had been contacted by the NYSE about "unusual market activity in Furniture Brands' common stock." Furniture Brands added at the time that it would not comment per company policy.
Earlier this year, Furniture Brands regained compliance with the NYSE's listing policy. The furniture company had recieved notice on Dec. 21, 2012 that its average stock price had trace below the required $1.00 per share average for 30 consecutive days.
Furniture Brands'stock opened today at $4.15 per share.
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