RICHMOND, Va., Nov. 10 /PRNewswire-FirstCall/ -- Circuit City Stores, Inc.
today announced that the New York Stock Exchange ('NYSE') has suspended the
company's common stock effective immediately. The NYSE reached this decision
in light of the company's announcement to file a voluntary petition for
reorganization relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court. As previously announced, the company also
was not in compliance with the NYSE's price criteria for common stock because
the average closing price of the company's common stock was less than $1.00
per share over a consecutive 30-trading-day period as of October 22, 2008.
The company noted that not being listed on the NYSE is not a default under the
company's debtor-in-possession revolving credit facility.
The company's common stock is currently trading over the counter and is
being quoted on the Pink Sheets service under the ticker symbol CCTYQ. The
company intends to take appropriate steps to maintain an active trading market
for its common stock but can provide no assurance that there will be an active
trading market.
The company does not intend to take any further action to appeal the
NYSE's decision, and therefore it is expected that the common stock will be
delisted after the completion of the NYSE's application to the Securities and
Exchange Commission.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. is a leading specialty retailer of consumer
electronics and related services. At October 31, the domestic segment
operated 712 Superstores and 9 outlet stores in 165 U.S. media markets. At
September 30, the international segment operated through 770 retail stores and
dealer outlets in Canada. Circuit City also operates Web sites at
www.circuitcity.com, www.thesource.ca and www.firedog.com.
Forward-Looking Statements
Statements made in this release, other than those concerning historical
financial information, may be considered forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and are
subject to risks and uncertainties. These forward-looking statements include,
without limitation, statements regarding the company's expectations concerning
an active trading market for its common stock.
