RICHMOND, Va., Oct. 30 /PRNewswire-FirstCall/ --
Circuit City Stores, Inc. (NYSE:CC) announced today that, on October 24, 2008, the New York Stock Exchange (NYSE) notified the company that it did not satisfy one of the NYSE's standards for continued listing applicable to the company's common stock. The NYSE noted specifically that the company was "below criteria" for 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.
Under NYSE policy, in order to cure the deficiency for this continued listing standard, the company's common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1.00 by six months following receipt of the non-compliance notice. The NYSE also notified the company that the NYSE has the right to reevaluate continued listing determinations with respect to qualitative listing standards, including an abnormally low selling price at sustained levels.
The company's common stock remains listed on the NYSE under the symbol "CC", but the NYSE will assign a ".BC" indicator to the symbol to denote that the company is below the quantitative continued listing standards. As required by the NYSE's rules, in order to maintain the listing, the company will notify the NYSE, within 10 business days of receipt of the non-compliance notice, of its intent to cure this price deficiency.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. (NYSE:CC) is a leading specialty retailer of consumer electronics and related services. At August 31, the domestic segment operated 705 Superstores and 9 outlet stores in 158 U.S. media markets. At August 31, the international segment operated through 772 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at http://www.circuitcity.com/, http://www.thesource.ca/ and http://www.firedog.com/.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
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DATASOURCE: Circuit City Stores, Inc.
CONTACT: Bill Cimino, Director of Corporate Communications,
+1-804-418-8163, or Jessica Clarke, Investor Relations, +1-804-527-4038, or
Jackie Foreman, Investor Relations, +1-804-527-4033, all for Circuit City
Stores, Inc.
Web site: http://www.circuitcity.com/
http://www.thesource.ca/
http://www.firedog.com/