RadioShack to be delisted from NYSE

Photo Courtesy: MGNonline

The New York Stock Exchange plans to delist the shares of troubled retailer RadioShack.

RadioShack Corp. has been struggling with weak sales that have rendered it unprofitable. The Texas-based company was warned last year that it may have to seek Chapter 11 bankruptcy and its CEO recently warned it might not be able to find a long-term plan to stay afloat.

This has hammered its stock price and the NYSE requires companies meet certain market capitalization thresholds to remain on the exchange. According to a press release Monday, the NYSE plans to delist Radio Shack and suspend its shares because the company does not intend to submit a plan to address the issue.

RadioShack declined to comment. Shares fell 13 percent to close at 24 cents on the NYSE.

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