The financial struggles for Indianapolis-based hhgregg Inc. continue. In a filing with the U.S. Securities and Exchange Commission, the company says trading in its common stock has been suspended and the New York Stock Exchange has begun proceedings to delist the company.
The NYSE notified hhgregg Monday that its average global market capitalization over a consecutive 30-day trading period fell below $15 million. hhgregg says it does not intend to appeal the decision and expects the delisting to occur.
The company’s stock previously traded on the NYSE under the symbol HGG and trading was suspended after market close Monday. hhgregg says trading in its stock began Tuesday on the OTC Pink marketplace under the symbol HGGG.
hhgregg announced in early February it was in danger of delisting as well as restructuring plans that led to the layoffs of about 100 employees. Less than two weeks later, the company said it had hired two financial advisory and investment banking firms to explore "strategic alternatives" for returning to profitability.