The New York Stock Exchange (NYSE) has warned the Container Store that it is at risk of being delisted because its average closing stock price dropped below $1.00 over the last 30 trading days.
The Container Store said in a statement it is considering solutions to regain compliance, including a reverse stock split to reduce the number of outstanding shares and increase the price per share. This move is subject to stockholder approval no later than the company’s next stockholder meeting. Until then, the retailer will remain listed on the NYSE and can regain compliance at any time over the next six months.
The delisting warning comes as the Container Stores’s Q4, which ended March 30, 2024, and fiscal 2023 results paint a relatively bleak picture for the retailer. Consolidated net sales for 2023 were $849.8 million, down 19% compared to fiscal 2022. Comparable store sales also fell 19.7% year over year. Results for the…
