Teen specialty retailer Aeropostale has been delisted from the New York Stock Exchange and trading was suspended as the company inches closer to bankruptcy.
Shares fell close to 28 percent before trading was halted, and the company said it won't appeal the delisting determination.
Aeropostale could file for bankruptcy before the month is over, reported Bloomberg. The company is looking to reorganize under Chapter 11, although a deal could still avert the process or a buyer might emerge.
The retailer has delayed filing its annual report to evaluate strategic alternatives. Aeropostale operates more than 800 stores and will likely close a large number of locations, according to reports.
Aeropostale has been closing stores and trying to differentiate in order to better compete. But in spite of new merchandising initiatives – including a bed and bath merchandise line introduced last fall – Chapter 11 appears likely.
- see this Bloomberg report