The New York Stock Exchange has notified Woodbury-based sofa bed maker Jennifer Convertibles Inc. that it will be delisted from the Amex, the company said Thursday.
The company will cease trading on the Amex by March 8 and is now getting ready to list on the Over-The-Counter Bulletin Board. If it is not immediately listed on the OTC by March 8, it will have an interim Pink Sheets listing.
The NYSE notice said it will file a delisting application with the Securities and Exchange Commission on the grounds that Jennifer Convertibles did not comply with continued listing requirements. Its stockholders' equity was below $2 million and the company had reported losses from continuing operations and net losses in two of its three most recent fiscal years.
Jennifer Convertibles had a deadline of Feb. 12 to submit plans for regaining compliance, but it decided not to do so.
Jennifer Convertibles is the owner and licenser of the largest group of sofa-bed specialty retail stores in the United States. It also operates Jennifer Leather stores and licensed Ashley Furniture HomeStores.