Pier 1 Could Be Kicked Off the New York Stock Exchange
Pier 1 is struggling to remain relevant as competition in the home decor space heats up. Walmart, Target, Amazon, and Wayfair have all stepped up their game, leaving Pier 1 to fight for its rapidly dwindling marketshare. Now the New York Stock Exchange is notifying the retailer that its stock could be delisted if it cannot raise its market cap.
If Pier 1 does not submit a turnaround plan in a timely manner, or if the plan isn’t accepted by the NYSE, the stock exchange will start delisting procedures. Even if the company’s plan is accepted, the stock exchange will initiate delisting procedures if the retailer hasn’t made a “reasonable demonstration” to conform to NYSE guidelines within 18 months.