The New York Stock Exchange (NYSE) has begun proceedings to delist the common stock of The Container Store Group, beginning with an immediate suspension of trading on the stock.
The retailer received a warning in May 2024 after its stock dipped below an average trading price of $1 for more than 30 days. However, the company’s stock got a big bump in October on the announcement of a joint venture with Bed Bath & Beyond owner Beyond, Inc., which included a planned $40 million investment in The Container Store. However, that deal fell through just a month later when Beyond raised concerns about the company’s ability to meet the financing requirements of the agreement.
Now the NYSE said that The Container Store qualifies for delisting because it has failed to maintain the required average global market capitalization of at least $15 million for the last 30 days. The Container Store has the right to appeal the decision with the Securities and Exchange Commission.
The Container Store did not immediately respond to Retail TouchPoints’ request for comment.
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