Amex to Delist Krause’s Furniture
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Krause’s Furniture Inc., which filed for bankruptcy protection last month, said its stock will be removed from the American Stock Exchange because the company no longer complies with continued-listing guidelines.
The Brea furniture maker said in a press release that notice of the delisting from the exchange’s staff was based on its continuing losses and on stockholder equity that has fallen below $2 million. The company has not had a profitable quarter since the final three months of 1994.
Krause’s said it will not appeal the exchange’s decision to delist the stock.
The Amex halted trading in Krause’s stock after the company filed a petition July 20 to reorganize its debts under Chapter 11 of federal bankruptcy laws. The company said then it had enough cash to last only through September. If it couldn’t find a buyer by then, Krause’s said it would cease operations and liquidate.
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