Amid falling sales, net losses and rising debt, Qurate Retail on Monday said it faces delisting from the Nasdaq Global Select Market stock exchange.
The closing bid for the company’s series A common stock has been below the $1.00 minimum bid price requirement for 30 straight business days, triggering the Nasdaq non-compliance notice, according to a financial filing.
Qurate runs home shopping channels HSN and QVC as well as brands Ballard Designs, Frontgate, Garnet Hill and Grandin Road. About a year ago Qurate sold its Zulily business.
The company has until Dec. 9 to regain compliance. If it doesn’t, it could enter another 180-day compliance period if it applies to transfer its listing to the Nasdaq Capital Market, per the filing. Otherwise, if the company’s closing bid meets or exceeds the $1.00 per share minimum for 10 straight business days before Dec. 9, it will receive written notice that it’s back in compliance and the matter will be closed.
The company has been in turnaround for a while, telling investors in April that it had “reached an inflection point” in the second half of last year. Also in April, the company added a chief administrative officer role, overseeing the transformation, to Chief Financial officer Bill Wafford’s duties.
