The New York Stock Exchange plans to delist the shares of troubled retailer RadioShack.
RadioShack Corp. has been struggling with weak sales that have rendered it unprofitable. The Texas-based company warned last year that it may have to seek Chapter 11 bankruptcy and its CEO recently warned it might not be able to find a long-term plan to stay afloat.
This has hammered its stock price and the NYSE requires companies meet certain market capitalization thresholds to remain on the exchange. According to a press release Monday, the NYSE plans to delist Radio Shack and suspend its shares because the company does not intend to submit a plan to address the issue.
RadioShack declined to comment.
Shares fell 13 percent to close at 24 cents on the NYSE.