Stage Stores, the parent company of Gordmans, has regained compliance with the New York Stock Exchange and its stock will continue to be listed.
As of September 30, the company closed the last trading day of the calendar month with a share price above $1 and an average closing share price above $1 over a consecutive 30 trading-day period, which brings the company back into compliance with the NYSE listing standards.
In June 2019, the company was notified by the NYSE that the average closing price of Stage Stores common stock had fallen below a consecutive 30 trading-day average price of $1 and the company had six months to regain compliance with the NYSE’s minimum share price requirement.
News of NYSE compliance comes just weeks after Stage Stores announced plans to convert its stores to an off-price format. Officials with the retailer previously said the company would begin converting its remaining department stores this coming February. It expects to be operating approximately 700 small-market Gordmans off-price stores by the third quarter of next year.