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DETROIT - The New York Stock Exchange will suspend trading of Kmart common stock, leading to the company's delisting, the bankrupt retailer said.
The exchange told Kmart on Monday that it will suspend trading of Kmart shares before the market opens Thursday. After that, it will begin delisting proceedings with the Securities and Exchange Commission.
The NYSE's criteria for listing include a requirement that a company's common stock trade at a minimum average share price of $1 over a 30-day period. Kmart shares closed Monday up a penny at 58 cents. It hasn't traded over a dollar since the July notification.
Kmart said it expects the Chicago Exchange and the Pacific Exchange, on which its common stock also is listed, will also suspend trading and begin delisting proceedings.
The company filed for bankruptcy Jan. 22.
Mike Porter, a retail stock analyst at Morningstar Inc., said the delisting "doesn't mean too much really" as Kmart is more concerned about its survival as a company.
"Their prospects will be the same Thursday morning as they are today," Porter said.