Faltering mall retailer Aeropostale, which has seen its share of ups and downs over the past year, will live to trade another day on the New York Stock Exchange.
According to MarketWatch, on Friday (Jan. 15), the New York Stock Exchange agreed to accept the company’s plan for continued listing, which is subject to quarterly review. Aeropostale received notice on Oct. 30 that it was not in compliance with the NYSE’s listing requirements. The company’s average global market capitalization had fallen below $50 million over the previous 30 days, and stockholder equity was at less than $50 million, not meeting the NYSE threshold for trading.
Aeropostale had previously received notice from the NYSE that the closing price of its stock over 30 consecutive trading days had fallen below the $1 minimum. The last time the retailer closed above $1 was on Sept. 1, 2015. However, on Friday, shares of Aeropostale climbed 8 percent during morning trading to hit $0.29.
Aeropostale was in the news earlier last week, with The Wall Street Journal reporting that the company had announced the elimination of 13 percent of its corporate staff (that’s 100 jobs) in a cost-cutting effort aimed at saving close to $40 million. The mall retailer is seeking to turn around two straight years of losses and resurrect — or reinvent — a once-strong teen mall brand.