For the first time, RadioShack’s shares are trading below $1, leading some to worry that the company’s stock could be delisted.
Shares of the electronics retailer dipped 11 cents, or 10.6%, on Friday to 92 cents per share. If the stock trades below $1 for 30 consecutive days, it could be removed from the New York Stock Exchange.
The stock’s all-time high? $79.50, in December 1999.
The latest woes for the chain comes to light after the company reported another quarterly loss. The company blamed its poor performance on lower sales of mobile devices.
Meanwhile, RadioShack has posted losses the last two years as competitors, including Amazon.com
and Best Buy
, have stepped up their games. In order to combat sales woes, RadioShack said it plans to remodel stores through RadioShack
Labs, allowing inventors and startups the opportunity to makes products for sale at the retailer.
Additionally, the company announced in March that it planned to close as many as 1,100 stores nationwide, which accounts for almost 20% of its locations. The company will be left with approximately 4,000 stores.
RadioShack, which was founded in 1921, has been publicly traded since 1935.