Furniture Brands International (FBN) will voluntarily delist its common stock from the New York Stock Exchange ("NYSE") with its the last day of trading to be tomorrow, August 27. Beginning August 28, FBN will be listed on the OTCQB Marketplace.
The decision was made when the company's absolute market capitalization fell below $15 million. FBN determined it would not be able to comply with the NYSE's continued listing criteria, which requires listed companies to maintain an average market capitalization of not less than $50 million over a consecutive 30 trading-day period and total stockholders' equity of not less than $50 million.
Furniture Brands is home to major companies including Thomasville, Broyhill, Drexel Heritage, Henredon, Hickory Chair, Maitland-Smith, Pearson, Lane Venture, and LaBarge. It markets through a wide range of channels, including company owned Thomasville retail stores and through interior designers, multi-line/ independent retailers and mass merchant stores.