Jennifer Convertibles stock will cease trading on Amex stock exchange

Company didn't meet continued listing requirements

Furniture Today Staff -- Furniture Today, February 26, 2010

WOODBURY, N.Y. — Jennifer Convertibles said its stock will cease trading on the Amex stock exchange on March 8 and that the company is taking steps to be listed on the Over-The Counter Bulletin Board.

Amex had told the Woodbury-based furniture retailer in January that the company didn't meet continued listing requirements, since its stockholders' equity was below $2 million and it had reported losses in two of its three most recent fiscal years.

Jennifer said it was offered an opportunity to submit a plan by Feb. 12 on how it would regain compliance, but chose not to submit one.

The company said that if its stock isn't listed on the OTC Bulletin Board by March 8, it will trade on the Pink Sheets until it is listed.

Jennifer operates 144 Jennifer Convertibles stores, 13 Jennifer Leather stores and five licensed Ashley Furniture HomeStores.