Jennifer Convertibles to terminate public stock listing
Furniture Today Staff -- Furniture Today, October 11, 2011
WOODBURY, N.Y. — Retailer Jennifer Convertibles, which emerged from Chapter 11 bankruptcy protection in February, said it plans to terminate the registration of its common stock.
Since the bankruptcy reorganization was completed, about 90% of its shares have been controlled by Chinese upholstery producer Haining Mangnu, the retailer's largest creditor in the Chapter 11 proceedings.
The Top 100 company said it expects to file the necessary paperwork with the Securities and Exchange Commission no later than Oct. 20.
The company said the move will save money since it no longer will have to file financial reports with the SEC.
The retailer operates 74 Jennifer Convertibles and Jennifer Leather stores, as well as six licensed Ashley Furniture HomeStores.
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Jennifer to terminate stock listing
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