The New York Stock Exchange has informed Philadelphia-based Rite Aid Corp., which for weeks has been the subject of bankruptcy rumors, that the company is no longer in compliance with its listing standards, the Philadelphia Business Journal reported. The retail pharmacy chain, according to the NYSE, no longer meets the exchange's minimum market capitalization standard of $200 million or its minimum stock price standard of $1 per share. As of late Thursday morning, stock in Rite Aid was trading at 51 cents per share and the company's market cap was at about $30 million. Rite Aid said that it will continue to be listed on the NYSE during "cure periods," typically six months, that will give it time to regain compliance. "As previously disclosed, the company has been engaged in reviewing and continues to review strategic alternatives to recapitalize, refinance or otherwise optimize its capital structure which may ultimately result in the Company pursuing one or more significant corporate transactions or other remedial measures," Rite Aid stated. "The ongoing review includes an evaluation of available options to regain compliance with the NYSE’s continued listing standards." Rite Aid, which operates more than 2,200 retail pharmacy locations across 17 states including Pennsylvania, New Jersey and Delaware, said that it can provide no assurances that it will be able to regain compliance. The company, which employs more than 6,300 pharmacists and more than 47,000 workers overall, has not specifically addressed speculation that a bankruptcy filing is imminent.
