iStock

J.C. Penney (JCP - Get Report) said Friday that it was out of compliance with a listing requirement of the New York Stock Exchange and would move to cure the matter.

The shares closed off 14% at 60 cents apiece on Friday.

The Big Board requires companies to maintain a closing price of at least $1 over any consecutive 30-trading-day period.

The Plano, Texas, department-store chain has six months from the Aug. 6 date of the exchange's notification to come back into compliance.

J.C. Penney said it would pursue measures including a possible reverse stock split, which would require approval from its stockholders at the next annual meeting.

Meantime, as long as the company stays compliant with all other NYSE listing rules the stock will continue to trade as usual on the NYSE. The company said that it was compliant with the exchange's other criteria.

J.C. Penney also said the NYSE notification doesn't affect its operations or its Securities and Exchange Commission reporting requirements.