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.

TST Recommends

Bed Bath & Beyond is putting some stores to sleep.
Play

Bed Bath & Beyond Leaps on Bank of America Upgrade, Fading 'Meme' Interest

BofA analyst Curtis Nagle says Bed Bath & Beyond shares are trading closer to their pre 'meme mania' levels, and represent good retail sector value.

Rite Aid Stock Tumbles on Weak Second Quarter Sales, Revenue
Play

Rite Aid Drops After Forecasting Fiscal 2022 Loss

Rite Aid shares fell after the drugstore chain forecast a full-year loss. Analysts were expecting Rite Aid to report a profit this fiscal year.

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.