GOLDEN, Colo. ( TheStreet) -- Good Times Restaurants ( GTIM) is in danger of being delisted by the NASDAQ, as its share price as closed below $1 for 30 consecutive days.

Good Times Restaurants operates the fast food chain Good Times Burgers & Frozen Custard -- hamburger-oriented, drive-through restaurants in Colorado. It also has franchised restaurants in Idaho, North Dakota and Wyoming.

The Colorado-based company said it received warning from the NASDAQ July 19 that it had 180 calendar days, or until January 18, 2011, to regain compliance and avoid delisting. To do so, its common stock must close at or above $1 per share for a minimum of 10 consecutive business days anytime before the January deadline.

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Good Times' stock closed below $1 from June 4 through July 21. On July 22 the stock closed at $1.

"If our common stock does not trade at a level that is likely to regain compliance with the NASDAQ requirements, our Board of Directors will consider whatever options may be available to us to achieve compliance," Good Times said.

Trading of Good Times shares was halted Friday afternoon after the company released a statement about the potential delisting.

Calls to Good Times seeking comment were returned via email. "Pursuant to our announcement earlier this year that we are seeking investment alternatives to increase shareholder value, we are not able to speak to the media at this time," the email to TheStreet read.

Elsewhere in the fast food sector McDonald's ( MCD) last week posted double-digit profit gains for its recent quarter, beating Wall Street's expectations as its low-priced Dollar Menu and expanded coffee drink offerings buoyed sales. Rival Burger King Holdings ( BKC) booked top- and bottom-line declines in its most recent quarter, which CEO John Chidsey said was a result of high levels of unemployment.

In May, Good Times said it lost $1.2 million, or 31 cents per share, in its second quarter ended March 31. In the year-earlier period Good Times had lost just $481,000, or 13 cents per share. The fast food chain also posted a 9.3% decline in quarterly revenues to $4.9 million. Good Times is expected to report its current quarter financials on August 30.

-- Reported by Miriam Marcus Reimer from New York.

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