NEW YORK ( TheStreet) -- Borders Group ( BGP) said late Friday it's received a delisting notice from the New York Stock Exchange.

The notification was triggered by the decline in Borders' common shares to below $1 as the stock has fallen out of compliance for 30 straight trading days with the exchange's requirement to maintain a minimum average closing price of $1.00 per share

The Ann Arbor, Mich.-based book seller, whose stock plunged earlier this week following reports it may be prepping to file for bankruptcy protection as soon as next week, now has six months from today to "cure this deficiency" subject to its continued compliance with the Big Board's other listing requirements.

Borders' shares are down 55% since the start of 2011 alone, and have swung from a 52-week high of $3.29 on April 12 of last year to a new low of 33 cents during Wednesday's regular session. The stock finished Friday at 39 cents.

The company is working on refinancing its balance sheet and received a conditional commitment from General Electric's ( GE) GE Capital unit to provide a $550 million senior secured line of credit on Jan. 27. But Borders was forced to delay payments to vendors, landlords and other parties on Jan. 30 in order to preserve liquidity. It took a similar action at the end of December.

As of Sept. 30, the company's debt net of cash stood at $331.1 million. Borders disclosed it was in "detailed discussions with potential lenders for replacement financing" on Dec. 9 when it posted a loss of widening loss from continuing operations of $74.7 million for its fiscal third quarter amid a sharp 17.6% year-over-year decline in sales to $470.9 million. At that time, it reported trade accounts payable of $444.9 million.

In early December, hedge fund manager Bill Ackman, whose Pershing Square Capital Management owns securities representing a 41.8% stake in Borders, offered to finance an acquisition by the company of rival Barnes & Noble ( BKS). The cash-and-stock deal envisioned then would have valued Barnes & Noble common shares at $16 each but it never seemed to get off the ground.

In its Form 8-K related to the delisting notice, Borders notes that following the occurrence of an actual "delisting event" -- as stipulated by the agreement related to its issuance of warrants to acquire roughly 26 million of its common shares to Pershing Square back in April 2008 -- the hedge fund has the right to require the company to redeem the warrants for their prevailing cash value, as determined by an independent appraiser.

Borders is currently slated to report its fiscal fourth-quarter results on March 28.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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