NEW YORK — The New York Stock Exchange Monday notified Kmart Corp. that it will suspend trading of the firm’s common stock and the trust convertible preferred securities previously issued by Kmart Financing I before the market opens on Thursday.
This story first appeared in the December 17, 2002 issue of WWD. Subscribe Today.
The NYSE also told the bankrupt Troy, Mich.-based discount retail giant that it will then commence proceedings with the Securities and Exchange Commission to delist those securities. Kmart will attempt to resume trading on the over-the-counter bulletin board.
“We are working with the NYSE to facilitate a smooth transition to the OTCBB and do not expect the change in trading venue to affect our current operations or financial management,” said chief executive James Adamson in a statement. “We are continuing to work toward our goal of filing a proposed plan of reorganization with the bankruptcy court and emerging from Chapter 11 as soon as practicable.”
As reported, in July the NYSE notified Kmart that it was not in compliance with its continuing listing requirements. Kmart anticipates that the Pacific Exchange and the Chicago Exchange will also delist the company’s stock.
In a separate matter, on Monday, Kmart filed a request with the SEC to extend the filing date of its quarterly report for the 13 and 39 weeks ended Oct. 30 in order to provide additional time for the company to complete its financial statements and management’s discussion and analysis of operations.
Kmart now expects to file its third-quarter report and its monthly operating reports for October and November no later than Dec. 23.