NASDAQ Pulls Plug on Movie Gallery
New York, After filing for bankruptcy earlier this week, Movie Gallery Inc. received notification from NASDAQ that its common stock will be delisted from the stock market.
NASDAQ said it had concerns about the company's ability to sustain compliance with its listing requirements.
Trading in Movie Gallery's common stock will be suspended at the opening of business Oct. 25. The company said it does not plan to appeal NASDAQ's decision and expects to trade its common stock on the OTC Bulletin Board or in the Pink Sheets instead.
Movie Gallery, once the second largest movie-rental company in the country, filed for bankruptcy protection Tuesday and announced a financial restructuring plan that includes closing 520 stores across the country, including 14 in Alabama.