St. Louis-based CPI Corp. announced today that its stock will begin trading on the over-the-counter market next week.
The move comes after the New York Stock Exchange said it would suspend trading of the company's stock before the market opens on Thursday because the company's average market capitalization fell below the exchange's threshold.
CPI operates portrait studios inside of Sears and Walmart stores.
In December, CPI reported a net loss of $7.3 million, or $1.03 a share, and an 11 percent drop in net sales in the third quarter.
CPI first received a notice from the New York Stock Exchange that it was out of compliance with its listing standards in October.
CPI said it will announce its new trading symbol on Wednesday.
Kavita Kumar covers retail and consumer affairs for the Post-Dispatch. She blogs on Consumer Central. On Twitter, follow her @kavitakumar and the Business section @postdispatchbiz.
