Nasdaq Delists Clothestime Inc. as Share Price Remains Below $1

Clothestime Inc., the bankrupt women’s apparel chain, has been delisted by Nasdaq for failing to comply with the stock market’s minimum requirements, the company said Thursday.

Clothestime, which has been trading at about 75 cents in recent weeks, had fallen below the $1 minimum trading floor that Nasdaq requires, Clothestime spokesman Andrew G. Tepper said. Clothestime, Tepper added, anticipates that its common stock “will be quoted in the OTC Bulletin Board or, in the alternative, in the National Quotation Bureau’s Pink Sheets.”

The stock delisting will be effective with the opening of business this morning.

Clothestime, which operates 370 women’s apparel stores in 17 states and Puerto Rico, filed for Chapter 11 bankruptcy protection on Dec. 8, 1995, and “is still in the middle of a reorganization,” Tepper said. “In a case like this it’s not unusual to stay in the reorganization process for as long as 18 months.”

The company hopes to regain its Nasdaq listing after exiting bankruptcy court with a successful reorganization plan, Tepper said.