Sub-penny price erases Gottschalks listing
Two years ago today, Gottschalks stock was going strong at $13.05 per share. One year ago, the stock was struggling at $2.31 a share.
Now, even though the Fresno-based retailer is in bankruptcy and its assets are being liquidated, its stock is still publicly traded -- but at less than a penny per share.
That's prompting The Bee to drop Gottschalks from its daily listing of stocks of local interest, effective immediately.
Gottschalks stock, which went public on the New York Stock Exchange back in 1986, has endured quite a bit of shock over the last few months. It closed below $1 per share for the first time last October, the day after the stock was bounced from the NYSE's Big Board because the company's market value fell below the exchange's threshold. That's when it migrated to Pink Sheets, an electronic stock bulletin board.
The day Gottschalks announced a deal to sell a majority ownership stake to a Chinese company in November, the stock price fell to a then-low of 22 cents per share. And the day Gottschalks announced the Chinese deal fell apart in mid-December, the stock tumbled again to a new low of 16 cents per share.
And within days of Gottschalks' Chapter 11 bankruptcy petition filing in mid-January, the stock price was a dime a share. After bobbling around for the last couple of months, shares closed at a nickel on April 1 -- the day a bankruptcy court judge in Delaware approved a liquidation sale -- and closed below a penny for the first time on Friday.

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