WESTFIELD — The Bon-Ton Stores Inc, whose only Massachusetts location is in Westfield, removed itself from the Nasdaq stock market last week after being warned that its stock had fallen too low.
The York, Pennsylvania, chain announced that it will now trade over the counter starting Thursday. Its stock will continue to trade under the symbol “BONT,” and real-time price quotes and financial disclosures for Bon-Ton will be on www.otcmarkets.com, the company said.
The Nasdaq requires that a company’s stock trades for more than $1 a share and that it meets market capitalization requirements.
As of Monday, Bon-Ton stock was selling for 63 cents a share, and it hadn’t been selling for more than $1 a share since March.
Bon-Ton stock traded as high as $56.54 a share briefly in 2007.
The company said it will continue to file financial results.
In August, Bon-Ton reported that comparable store sales decreased 6.1 percent in the second quarter compared with the same time a year earlier. Comparable store sales were off 8.8 percent in the first quarter.
Bon-ton’s net loss in the second quarter was $33.2 million, or $1.64 per share, compared with net loss of $38.7 million, or $1.95 per share, in the second quarter of fiscal 2016.
In October, the Bloomberg News Service reported that Bon-Ton’s suppliers were scaling back shipments to the company and are asking to be paid sooner in order to protect themselves from potential losses if the chain is unable to pay.
Bloomberg said the company also hired turnaround specialists to help it manage a $1 billion debt load.
Bon-Ton opened its location in Westfield in 1998.
The company also owns the Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers chains that all have stores in the Midwest.
Department stores have had trouble competing as retail shifts online and more shoppers look to discount big-box stores when shopping in person.
Last week, Sears announced plans to close its store in the Berkshire Mall after already closing the Sears in Enfield, Connecticut, earlier this year, the Kmart in Springfield in September and the Kmart in Great Barrington two years ago.
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