Shares of The Bon-Ton Stores Inc. common stock will begin trading on OTCQX Best Market starting Thursday, the company announced.
[caption id="attachment_122859" align="alignright" width="300"] The Bon-Ton Stores Inc. headquarters in downtown Milwaukee.[/caption]
OTCQX is an alternative trading system operated by New York-based OTC Markets Group Inc. The company says it provides “transparent and trusted public trading without the complexity and cost of a national securities exchange listing.”
Bon-Ton, which has dual headquarters in York, Pennsylvania and Milwaukee, has faced a number of challenges in recent years as consumer shopping habits change. The company hasn't posted an annual profit since 2010.
Its stock hasn’t traded above $1 per share since March, when the Nasdaq threatened to delist the company for not maintaining a high enough market value. The delisting threat was withdrawn after discussions between the exchange and Bon-Ton.
Friday’s announcement did not mention Nasdaq at all. Bon-Ton said it would continue to trade under the symbol “BONT” and would continue its regular quarterly earnings press releases and conference calls.
A company spokeswoman did not immediately return a call and email seeking additional comment.
Two other Milwaukee-area companies have left Nasdaq for OTC recently. West Bend-based Westbury Bancorp Inc. announced it would make the change in November and cited cost savings as the reason. Brookfield-based Connecture Inc. faced a delisting notice from the exchange and announced Oct. 23 it would be making the change as well.