Things are not going well for party good retailer iParty Corp. In early November, iParty Corp. reported sales of $16.4 million for October, a 6.5% drop from total sales from the same period last year. Furthermore, the retailer recently received a compliance notice from the NYSE due to the company’s extremely low selling stock price.
The company has been trading between 11 and 25 cents for the past year. In response to low figures, iParty has outsourced and hired an investment bank, Raymond James & Associates, to investigate a range of strategic alternatives.
The NYSE states that iParty’s continued listing is contingent on a reverse stock split (a stock combination) by May 20, 2013. If the company does not complete the reverse, the NYSE will de-list it (Boston Herald).