On the same day that AFC Enterprises received word from the NASDAQ Listing Qualifications Panel that its stock would begin trading again on the NASDAQ, Schlotzsky's was notified that its stock would be delisted by NASDAQ as a result of the company's Chapter 11 filing on Tuesday.
AFC Enterprises is the franchisor of Church's Chicken, Popeye's Chicken and Cinnabon, as well as the franchisor of Seattle's Best Coffee in Hawaii, on military bases and outside the United States. Its stock was delisted in August 2003 and has been trading on the National Quotation Service Bureau for unsolicited trading since then.
Schlotzsky's filed its Chapter 11 bankruptcy petition on Tuesday. Its stock closed on Wednesday at 33 cents per share, down from $1.65 at close on Monday.
Posted by franchiselawblog at August 6, 2004 10:40 AM