Aeropostale will file for bankruptcy as early as this month, according to a report from Bloomberg, citing people close to the matter.
The company is attempting to avoid the bankruptcy by finding another firm to purchase it, which it has been exploring since March.
The stock sunk nearly 30% after the report to $0.15. The low price of the stock led the New York Stock Exchange to announce that it is halting all trading in the company and has pulled it from the exchange.
“NYSE Regulation has now determined that the Company is no longer suitable for listing based on ‘abnormally low’ price levels, pursuant to Section 802.01D of the Listed Company Manual,” said a release from the NYSE to Business Insider.
The teen-focused retailer has been facing financial trouble for some time as sales and profits have dropped off. The company reported in March that comparable sales were down 6.7% year over year.
The brand has fallen out of favor with teens and the company has attempted to revive the brand by enlisting YouTube stars and starting a blog to attract their target audience.