Popular restaurant chain’s share price nose dives A popular restaurant chain’s stock price – Business – Finance
A popular restaurant chain’s stock price has dropped so significantly that it could be axed from the stock market.
Noodles & Company’s share price dropped below $1 as the company faces closing the doors of its 471 restaurants across 31 states.
The company had been attempting to claw back profits in 2024 under new CEO Drew Madsen who refreshed the menu and shut 20 underperforming restaurants as well as cutting jobs at the company’s main office to save money.
However, sales plummeted by 3.3 percent in the third quarter compared to 2023 totaling a loss of $6.8million.
It has since been warned by Nasdaq regulators that it is not complying with the rules requiring a minimum closing bid price of $1 per share.
The stock had been trading below…
