NYSE to delist RadioShack shares

Already abandoned by customers, ailing RadioShack (RSH) is now losing a place for investors to buy its battered stock.

The New York Stock Exchange told CBS News on Monday that it has suspended trading in the electronics retailer's common shares and started proceedings to delist the company, which has more than 4,000 stores across the U.S.

RadioShack confirmed that the Big Board plans to remove the company's stock from the exchange.

RadioShack's stock price, which has traded for less than $1 for months, fell 13 percent Monday on a report by Bloomberg News that the company is in talks to sell half its stores to wirless giant Sprint (S) and close the remaining locations. The stock plunged an additional 37 percent, to 9 cents, in after-hours trading. That cut RadioShack's market capitalization to roughly $28 million, a fraction of its $3 billion valuation in 2007.

The Wall Street Journal reported this weekend that RadioShack is poised to file for Chapter 11 bankruptcy protection. The retailer warned last fall that it was running out of money and might not be able to continue as a viable business.

RadioShack has sought to attract younger customers in recent years by adding trendier products, while also remodeling some stores. Such efforts have proved too little, too late, however, with the company unable to compete with e-commerce players and newer brick-and-mortar vendors.