Jennifer Convertibles stock fall sharply

Decline shouldn't affect operations, says CEO

Clint Engel -- Furniture Today, 11/19/2008 10:38:05 AM

WOODBURY, N.Y. — Furniture retailer Jennifer Convertibles' stock was trading down more than 50% this morning, touching a low of 11 cents per share on heavy volume, but at midday had recovered to 20 cents.

"We don't know for a fact but we believe probably a fund liquidated (its holdings)," said Jennifer CEO Harley Greenfield. He said the stock price decline shouldn't affect the Top 100 company's operations.

On Tuesday, Jennifer's stock closed at 28 cents per share.

The company is expected to report earnings for its fiscal year Nov. 25. Through the first nine months, the company posted a $2.5 million loss, compared with a $2.2 million profit for the same period last year.