Monday, January 05, 2009

Fleetwood Stock to be Traded OTC

RIVERSIDE, Calif. - For years the fortunes of Fleetwood were clear. It was one of the few Riverside County companies among the Fortune 500.

Not anymore.

The RV maker's stock is worth about a dime per share, and its market capitalization has dipped to $7.6 million, too low for the New York Stock Exchange, which will drop the company from its exchange Monday.

Fleetwood's stock opened at 10 cents a share Friday. It traded for a low of 7 cents and a high of 11 cents. Fleetwood doesn't plan to appeal the exchange's decision to suspend the company's stock.

"It's just sad," said Andrew Crean, son of the company's late founder, John Crean, who brought Fleetwood to Riverside in 1963 for cheap land and cheaper housing for his employees.

Crean, who sat on the board of directors before resigning in the late 1990s, said it wouldn't be long until Fleetwood is no more or bought for next to nothing. He said the only thing of value is the company's network of dealers and its recognizable brands.
Full Story...
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