Harold's Stores is to voluntarily withdraw from the American Stock Exchange. The move is in response to the recent notification from the American Stock Exchange that as of the end of its last fiscal year, the company failed to comply with AMEX company guidelines specifying required minimum shareholder's equity.

The company said in a statement that it expects that its shares will be eligible for trading on the Over the Counter Bulletin Board System. The Harold's Stores' board said it "determined that the Bulletin Board would provide sufficient liquidity to shareholders, given the limited trading activity in its stock, and that the company would obtain savings from not having to pay AMEX listing fees."

The company will continue to file reports with the Securities and Exchange Commission. However, the company's stock will cease trading on the AMEX within 21 days and the deregistration process will be effective within 90 days.