For the past few years, JCPenney has had a long string of management shake-ups and store closures, interrupted by the occasional bright moment. And it has the stock price to prove it: Penney’s shares have consistently been trading under the $5 mark for many months. Technically, when it crossed that line it became a penny stock. And for the past several days in a row, it’s been under $1.

Now the New York Stock Exchange has stepped in and issued a stern warning to the retailer that it’s in danger of being delisted. That could mean a new home for Penney’s shares — the over-the-counter market.

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