(Bloomberg) -- Signa Sports United NV will delist its shares from the New York Stock Exchange after a 97% price slump and continued attempts to make the troubled online retailer profitable.

The business backed by Austrian real estate tycoon Rene Benko will consider shrinking operations and selling assets to improve its “distressed liquidity position,” the company said in a statement Monday. It could no longer justify the efforts of meeting the regulatory requirements of a traded company.

Signa Sports anticipates the delisting will become effective around Oct. 22. The retailer withdrew mid-term profit targets and said revenue will decline by more than the 11% it had anticipated as a worst-case this year.

“Demand for the company’s products remains significantly below 2022 and pre-pandemic levels,” the company said.

Shares of Signa Sports have lost almost all of their value since a SPAC-listing in December 2021, when billionaire Ron Burkle’s Yucaipa Acquisition Corp. agreed to combine with the company in a deal that valued it at about $3.2 billion.

The company has failed to record a profitable quarter since then and grappled with a cash squeeze, weak consumer demand and excessive inventory.

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Benko’s Signa Holding has made multiple liquidity pledges to shore up the ailing firm. Most recently, in June, it offered to buy up to €150 million ($158 million) of convertible bonds to keep it afloat into 2025.  

Despite these financing commitments, the company has warned there was “substantial doubt” over its ability to continue as a going concern if it failed to extend or refinance a €100 million credit line due in May. 

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