The Chicago Sun-Times stock price falls to $1. It’s now a penny stock.

Shares of Sun-Times Media Group Inc. stopped trading on the New York Stock Exchange on Friday after hitting a red flag, a rule that halts transactions when a stock falls below $1.05. The stock will soon be kicked out of the exchange. The smell of death is in the air of their rented offices.

Trading halted on the floor of the NYSE when the stock opened at $1, down 11 cents from Thursday’s close.

I predicted six months ago that the Chicago Sun-Times would be the next large metro daily to shutter its doors. They sold the roof over their heads just to pay the bills and pay for the penthouse for Mr. Black (who will be living in much more spartan quarters in a federal pen).

But what will happen to all the professional journos? Maybe there will be a few openings at the Hoffman Hearld? Chicken dinner news, obits, high school sports…

Advertisements