The New York Stock Exchange (NYSE) has halted trading of hhgregg shares, pending the release of “material news.”

The troubled retailer is reportedly preparing a Chapter 11 filing following a dismal holiday quarter, and recently hired a high-profile investment bank to help it “pursue a range of potential strategic and financial transactions.”

The chain reported a 24 percent decline in sales and a $58 million net loss during the holiday quarter, and was already facing delisting from NYSE.

The stop order came in at 4 p.m. this afternoon (Monday, Feb. 27), the Nasdaq Trader indicated.

Update: hhgregg filed an 8-K and said it will not appeal the determination.