From the Wall Street Journal: Playboy Enterprises Inc. (PLA, PLAA) said the New York Stock Exchange stated the company isn’t in compliance with listing criteria because its average market capitalization during a 30 trading-day period was below $75 million and its shareholders’ equity was less than that amount.

Playboy intends to submit a plan to the exchange within 45 days describing how it expects to comply with the listing standards in the next 18 months.

The 55-year-old adult-entertainment company is confronting its most challenging stretch in years as it cuts costs and overhauls operations to cope with an advertising downturn and an erosion of its audience, which has found many more outlets for adult media.

In February, Playboy said it would consider a sale of the company as it posted a steep fourth-quarter loss on a $157 million charge, which mostly reflected the falling value of its television assets.

In December, Christie Hefner said she was stepping down after two decades as chief executive of the company founded by her father.

Playboy’s shares closed Tuesday at $2.08 and have lost almost half their value in the past six months.