The NYSE then issued a notice informing the company that it was deficient in meeting its listing standard and that the company would be deemed non-compliant with the listing standards if the deficiency was not cured by August 14, 2006.
With the resignation of Mr. Norton, the company now has four independent directors and three non-independent directors, which cures the deficiency in compliance with NYSE rules.
Culp Inc is one of the world's largest manufacturers of mattress fabrics for bedding and upholstery fabrics for furniture.
The company's fabrics are used principally in the production of bedding products and residential and commercial upholstered furniture.
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