J.C. Penney Shares Plunge to New Lows

By: Associated Press Email
By: Associated Press Email

J.C. Penney shares are trading at their lowest level in nearly 13 years as the department stores' woes appear to be worsening.

The Plano, Texas, retailer has struggled for some time with weak sales, a bungled turnaround effort, management changes and board resignations. A number of large shareholders have sold off stakes.

Wednesday's freefall comes as a New York State Supreme Court Judge summoned lawyers for Martha Stewart, J.C. Penney and Macy's Inc. to a hearing, almost two months after the three made closing arguments in a lengthy battle over Penney's partnership with the homemaking maven.

It also follows recent reports that the retailer may run out of cash before the holiday season.

Shares fell $1.58, or 13.3 percent, to $10.32 at midmorning, after earlier dropping as low as $9.93.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, Trolling or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@kbtx.com. Please provide detailed information.

powered by Disqus
KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 225278152 - kbtx.com/a?a=225278152
Gray Television, Inc.