J.C. Penney Just Got Some Devastating News, Set New Record
J.C. Penney just hit a new record, but it’s not the type of record they could be proud of.
According to Business Insider, the department store chain — founded in 1902 by Christian entrepreneur James Cash Penney — just saw it stocks hit the lowest point in its history.
In fact, when the company first started trading stocks in 1980, it was worth more than it is now, 37 years later.
With lower-than expected earnings this last quarter and 138 planned store closures, industry analysts are wondering if the company will survive for long.
Two other chains seeing mass closings are Sears and Kmart.
According to Business Insider, Sears Holdings — which owns both chains — recently announced two dozen more store closures on top of the original 150 stores they announced they would shutter back in January.
Sears Holdings CEO Eddie Lampert insisted last Wednesday that his company is actually doing better than J.C. Penney, Target, and Macy’s, according to The Street, and that impressions to the contrary are the fault against unfair coverage by the media.
Investment bank Morgan Stanley believes that if Sears closes first, J.C. Penney “could be a major beneficiary.”
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