With a stock price at historic lows, J.C. Penney shareholders, some stepping up to a microphone twice, kept a constant but polite stream of questions flowing for CEO Marvin Ellison — including a suggestion to put the company up for sale.
Ellison addressed Penney's below-$5 stock price during his prepared remarks Friday at the company's shareholders meeting, saying Penney's shares were already depressed before the stock market sentiment for department stores took a dive. He noted that Penney has been in a position of stabilizing the business and paying down debt while at the same time sharing headwinds faced by its peers.. . . more