To say that J.C. Penney is facing serious problems is an understatement.
The struggling department store’s stock plummeted on Aug. 16 more than 27 percent to $1.75 per share—the lowest level since the company’s listing on the New York Stock Exchange during the Great Depression in 1929, according to Reuters. This plunge followed the release of the retailer’s disappointing second-quarter earnings report, which fell short on both earnings and revenue.. . . more