NEW YORK (AP) — 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.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Justin Timberlake To Headline Super Bowl Halftime Show
- Elliott’s 3 TDs, 219 Yards Lead Cowboys Past 49ers 40-10
- Body Of Small Boy Washes Ashore On Galveston Beach
- Weather Service: Oklahoma Hit With As Many As 4 Tornadoes
- A Scary Box Office Weekend For Everyone But Tyler Perry
- Climber Falls To Her Death In Grapevine
- Tricks To Using The New iPhone Software
- Airport’s New Parking System Overcharging Thousands Of Drivers
- Ben & Skin Parody: Rangers Won’t Die
- Johnny Manziel’s Popularity Plummets
- PHOTOS: Your Pet Pictures