CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

Local

J.C. Penney Shares Plunge To New Lows

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

kluvs super 70s weekend voting 1979 dl J.C. Penney Shares Plunge To New LowsPick The Best Song From 1979

115245513 8 J.C. Penney Shares Plunge To New LowsCrush Of The Day: Mila Kunis

80219448 J.C. Penney Shares Plunge To New LowsViral Video: Hilarious Southwest Safety Announcement

155742164 J.C. Penney Shares Plunge To New LowsPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

(credit: Justin Sullivan/Getty Images)

(credit: Justin Sullivan/Getty Images)

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 This material may not be published, broadcast, rewritten or redistributed.)

Latest News:

Top Trending:

View Comments