JCPenney just became a penny stock.
Shares of the ailing department store chain JCP, +3.66% crashed on Thursday, dipping as low as 92 cents before closing down 7.5%, at 97 cents — the first time they’ve ever closed below a dollar since the company went public in the late 1970s. [Shares remained below $1 Friday morning.]
The Plano, Texas-based retailer is struggling to right itself after turning in weak results for its latest quarter, when revenues declined 5.8%, to $2.65 billion, and comparable sales fell 4.5%.
Many retail stocks were down on Thursday — a day after they rallied on news of strong holiday spending — but shares of Penney were down far more than rivals like Macy’s M, -0.83% , Nordstrom JWN, -1.76% and Kohl’s KSS, -0.02% .
“They are closer to the edge” than other retailers, Gerald Storch of Storch Advisors told The Post.
With a new chief executive, Jill Soltau, on board since October, JCPenney has one year to show the market that it can sell merchandise that people want to buy, added Storch.
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