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发帖数: 1793 | 1 J.C. Penney Stock Sinks to 12-Year Low
By Paul Ausick September 25, 2013 10:35 am EDT
Struggling department store chain J.C. Penney Co. Inc. (NYSE: JCP) marches
on down the path to oblivion. The stock was down about 13.5% in the first
hour of Wednesday trading and has already put up (down?) a new 52-week low.
Yesterday the store said it planned to hire 35,000 temporary employees for
this year’s holiday season. The company did not say how many seasonal
workers it hired last year. Having returned to its previous sales strategy
of big discounts and sheafs of coupons takes more people. A J.C. Penney
spokesperson told Reuters:
Not only will we need the help to assist customers but also to help with
tasks such as changing price signage, etc.
Last year in the holiday quarter, J.C. Penney sales dropped nearly 32% year-
over-year. The company simply must do better this holiday season or the
store may not survive until Christmas 2014. We noted on Monday that the
company may be hitting up banks for more cash while interest rates are still
low.
Those seasonal employees may not be changing only price signage. They could
be drafted to put up those going-out-of-business banners as well.
Shares are now trading at $10.10 after setting a near-historic low of $9.94
earlier this morning. The 52-week high is $27.00.
By Paul Ausick | c********n
发帖数: 1793 | |
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