JCPenney: No CEO, no CFO, no problemo!
We’ve talked about JCPenney’s… lack of CEO and how that’s a bad thing. However, matters have gotten even worse for the company, with the CFO Jeffrey Davis leaving after just 14 months. It looks like more bad news for a company that has seen its stock drop 45% this year.
On Friday… JCPenney stock dropped another 9% and is now trading at $1.60. The company also has over $4 billion in debt. The once-booming retailer has only posted a quarterly profit twice in the last four years. Most recently, the company posted a loss of $101 million and was forced to sell much of its clothing at a substantial discount.
So, what now… that’s what investors are asking, but haven’t gotten much of an answer. The retailer has closed 141 stores within the last year and will be closing eight more this year. JCPenney switched from older shopper to younger but is now going back toward middle-aged women. The company plans to update everyone on who it wants its customers to be in November when it reports quarterly earnings. We’re looking forward to it…