J.C. Penney (JCP) Extends Losses Following CEO Shakeup
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J.C. Penney (NYSE: JCP) stock turned negative in early trading on Wednesday, extending a decline that began late on Monday following the resignation of CEO Ron Johnson.
Johnson was replaced by former CEO Mike Ullman. Ullman is stepping in on a temporary basis to reverse the damage caused by Johnson, and he will attempt to stabilize a steep drop in same-store-sales, while the company seeks new, permanent leadership.
Yesterday shares of J.C. Penney declined 12.2 percent, extending a massive drop that began over a year ago. Huge questions remain about the direction of JCP and many investors say the stock will remain under pressured until Wall Street get more visibility on the future of the retailer. Cash burn is another question haunting investors.
Johnson was replaced by former CEO Mike Ullman. Ullman is stepping in on a temporary basis to reverse the damage caused by Johnson, and he will attempt to stabilize a steep drop in same-store-sales, while the company seeks new, permanent leadership.
Yesterday shares of J.C. Penney declined 12.2 percent, extending a massive drop that began over a year ago. Huge questions remain about the direction of JCP and many investors say the stock will remain under pressured until Wall Street get more visibility on the future of the retailer. Cash burn is another question haunting investors.
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