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J.C. Penney sinks 27 percent on forecast cut, fashion falls flat
August 16, 2018 7:41 AM EDTBy Aishwarya Venugopal
(Reuters) - J.C. Penney Co Inc (NYSE: JCP) shares sank below $2 for the first time on Thursday after it said it had alienated core middle-aged customers while chasing millennial buyers, and the venerable brand forecast an unexpectedly large loss.
The company's shares fell more than 27 percent to $1.75 in morning trading, the lowest since it listed on the New York Stock Exchange a week before the launch of the Great Depression in 1929.
One of the big names in U.S. retailing, Penney has gone through three... More
