J.C. Penney Plunges to a Historic Low After Loss Forecast

Stock down as much as 27%; chain sees full-year loss now
Search for a new CEO is ‘top priority’ for board: Chairman

Bloomberg Intelligence’s Poonam Goyal examines J.C. Penney’s earnings.(Source: Bloomberg)

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By Hema Parmar

August 16, 2018 at 11:56 AM UTC

Updated on

August 16, 2018 at 3:10 PM UTC

This article is for subscribers only.

J.C. Penney Co. plunged as much as 27 percent to a historic low after forecasting a surprise loss for the year amid clearance sales to get rid of a pile-up in unsold items.

The struggling department-store chain, which has been without a chief executive since May, also posted a wider-than-expected loss for the quarter ended Aug. 4, and disappointing same-store sales, a closely-watched measure for retailers.