On Tuesday, in morning trade, J.C. Penney (NYSE:$JCP) shares fell 3.9%. This puts them on the verge of closing at a third-straight record low since the Texas-based company posted a wider-than-expected second-quarter loss.
Now, the department store chain’s stock has dropped 32.7% amongst a 5-session losing streak. According to a FactSet analysis, this is the worst 5-day stretch since the stock commenced trading in January 1972.
J.C. Penney has been trying to maneuver around the “Amazon effect” which has caused several retailers to go bankrupt, but data from the July government retail sales report indicates that their efforts have not been enough.
So far this year, J.C. Penney’s stock has plunged 56%.
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