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Saturday, May 30, 2020
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Penney’s gets pinched

J.C. Penney’s shares suffered their biggest loss in the company’s history following an unprecedented collapse of retail spending last month and reports that it may go bankrupt. Retail sales fell by 8.7% in March, the worst monthly drop on record, and April is expected to be far worse. The Plano, Texas-based department store chain didn’t immediately respond to reports
Wednesday that it was considering bankruptcy. Earlier this month it furloughed much of its workforce and extended the closure of its stores, which have been shut since March 18 as a measure to slow the spread of the viral pandemic. J.C. Penney is scheduled to report its first-quarter earnings on May 14. Analysts surveyed by FactSet forecast J.C. Penney’s losses nearly doubled to 84 cents a share in the period.