JC Penney (JCP) has many challenges moving forward
JC Penney has recently closed all offices and stores in response to the spread of COVID-19. JC Penney was already seeing a consistent decline as they have received years of declining sales. The company has closed a number of stores, rid of inventory, and has tried new marketing techniques, but still has seen no success in doing so. It is unclear whether employees will be paid during the two weeks that the stores and offices are anticipated to be closed. “With the effects of the outbreak being felt more each day, our primary concern and area of focus is and has been on the health and safety of our associates, our customers, and our communities,” said CEO Jill Soltau. Though stores will no longer be open temporarily, you can still shop through their online website. Before the spread of the coronavirus, among other factors, JC Penney already was struggling to maintain compliance with New York Stock Exchange listing standards. Shares have not risen above $1 since January 13 and the exchange requires companies to hold at least a $1 closing share price for 30 consecutive trading days. It currently trades for $.039 as of today. For now, it may be in your best interest to stay away from the once retail giant until it can get back up and move past the recent challenges it faces as it.