JCPenney (JCP) is continuing to struggle as the company’s stock is still dropping, reaching its lowest levels since 2001.
As of Wednesday afternoon, the retailer’s stock had fallen more than 3% to sit around $12.80 per share, putting JCP at lows it hasn’t plumbed since January 2001. JCP is off roughly 84% since its peak in early 2007, and has shed 22% in the past five days alone.
A string of incidents and controversial headlines have plagued the company in the last few months. These include JCPenney’s designer tea kettle that resembles Hitler and recent allegations of swindling its customers through a deceptive sales ploy.
But what’s really killed JCPenney is its former CEO’s decision to eliminate sales at the company, alienating many customers. Although the company did decide to start promoting sales again, JCPenney’s free-fall hasn’t showed any signs of slowing down.
Earlier this week, however, JCPenney hired a new marketing pro in hopes of turning this trend around.
The company will report its earnings to the public on Aug. 20.