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J C Penney Company Inc (NYSE: JCP) shares are poised to finish the week down more than 10 percent after the company announced it will be taking a series of drastic measures to help protect the struggling companies bottom line.
The New York Post reported that JCPenney has slashed payroll, frozen overtime, reduced corporate credit card allowances, banned markdowns and taken other emergency measures.
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Bespoke analyst Kristin Bentz told Benzinga that she’s not surprised by JCPenny’s struggles. Rather than following Macy’s Inc. (NYSE: M)’s lead by focusing on online sales, JCPenney is trying to bail out a sinking ship.
“Look at the demise of Sport Chalet, and Sports Authority— the disruption is in retail is here,” Bentz told Benzinga.
“Not to mention the pressure put in place by minimum wage increases across the country, it would not surprise me that JCP would try to get out ahead by cutting staff hours or releasing employees.”
Long-time JCPenny investor and former activist board member Bill Ackman saw the writing on the wall way back in August of 2013. Ackman’s hedge fund Pershing Square reportedly lost hundreds of millions of dollars betting on a JCPenney turnaround that never materialized. Still, JCPenney is now down another 35 percent since Ackman ditched the stock.
JCPenney investors are now bracing for the company’s Q1 earnings report due out on May 13.
Disclosure: The author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.