J.C. Penney Co Inc. shares sank below $2 for the first time on Aug. 16 after it said it had alienated core middle-aged customers while chasing millennial buyers, and the venerable brand forecast an unexpectedly large loss.
The company’s shares fell more than 27 percent to $1.75 in morning trading, the lowest since it listed on the New York Stock Exchange a week before the launch of the Great Depression in 1929.
