Tuesday, May 22, 2012
J.C. Penney posts loss, sales tumble, cuts dividend
NEW YORK - J.C. Penney Co Inc's attempt to remake itself as fashion-oriented chain and wean costumers off of coupons took a bigger toll on sales than expected in the first quarter. Photo AFP/Getty Images/File, Spencer PlattThe retailer also surprised Wall Street by discontinuing its dividend to help fund its overhaul. The results are a dose of reality for investors banking on a turnaround plan from a new chief executive, who was credited with helping to build Apple Inc's much-envied retail
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