After years of struggling to stay afloat and having to employ several different CEOs to overcome their dramatic losses, J.C. Penney may finally be finished. Having to face physical competitors like Wal-Mart, Macy’s, and Target, as well as competitors in e-commerce like Amazon and eBay, without a clear strategy to set them apart J.C. Penney is all but doomed. They’ve since brought back Myron Ullman to steer the sinking ship but it’s unclear how they will manage at this point in the game.
Investors are still optimistic, as J.C. Penney has the option of taking a $2.25 billion loan from Goldman Sachs and other investors, but the amount of losses the company has endured over time may prove too much for the department store. Sales have continuously dropped, falling by 25.2% as of last year, and though it managed to improve with sales only falling by 16.4% in last year’s second quarter (which is still terrible), experts doubt any growth will continue. RIP, J.C. Penney.