JC Penny (JCP, $0.95) Drops Below $1 for the First Time Ever

JC Penny, the struggling American department store chain, saw its shares dip below $1 for the first time since it started trading in 1929.

The company has not been profitable since 2010, and has bonds rated as junk owing to its $4 billion debt, a sinking cash pile and with no sign of a turnaround. With more than a 68% decline in the share prices of the company from a year ago, its market cap dropped to roughly $310 million.

Faced by the inventory glut and supply chain struggles, the company offered steep discounts on clothing to clear its massive inventory. But despite this being one of the best holiday season in the recent history, when most of the retailers celebrated their higher-than-expected holiday sales, the company failed to woo buyers as it arguably lacked a proper marketing plan or strategy.