Myron “Mike” Ullman’s return to the helm at JC Penney unnerved investors, who said his experience was welcome but was not a cure-all for the retailer’s sliding sales and dwindling cash.
Shares fell 12.2 per cent, on the highest volume in the stock’s history, and nearly reached their lowest levels since 2001. The cost of insuring Penney’s bonds against default rose 3.5 per cent, according to data tracked by Markit.
via Business feed http://www.scmp.com/business/companies/article/1211326/no-quick-fixes-expected-jc-penney-returning-boss
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