J.C. Penney on Thursday reported mixed second-quarter results that showed its sales are continuing to erode.
The company's sales were short of analysts' estimates and continue to erode.on Thursday reported mixed second-quarter results that showed its sales are continuing to erode.
Despite the smaller loss, sales fell more than had been anticipated. Revenue for the quarter ending Aug. 3 fell 7.4% to $2.62 billion from $2.8 billion a year ago. That was slightly lower than analyst expectations of $2.69 billion. Penney is also burdened with around $4 billion in debt and has announced that it is working with advisors to restructure it.can turn the 117-year-old company around
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