It's been a rough year for J.C. Penney. The company has been hemorrhaging money, losing $586 million in the second quarter alone. The stock is down 47% in 2013.
Activist investor Bill Ackman added fuel to the fire when he cut his losses last month. His hedge fund, Pershing Square Capital Management, sold its entire 18% stake in the company.
Ackman had tried to save the company by recruiting Ron Johnson, former head of Apple(AAPL) retailing, to lead J.C. Penney as chief executive. But Johnson got rid of company discounts, distancing its customer base and sinking sales. So the company him pushed out earlier this year.
The company is now being led by interim CEO Mike Ullman, the former CEO of the company.