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Sorry, J.C. Penney Shareholders: The Stock Is Worthless

TheMotleyFool

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Sorry, J.C. Penney Shareholders: The Stock Is Worthless

J.C. Penney (OTC: JCPN.Q) has struggled with weak sales and profitability for nearly a decade due to a failed makeover attempt and falling mall traffic. The COVID-19 pandemic was the last straw for the long-suffering department store chain, forcing it to file for bankruptcy in May.

Despite the bankruptcy filing, J.C. Penney shares still trade for around $0.30, giving the company a market cap of nearly $100 million. It appears that many shareholders think (or hope) that the stock will still be worth something at the end of the bankruptcy process. Unfortunately, that is extremely unlikely to be the case.