There’s a sale at JCPenney — on its stock, that is.
Shares of the struggling department-store chain plunged 13 percent to their lowest levels since 2009, as Wall Street grew increasingly anxious about CEO Ron Johnson’s controversial turnaround strategy.
Analysts cut their ratings on Penney shares and slashed profit forecasts after the retailer on Friday reported a $123 million quarterly loss fueled by a shocking sales drop of 27 percent.
Johnson — a former Apple exec who has sent shoppers fleeing this year by eliminating coupons and sales events — “must find a way to significantly slow the sales decline within the next six months,” Credit Suisse analyst Michael Exstein said in a research note.
A survey by the bank of 17 retailers that posted sales drops between 15 and 25 percent found that only four escaped being acquired or falling into bankruptcy.
Johnson said yesterday that Penney will open its doors at 6 a.m. on Black Friday to kick off the crucial post-Thanksgiving weekend.
That’s despite the fact that archrivals Macy’s and Kohl’s will be opening their doors at midnight — a full six hours earlier. Target also said it will open at 9 p.m. on the evening of Thanksgiving, a move that drew protests from workers.
“They’re opening hours and hours behind their biggest competitors — it’s crazy,” one disgusted investor said of Penney. “Once people hit Macy’s and Kohl’s, they’re not going to pull an all-nighter to go to Penney’s.”
As The Post reported last week, Penney is facing a cash crunch next year as sales declines and losses mount. If those trends aren’t reversed, analysts say Johnson will be forced to choose between tapping a credit line and slashing costs.
The latter move could undermine his strategy to expand Penney’s collection of in-store shops. While boutiques for Levi’s, Izod and Liz Claiborne are said to be performing well, some fear it will be too little, too late.
Shares of Penney — which had fallen 5 percent on Friday’s dismal quarterly results — yesterday lost $2.67 to close at $17.97.