J.C. Penney shares tumbled to their lowest level in nearly 13 years on Wednesday after Goldman Sachs said it expects sales at the struggling department store chain to improve more slowly than expected and raised questions about its liquidity.
The stock slid as much as 17 percent to $9.94, the lowest since January 2001, before closing at $10.12, down 15 percent on the day.
Penney's sales fell 25 percent last year after it eliminated the coupons and sales events favored by its price-conscious shoppers. Improvement has been slow since it reinstated that pricing strategy and sales again dropped in the first and second quarters. A lawsuit pitting Penney and Martha Stewart Living Omnimedia against Macy's Inc has also hampered a comeback.