Shoppers hoping for a huge sale of Penneys stock when it reopens will be disappointed to hear that there will be no ‘fire sale.’
Penneys stores have been shut for about eight weeks, and stock has been lying idle all this time, leading many to believe that the company would try to sell it off at bargain prices.
This is not to be, however, according to the company’s finance chief John Bason, who said that Penneys has the financial means to sustain itself without resorting to extreme measures.
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