J.C. Penney shares are trading at their lowest level in nearly 13 years, according to multiple reports. Shares fell $1.58, or 13.3%, to $10.32 at midmorning on September 25, after earlier in the day dropping as low as $9.93. In addition, the company has announced that it plans to hire approximately 35,000 temporary workers for the holiday season as it returns to a coupon and sales event structure, according to a Reuters report.
The level of workers is roughly the same level as its holiday hiring in 2011, before the retailer changed its pricing strategy and did away with most coupons and sales events, Reuters reported. J.C. Penney has returned to a discount and coupon-heavy approach to pricing, which is more labor intensive, spokeswoman Kate Coultas reportedly told Reuters. “Not only will we need the help to assist customers but also to help with tasks such as changing price signage, etc.,” she said.