PLANO, Texas (AP) — J.C. Penney Mike Ullman seems confident the slumping retailer will bounce back during the holiday shopping season.
Ullman showed his faith by buying 112,000 shares at $8.95 apiece at the end of last week. The $1 million investment disclosed Monday comes as Ullman tries to snap Penney out of a funk that has seen the Plano, Texas company lose more than $2.4 billion since late 2011.
The financial misery prompted Penny to fire Ron Johnson as its April and bring back Ullman for a second stint as its CEO.
Penny's woes have caused the company's stock to plunge by 53 percent so far this year. The shares closed at $9.19 Monday.
Things are so bad that the retailer is being booted from the S&P 500 index this Friday.