The 'Nightmare before Christmas' has claimed another retailer [Yahoo! Canada Finance News]
JC PENNEY (JCP)
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Source: Yahoo! Canada Finance News
The 'Nightmare before Christmas' has claimed another retailer These retailers have some explaining to do . Despite several early reads that the season came in better than expected, most of the department stores and specialty chains that have announced their results said sales at their established stores continued to slide in November and December. The latest victim of the trend was J.C. Penney ( JCP ) , which on Friday reported a comparable-sales drop of 0.8 percent during the final two months of 2016. While that dip was less severe than the declines at competitors Kohl's ( KSS ) and Macy's (NYSE: M) , it was well shy of Wall Street's expectation for 3 percent growth. The widespread deterioration from last year's dismal results underscored the challenges facing legacy retailers, who are closing stores and cutting jobs in a bid to boost their productivity. That includes Macy's, which is cutting more than 10,000 workers as it shutters 68 locations . Shares of Kohl's, Macy's and
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