J.C. Penney Co. Inc. was given up for dead earlier this year. But the struggling department store chain is starting to show signs of life, suggesting that it could become a poster child for deep-value investing.
Make no mistake, this is one troubled company. It has lost money in 11 of the past 12 quarters. Sales in the second quarter of this year were down 28 per cent – or $1.1-billion (U.S.) – from the second quarter of 2011.