JCPenney Co. Inc. (Plano, Texas) has been removed from the Standard & Poor’s 500 Index.
S&P said JCPenney’s market value has fallen 37 percent this year to $2.7 billion, “making it more representative of the mid cap market.”
JCPenney shares have dropped 55 percent this year following two and a half straight years of quarterly losses, including $489 million last quarter, though the retailer has expressed confidence that a number of actions taken by Mike Ullman, restored as ceo in April, will lead to improved sales and profit margins during the holiday shopping season.
JCPenney’s was replaced on the S&P index by Allegion Plc. (Dublin), which makes residential and commercial door locks. The retailer will replace Aeropostale Inc. (New York) on the S&P MidCap 400 Index and Aeropostale, another struggling retailer, will move to the S&P SmallCap 600.