Celebrity Fashion News
J.C. Penney Gets Booted From S&P 500
NEW YORK (AP) — J.C. Penney is getting booted from the Standard & Poor's 500 index after losing more than half of its market value this year.
The retailer is being replaced by Allegion Plc, a provider of security for homes and businesses, according to a statement released Friday by S&P Dow Jones Indices, which runs the S&P 500 index.
The retailer's downward spiral began during an ill-fated transformation under former CEO Ron Johnson, who was fired in April after 17 months on the job.