Shares of struggling retailer J.C. Penney Co Inc. (JCP) - Get Report were climbing higher in afternoon trading on Friday after Chairman & CEO Marvin Ellison purchased 100,000 shares of the company's stock at $3.47 per share.
Ellison's new acquisition, filed in a form with the SEC, comes as the retailer has sunk over 9.5% this week alone, and over 57% year-to-date.
Last week, J.C. Penny reported a wider-than-expected second quarter loss. The stock price has plummeted over 24% since then.
J.C. Penney has struggled as it finds itself pit against one of the most dominating retailers in the world, Amazon.com
(AMZN) - Get Report . The retailer has done little to ignite its bricks-and-mortar business, despite Amazon's looming threat.
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