JC Penney hits record low on wider loss

JC Penney Co Inc's stock hit a life-low as sweeping store closures and a challenging retail environment drove the embattled department store chain to report a bigger-than-expected quarterly loss and took a toll on comparable sales.

Penney's results were in contrast to those from industry stalwarts Macy's Inc and Nordstrom Inc, both of which beat market expectations for second-quarter profit and comparable sales.

Shares in Penney, which were down 16 percent at $3.96 in morning trading, have tumbled 43 percent since the start of the year.