Shares of JCPenney are tanking in the late trading session…
The retailer’s stock was last down more than 10%.
Around 3:30 p.m., the New York Post’s James Covert published an article about CIT clamping down on credit for the retailer.
The struggling retailer is the stock that activist investor Bill Ackman, who runs Pershing Square, has been publicly cheerleading for over the past couple of years.
Ackman, who has has 17.74% stake in JCPenney, has taken a bath betting on the retailer.
[hat tip: ZeroHedge]