The department store operator sells apparel, footwear, accessories and beauty products at its locations and online.
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Her appointment brings the number of female CEO's in the Fortune 500 to 25.
Following the news, J.C. Penney stock fell 9% to a record low.
It's a big part of its effort to hit $2 billion in sales in 2020.
It once again had to slash prices on a ton of merchandise.
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The retail giant fell 0.8% on Friday
It was its first drop in 10 quarters.