J.C. Penney stockholders grow concerned

J.C. Penney's stock hit a 13-year low Wednesday as investors grow increasingly concerned about the future of the 112-year-old iconic American retailer.

The company's stock dropped below $10 a share at one point, the lowest level since November 2000, according to CNNMoney.

Analysts predict J.C. Penney had a weak back-to-school shopping season and sales continued to drop in late August and early September. Investors already were concerned by reports the company might be looking to raise cash through the sale of new stock or bonds, according to the report.

J.C. Penney (NYSE: JCP) stock closed at $10.12 per share yesterday, after hitting a low point of $9.93 per share. The company's 52-week high is $27 per share.

Read more at CNNMoney.