JCPenney to open stores on Thanksgiving

JCPenney hopes its plan to open on Thanksgiving isn’t a turkey.

The ailing department store chain’s confirmation Friday that it will open at 8 p.m. on Thanksgiving came as its shares dropped to a 33-year low — briefly dipping below the $7 mark.

The stock closed at $7, down 4.8 percent.

The drop was caused by a rumor that the Plano, Texas, chain was facing problems with access to credit in Canada.

A spokeswoman for Penney called the rumor “unequivocally false.”

The rumor, the spokeswoman added, stemmed from an attempt to “ manipulate the market by certain investors for personal gain.”

The Thanksgiving opening by the 1,100-store chain is part of a wider move by retailers to open on the once-retail-free holiday. However, retailers this year are facing tough economic times and are moving to increase sales.

JCPenney was closed last year on Thanksgiving. Most of its stores will open at 8 p.m. on the holiday, the same time as rival Macy’s.

Penney shares have fallen 65 percent this year as investors fear the odds of it recovering from a disastrously unsuccessful makeover under former CEO Ron Johnson.

“Obviously, we were one of the last to open [last year],” said Tony Bartlett, the chain’s executive vice president of stores. “This year we’re all in.”