Why Would JC Penney Sell Items For A Penny?

According to a report by The Dallas Morning News, J C Penney Company Inc (NYSE: JCP) will introduce a new sales promotion titled "Get Your Penney's Worth."

Appropriately, J C Penney will be selling items for just $0.01. Some items will be sold for just $0.01 with no further purchase required while other items will be part of a Buy One, Get One for a penny offer.

The publication noted that the Dallas-based retailer will be nearly giving away products from its private brand named Arizona to entice consumers to try its label. A social media marketing blitz will promote the new sale with the use of a hashtag #soworthit.

Shares of J C Penney were trading higher by 0.4 percent at $7.58 late Wednesday morning.