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J.C. Penney chairman buys 1 million shares

J.C. Penney Co. Inc. Chairman Ronald Tysoe bought 1 million of the retailer's shares, according to an Aug. 19 SEC filing.

The shares were bought Aug. 16 at an average price of 59 cents each. Tysoe now owns a total of 1,352,128 J.C. Penney shares.

The dealings came a day after the department store chain posted an adjusted net loss of 18 cents per share for the second quarter of fiscal 2019.

On Aug. 6, J.C. Penney received a delisting warning from the NYSE because its stock had been trading at under $1 since July 19. Under NYSE rules, listed companies are required to maintain an average closing share price of at least $1 for 30 consecutive trading days. The company has six months from Aug. 6 to regain compliance.

Shares of J.C. Penney closed Aug. 20 at 60 cents.