Macys furniture brand is known for its quirky, quirky design, but its popularity in the home has taken a turn for the worse this year, with the retailer reporting that it lost $1.3 billion in the third quarter of 2018, a decline of 40 percent from a year ago.
Macys stock, which fell by more than 5 percent in 2017, now trades for less than $1 per share.
The company’s stock fell by $2.50 to $9.84 per share in premarket trading on Tuesday, down 13 percent from the $10.15 price it was trading at on January 25.
Macies stock was trading down around 6 percent before the announcement.
The retailer, which has faced numerous scandals and financial setbacks, has had to lay off nearly 1,500 employees since late 2018.
The losses have also pushed the company’s CEO, Joe Mackey, to announce a $2 billion restructuring plan to bring the company back on the road to profitability.