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The Penney Building in Anchorage was five stories tall and almost in size. It partially collapsed and was damaged beyond repair during the 1964 Alaska earthquake. Precast concrete wall panels (one story tall and about as wide apiece) fell to the streets below during the shaking, which resulted in deaths as well as near-misses. The company continued to sell its wares, operating out of rented storefront space and its warehouse on East Fifth Avenue. The Penney Building was torn down to its foundation and was rebuilt as a three-story building, with the footprint slightly more than doubled to extend south to Sixth Avenue.