The department-store chain is closing 39 stores this year, after shuttering 33 last year. Its troubles highlight a growing divide in the consumer economy.
The sales really take place on Thanksgiving and Saturday now. But do you really want to go shopping on Thanksgiving?
Only a year ago the retailer was facing talk of bankruptcy, but today, it said it’s back on track. And importantly, it has no plans for store closures — a relief for its employees.
Bill Ackman likes to position himself as making investments that are “good for America,” and while he admits that some of his 30 activist campaigns have cost jobs, he believes he is ultimately a job creator.
The hedge fund titan’s Pershing Square Capital is set to conduct an IPO later this year, but industry insiders are worried Ackman is sabotaging its potential success with his increasingly bizarre public behavior.
Mom jeans and jazzy shirts galore.
Think Ali Rowghani’s abrupt and unceremonious dismissal from Twitter this week was bad? Check out these brutal executive ousters.
The department-store company sent out some nonsensical tweets tonight, leading many to believe the person running the account was drunk or hacked. Turns out they were “tweeting with mittens” on, which was the plan all along.
The struggling department store company made the announcement a week after Macy’s said it would lay off 2,500 employees and shutter five stores.
J.C. Penney issued a three-sentence press release on its holiday performance today. The company didn’t include a single number, spooking analysts who cover the company and sending shares down 8%.
J.C. Penney amended its licensing agreement with Justin Timberlake’s William Rast brand to end in June 2014 instead of January 2016, according to a regulatory filing today.
The human cost of cheap fashion is more in focus this year than ever before.
From Apple jumping in the fray to Abercrombie renaming it “Hot Friday,” you might be surprised.
Gilford Securities analyst Bernie Sosnick wrote a note about J.C. Penney’s slight increase in same-store sales for October. But the real state of J.C. Penney could be found in the risk factors he listed.
That’s according to long-suffering shareholder and hedge fund manager Whitney Tilson, who told BuzzFeed the teen retailer’s turnaround under its new CEO — recruited from J.Crew — will be different from the Ron Johnson–J.C. Penney situation that burned him last year.
What happens when your business is declining with no end in sight? Panicked dealmaking, selling new stock to raise cash, laying off employees, and everything else in the parade of corporate horribles.
“That company’s gone through a lot of angst with Bill Ackman having taken control, having recently sold his 20% block in the company,” a Vornado executive said of J.C. Penney at a Barclays conference on Monday.
The embattled hedge fund manager and activist investor Bill Ackman detailed his investment failings and mistakes in a letter yesterday, despite his firm’s decent performance.
The company’s sales shrank another 12% in the second quarter after falling by 23% in the second quarter of last year. The $2.7 billion in sales compares with $3.9 billion two years ago.
In a wide-ranging interview on PBS’ Charlie Rose show Tuesday night, Ackman defended his recent actions against J.C. Penney and himself against attacks from rivals.
UPDATED: A series of dramatic letters and erratic behavior by billionaire hedge fund manger Bill Ackman isn’t helping his activist investment efforts with J.C. Penney and Herbalife. His decision to resign from the board of J.C. Penney on Tuesday caps a year of public battles and strange moves, but is it too little, too late?
A group of 17 U.S. retailers signed a five-year agreement to improve safety at Bangladesh garment factories. It’s separate from a plan made by mainly European retailers announced Monday and comes nearly three months after a major factory collapse in the country killed more than 1,100.
Eric Hunter, the SVP of marketing, was dismissed earlier this month and sources say ex-Coca Cola consultant Sergio Zyman has severely cut back his involvement.
J.C. Penney is admirably doubling down on its campaign to piss off One Million Moms. This image appeared in the JCP May catalog, and the conservative group that had conniptions over the retailer hiring Ellen DeGeneres as a spokesperson promptly reconnipted.
Go Ellen! Last week, a Christian group called One Million Moms called on JC Penney to fire new spokesperson Ellen DeGeneres because she’s gay. JC Penney then released a statement saying it stands by DeGeneres. Now, in a clip that will air on her show Wednesday, DeGeneres gives her two cents.