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.
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.
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.
Turtlenecks and Tiny Toons pajamas for all!
Here’s the Full House star making sea foam green look amazing.
From Apple jumping in the fray to Abercrombie renaming it “Hot Friday,” you might be surprised.
The retailers are among companies at risk of losing their spot in the S&P 500 once Ingersoll-Rand spins off its Allegion unit next month.
That’s what Chief Executive Officer Mike Ullman said at a Women’s Wear Daily conference today.
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.
When J.C. Penney executives decided against giving away free Disney snow globes last year, they probably didn’t realize what they were getting themselves into.
Do a Google Image search for “J.C. Penney logo.” The retailer says it’s changing its logo again.
Shares rose after the department-store company said comparable store sales fell by only 4% in September.
The department-store company says customers weren’t using it enough. With Ron Johnson gone, the $12 million system isn’t “fundamental architecture” anymore.
In the late ’80s Pee-wee created a short-lived clothing line.
Maybe J.C. Penney can go on the Shark Tank.
Consumers are spending big on cars, housing, e-commerce, appliances and home projects (“C.H.E.A.P.”) at the expense of new clothes and electronics, according to Citigroup.
His bet on the beleaguered department store has gone horribly awry since his initial investment in October 2010.
J.C. Penney reported its second-quarter results today, and the biggest takeaway was that it’s essentially hitting the undo button on former CEO Ron Johnson’s tenure.
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.
The actions of hedge fund manager Bill Ackman have sent J.C. Penney into a three-year tailspin. Now that he is gone, the question everyone is asking is if the damage he inflicted is permanent.
Activist investor and board member Bill Ackman is telling the world that he wants certain things for J.C. Penney. J.C. Penney is like, we are not at all happy with you.
Activist investor and board member Bill Ackman sent a letter expressing his frustration with the CEO search, according to a report from CNBC’s Scott Wapner.
The ailing department store brings in a key hire, filling a position that has been vacant for about a year.
So, he got that one right.
Jeff Herbert, an outside consultant brought in by Sergio Zyman for J.C. Penney’s marketing department, is gone. So is the general merchandising manager of the home department, an area that was one of ex-leader Ron Johnson’s big bets.
Macy’s said this week that Snoopy and Woodstock will return to the turkey day parade for the 37th time in November. The lovable beagle has the parade’s most appearances and most balloon versions.