By Megan Henney Published January 09, 2019 Markets FOXBusiness Facebook Twitter Comments Print video The US consumer is very happy about the world they see: Former JC Penney CEO Former JC Penney CEO Allen Questrom on the outlook for retail. J.C. Penney said on Tuesday it plans to close three more stores by spring, on the heels of its announcement that its sales fell during the critical holiday shopping season. Continue Reading Below In a news release, the struggling retailer revealed its same-store sales dropped 3.5 percent on an adjusted basis for the nine-week period ended Saturday. It’s unclear where the store locations are, although it’s expected to include more details when it reports its full fourth-quarter results on Feb. 28. MORE FROM FOXBUSINESS.COM... WARREN BUFFETT PREDICTED SEARS’ DOWNFALL MORE THAN 10 YEARS AGO SEARS GETS A LIFELINE, RETAILER GETS ONE LAST SHOT AT SURVIVAL According to the … [Read more...] about J.C. Penney announces more store closures
J c penney
J. C. Penney Co. said it will close three stores this spring and may announce more next month as new chief executive officer Jill Soltau embarks on a broad evaluation of its footprint. The announcement briefly sent shares up in late trading. The Plano-based company declined to identify the store locations. J.C. Penney also reaffirmed its earlier guidance that it will generate free cash flow in fiscal 2018 and reduce its bloated inventory, an issue that has plagued the company in recent quarters. Key Insights This marks one of the first public moves by Soltau, who took the helm in October. The decision to close underperforming stores doesn't come as a surprise, since she promised "quick action" in November for a company looking for a turnaround. She said she was taking a close look at the company's fleet of about 860 stores. Investors will be happy to see the new chief making decisive actions. The retailer said it is "assessing locations that may not meet required financial … [Read more...] about J.C. Penney CEO starts first round of store closings amid holiday sales decline
Jan 03, 2:07 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Rich Duprey 01/03/19 AT 1:37 PM The stock of J.C. Penney (NYSE:JCP) recently closed under $1 per share for the first time in its history, highlighting its parallels with Sears Holdings (NASDAQOTH: SHLDQ) all too closely. Yet where the bankrupt retailer Sears just got a stay of execution as Chairman Eddie Lampert submitted a last-minute bid to buy it, J.C. Penney apparently doesn't have a deep-pocketed savior waiting on the sidelines.This article originally appeared in the Motley Fool.It increasingly looks like J.C. Penney could go under, and there may be no recourse to resurrect the 117-year-old retailing icon. A Christmas reprieve?The Christmas season was the retailer's last chance to show it can remain a viable business. Mastercard's SpendingPulse report found strong consumer confidence during the holidays, with … [Read more...] about Is There Any Hope For J.C. Penney?
Chronicle Staff and News Services Published 3:50 pm PST, Friday, December 28, 2018 A J.C. Penney store in Peoria, Ill., on May 12, 2018. MUST CREDIT: Bloomberg photo by Daniel Acker. A J.C. Penney store in Peoria, Ill., on May 12, 2018. MUST CREDIT: Bloomberg photo by Daniel Acker. Photo: Daniel Acker / Bloomberg Photo: Daniel Acker / Bloomberg Image 1 of / 3 Caption Close Image 1 of 3 A J.C. Penney store in Peoria, Ill., on May 12, 2018. MUST CREDIT: Bloomberg photo by Daniel Acker. A J.C. Penney store in Peoria, Ill., on May 12, 2018. MUST CREDIT: Bloomberg photo by Daniel Acker. Photo: Daniel Acker / Bloomberg ICYMI: J.C. Penney struggles; Netflix’s ‘Bandersnatch’ twist; bitcoin woes 1 … [Read more...] about ICYMI: J.C. Penney struggles; Netflix’s ‘Bandersnatch’ twist; bitcoin woes
Customer affinityTo understand why, simply ask their shoppers."I come here every day after Thanksgiving," said Allison DiPasquale, 37, of University Park as she shopped at Neiman Marcus in NorthPark Center on Black Friday. "It's decorated up for the holiday and just puts me in the holiday spirit."The Neiman Marcus staff is another big draw for DiPasquale."I like the people who help me. I come here for the luxury experience," she said, as employee Randi Kimmel came by the shoe department to say that her clothes were gathered in a dressing room. No rush, and there was champagne waiting.DiPasquale, shopping with her mother-in-law who was in town for the holiday, was deciding on a pair of Stuart Weitzman shoes over the knee boots on sale that she just tried on.During that same holiday shopping week, more than 1,000 people were waiting to get in for a 2 p.m. Thanksgiving Day opening at a J.C. Penney north of Dallas in Fairview. Many were extended families shopping together."I … [Read more...] about Department store survivors Neiman Marcus and J.C. Penney again must stare down challenges