Posted on 02/24/2017 8:00:41 AM PST by Morgana
NEW YORK (February 24, 2017) — J.C. Penney said Friday that it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.
The closures represent about 13 percent to 14 percent of the department store operator's current store count, and less than 5 percent of total annual sales. The company said that it would also initiate a voluntary early retirement program for about 6,000 eligible employees.
The news came as the Plano, Texas-based chain posted a profit in the fourth-quarter compared to a loss a year ago. But total sales were down slightly, and a key revenue metric declined slightly as well.
Penney is trying to recover from a catastrophic reinvention plan under former CEO Ron Johnson that sent sales and profits into a free-fall in 2012 and 2013. Business stabilized under Mike Ullman, who took the helm in 2013 after Johnson was pushed out. Under Marvin Ellison, who has been CEO since 2015, Penney is looking for new ways to increase sales while playing catch up in e-commerce.
(Excerpt) Read more at onenewsnow.com ...
Uhmm, AP. The name is “Penney” not “Penny.”
Good riddance.
I grief for what this store once was and represented: conservative, family-friendly shopping, quality products, and dedicated, clean-cut employees. Now they’re all tatted, pierced and slouch around aimlessly.
GPD. You forgot Target!
I don’t believe St. John’s Bay is a Penney’s brand. SJB can be found all over. Amazon, Sears, Walmart......
This is definitely not the store John Cash Penney founded many years ago.
My first job other than babysitting was at our local Penneys.
I knew when they fell to the “Gay Lobby” in their advertising there would be serious consequences.
If you study colonial history you’ll find that in the beginning there were white slaves a lot more than there were black because they were cheaper. They were criminal deportees from Britian
JCPenny needs to go back to what James Cash Penny started. Of course, the CEOs in these big companies don’t know the history of their companies and they want to bash America...and American Values...
Was’t Ellen Degenerate one of their spokeslesb?
Goes to show that there are simply not enough queers to support store chains.
“Wasn’t Ellen Degenerate one of their spokeslesb?”
Yes she was. Part of their downward spiral in the first place.
“Wasn’t Ellen Degenerate one of their spokeslesb?”
Yes she was. Part of their downward spiral in the first place.
Yes, indentured Servitude was all the rage.
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