J. C. Penney Company news and archive

JCPenney to cut 1000 jobs, close 152 stores

J. C. Penney Company, Inc. is aligning its workforce with its store optimization strategy and reduced store footprint. The company said in a statement that JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the company and is having ongoing negotiations with landlords. In...

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JCPenney files for bankruptcy to reduce debt

J. C. Penney Company, Inc. becomes the latest retail giant to enter into Chapter 11 bankruptcy. The company said in a statement that the restructuring support agreement (RSA) with lenders holding approximately 70 percent of JCPenney’s first lien debt is expected to reduce several billion dollars of indebtedness and provide increased financial...

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JCPenney and Sephora settle dispute over in-house boutiques

J. C. Penney Company, Inc. and Sephora USA, Inc. have reaffirmed their long-standing partnership to operate Sephora inside JCPenney. JCPenney said in a statement that both the companies worked to resolve outstanding legal matters and have agreed to mutually beneficial revisions to their joint enterprise operating agreement. About 650 in-store...

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JCPenney Holiday comparable sales decline 7.5 percent

J. C. Penney Company, Inc. announced that its comparable store sales for the combined nine-week period ending January 4, 2020 decreased 7.5 percent. The company said in a statement that adjusted comparable store sales, which exclude the impact of the company’s exit from major appliance and in-store furniture categories, decreased 5.3 percent....

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JCPenney manages to cut losses in Q3

Third quarter sales at J. C. Penney Company, Inc. reported total net sales decrease of 10.1 percent to 2.38 billion dollars. JCPenney’s comparable store sales decreased 9.3 percent for the quarter. For the third quarter, the company’s net loss improved from 151 million dollars or 48 cents per share last year to 93 million dollars or 29 cents per...

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JCPenney announces two senior executive appointments

J. C. Penney Company, Inc. has appointed Brooke Buchanan, a communications executive with over 15 years of experience, will join the company on October 28, 2019, as Senior Vice President, communications, reporting to Jill Soltau, the company’s Chief Executive Officer. The company also said in a statement that Robin Beuthin is joining JCPenney as...