JCPenney news and archive

JCPenney Q3 sales take hit, losses widen

US department store chain JCPenney reported a 10.7 percent drop in net sales for the third quarter of the year, taking it to 1.5 billion dollars, while losses for the retailer widened. The company’s revenue took a 11.1 percent hit, dropping dramatically to 1.6 billion dollars, largely driven by an 18.8 percent decline in credit card revenues....

Business

JCPenney outlines one billion dollar reinvestment plan

American department store chain JCPenney has announced a new reinvestment plan through which it is aiming to fuel long-term growth and increase customer loyalty. Set to funnel one billion dollars into the business by fiscal year 2025, the company said it wants to build on the “significant progress” it made in FY22, during which time it launched...

Fashion |In Pictures

JCPenney teams up with celebrity stylist Jason Bolden

American retailer JCPenney has teamed up with celebrity stylist Jason Bolden to reimagine men’s and women’s collections for two of its private labels for autumn/winter 2023. Bolden, who has styled the likes of Michael B. Jordan, Dwyane Wade and Vanessa Hudgens, has partnered with JCPenney to create collections for its menswear brand J.Ferrar and...

Business

JCPenney names former Neiman Marcus exec as chief customer officer

US department store chain JCPenney has appointed Katie Mullen to the role of chief customer officer, expanding her previous role of chief digital officer at the group. While Mullen will continue to oversee e-commerce strategy and omnichannel development, her new role comes with an added emphasis on customer marketing, engagement and analytics,...

Fashion

JCPenney partners with fashion designer Prabal Gurung

JCPenney, the multibrand retailer operating at a mid level price point, has collaborated with fashion designer Prabal Gurung to create a new clothing collection called Impower by Prabal Gurung for JCPenney. The collection features a range of dresses and jumpsuits for various occasions and will be available to purchase for a limited time only....

Business

JCPenney names Keith Melker chief transformation and strategy officer

American shopping chain JCPenney has announced the appointment of Keith Melker as chief transformation and strategy officer. In the role, Melker has been tasked with overseeing the transformation office, ensuring related initiatives are executed to maximise value creation and defining the company’s corporate strategy. Key areas to be focused on...

Retail

JCPenney to expand beauty offer to stores nationwide

Department store giant JCPenney has revealed it will be rolling out its JCPenney Beauty offer to stores nationwide, building on its 2021 debut and recent online expansion. It comes as part of the retailer’s relationship with beauty e-commerce platform Thirteen Lune, which will be spotlighted in JCPenney stores across the US and will make up...

Business

JCPenney names Stephanie Plaines as new CFO

American retailer JCPenney has announced the appointment of Stephanie Plaines as its chief financial officer, effective immediately. Plaines will be responsible for leading all financial activities across the company, including financial strategy, real estate, capital deployment and accounting. She has also been tasked with utilising her past...

Retail

JCPenney owners in bid to buy Kohl's for 8.6bn dollars

Ailing department store group Kohl’s could soon have a new owners. The New York Post on Tuesday reported the owners of JCPenney have made a bid, valuing at 8.6 billion dollars. Simon Property Group and Brookfield Asset Management also recently acquired JCPenney after it filed for Chapter 11 bankruptcy in May 2020. It currently operates with just...

Fashion

JCPenney announces addition of Forever 21 at 100 stores

JCPenney has announced the addition of Forever 21 to its portfolio of brands. The brand will be available at 100 JCPenney stores across the US, as well as on its online store. The move adds to JCPenney’s identity as a retailer for teens and young adults. Forever 21’s launch at JCPenney is being driven through a 360 marketing campaign, including...

BusinessFeatured

JCPenney announces Marc Rosen as new chief executive officer

JCPenney has announced the appointment of Marc Rosen as chief executive officer. Rosen, who previously held leadership positions at Levi Strauss & Co and Walmart, will bring retail and e-commerce experience to the role. Rosen is also currently on the board of directors of Inspire Brands, a multi-brand restaurant company with more than 32,000...

Retail

An estimated 80,000 US retail stores to close by 2026

A prognosis on the state of US retail shows 80,000 stores may close by 2026. The impact of the pandemic has shooed global consumers to shop online, with investment analysts at UBS estimating 27 percent of all goods purchased at retail will be made online by the end of 2026. That’s up 18 percent of total retail today. The store closures equate to...