J.C. Penney’s reinstalled CEO Mike Ullman is poised to get a big pay increase as the department store chain shows some signs of a turnaround. J.C. Penney Co. could increase Ullman’s base salary to $1.5 million for this year, from $810,606.
JCPenney’s chief financial officer, Ken Hannah, is leaving the department store operator. The chain has named Ed Record as his successor, effective beginning March 24.
The JCPenney shareholder rights plan can now be put into effect if an individual or group acquires 4.9 percent or more of its outstanding stock. That’s down from 10 percent.
Plano-based J.C. Penney has announced the closure of 33 stores nationwide. The stores are located in 20 different states across the country, and company officials insist none are planned for closing in Texas.
JCPenney CEO Mike Ullman showed his faith in the struggling department store chain by buying 112,000 shares of JCPenney stock at $8.95 apiece at the end of last week.
JCPenney reported on Wednesday that it lost $489 million in the last three months, but the Plano department store chain’s results showed that its business is starting to stabilize.
JCPenney said that a key sales barometer rose in October for the first time in nearly two years. Sales at stores open at least a year edged up 0.9 percent last month.
Ahead of a ruling in its fight with Macy’s over Martha Stewart products, Plano-based J.C. Penney Co. is scaling back its partnership with the media and merchandising company.
JCPenney is opening its doors on Thanksgiving to kick off the holiday shopping season, as the beleaguered retailer hopes to get back in the game for the crucial selling period.
An old favorite is returning to JCPenney stores across the country. The former company logo is coming back, after a brief trip to the storage room under now-ousted CEO Ron Johnson.
JCPenney, which has faced concerns it is burning through cash, still anticipates having ample liquidity at year’s end.
JCPenney, the struggling retailer that is trying to reassure the market about its financial stability, expects to raise about $810.6 million via a public stock offering.