JCPenney announced Thursday that it will close about 40 stores this year and cut approximately 2,250 jobs, as it tries to recover from a disastrous attempt to reshape its brand.
JCPenney said Monday that Marvin Ellison, currently executive vice president of stores at The Home Depot, will become president in November and as CEO next August.
Tax Free Shopping Weekend is here! For the 16th year in a row, Texas shoppers will avoid paying state sales tax while stocking up on back-to-school essentials.
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.