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.
J.C. Penney Co. plans to sell up to 96.6 million shares of common stock in a public offering, the latest indication the chain is looking to shore up its cash reserves.
JCPenney Co., whose shares have been tumbling on worries about its business, says that it is pleased with its turnaround efforts so far.
The holidays are fast approaching and several retailers across the area are preparing for the busy shopping season by increasing their staff over the next few months.
JCPenney’s biggest investor Bill Ackman is through with the retailer, selling his entire 18 percent stake to Citigroup and taking a more than $400 million bath on the deal.
JCPenney’s biggest investor, William Ackman, plans to raise up to about $504.4 million from the sale of his entire stake in the struggling department store operator.