J.C. Penney Co. narrowed its third-quarter loss but reported slower sales, a note of warning with the critical holiday shopping season coming up.
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 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 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.
JCPenney, which has faced concerns it is burning through cash, still anticipates having ample liquidity at year’s end.
JCPenney Co., whose shares have been tumbling on worries about its business, says that it is pleased with its turnaround efforts so far.
The boardroom drama may be over, but J.C. Penney is still grappling with an uncertain future.
William Ackman has resigned from JCPenney’s board as part of a deal to resolve a public battle between the activist investor and the struggling department store operator.
Activist investor Bill Ackman said Friday he has lost confidence in J.C. Penney’s board and its chairman should be replaced.
Shares of J.C. Penney shares jumped 7 percent after a media report that the retailer is starting a new CEO search to replace Mike Ullman.
Shares of beleaguered retailer J.C. Penney are up more than 6 percent in aftermarket trading on Thursday after billionaire financier George Soros disclosed a 7.9 percent stake in the company.
For years, coupons and promotions kept Elsa Miranda coming back to JCPenney’s—today, it was curiosity.