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 Co., whose shares have been tumbling on worries about its business, says that it is pleased with its turnaround efforts so far.
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.
JCPenney said that it has drawn $850 million from its $1.85 billion revolving credit line, a clear sign that the flailing department store chain is in a severe cash crunch.
J.C. Penney is naming Mike Ullman as its new CEO. He takes over from Ron Johnson, who is leaving the company.
After losing big money and customers, Plano-based JC Penney is touching up its plans for a total makeover.
The word from J.C. Penney’s Chief Financial Officer Ken Hannah: neither he nor CEO Ron Johnson have plans to resign despite a growing chorus of critics calling for a management shake-up as they lose faith in a turnaround strategy.
The doors are still open at JCPenney stores– and the cash registers are ringing– but not nearly enough.
It’s been a tough week to be Ron Johnson. After facing down investors this week over a dismal quarterly performance, the JCPenney CEO will be in the spotlight again — in court.
Shares of JCPenney plunged a day after the department store chain reported massive losses and a nearly 30 percent drop in revenue in its fiscal fourth-quarter period.
JC Penney took a different approach to Black Friday than other major retailers like Target, Wal-Mart and Toys ‘R’ Us, which opened Thanksgiving evening.
Six months after the department store chain got rid of sales in favor of a three-tier pricing approach, JCPenney is eliminating one tier and bringing back the word “clearance.”