Posted on 02/24/2017 8:00:41 AM PST by Morgana
NEW YORK (February 24, 2017) — J.C. Penney said Friday that it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.
The closures represent about 13 percent to 14 percent of the department store operator's current store count, and less than 5 percent of total annual sales. The company said that it would also initiate a voluntary early retirement program for about 6,000 eligible employees.
The news came as the Plano, Texas-based chain posted a profit in the fourth-quarter compared to a loss a year ago. But total sales were down slightly, and a key revenue metric declined slightly as well.
Penney is trying to recover from a catastrophic reinvention plan under former CEO Ron Johnson that sent sales and profits into a free-fall in 2012 and 2013. Business stabilized under Mike Ullman, who took the helm in 2013 after Johnson was pushed out. Under Marvin Ellison, who has been CEO since 2015, Penney is looking for new ways to increase sales while playing catch up in e-commerce.
(Excerpt) Read more at onenewsnow.com ...
I hated those crappy plaid checked shirts called pencrest when i was a kid growing up in the 60s
They used to have really nice clothing when I was a kid. In recent years, their clothing was horrible. I rarely bought any clothing there. Their linens, however, were very good.
Calling Ellen! Ellen? Calling Ellen! Ellen D., please answer. Ellen?
Are they saying white liberal elites and their pet victim groups weren't enough to keep their stores open? That giving the finger to the American middle class might have been ‘ill-advised’? LOL - serves ‘em right.
I'm sure you can correlate the stock price downward trend at the point that they came out with the gay benefit changes.
This has NOTHING to do with their products - it has to do with Penney giving the finger to the American middle class ... JCP thought white liberal elites and their pet victim groups would keep their doors open... they were wrong. Eff ‘em.
The liberal CEO/board decided to spit in the faces of Americans for maybe 2% of the population.
Any good MBA programs in the future will use this as a case study in how to destroy a business for a small % of people.
I think they call ‘em “St. John’s Bay” these days :)
Best news of the day!
When they hopped on the gay bandwagon that is when I stopped buying all my clothes there.
Same here
I stopped shopping there when they embraced and promoted the homosexual agenda.
It’s been years since I shopped at J. C. Penny’s
Our family as well.
All that homosexual stuff, in the ads, just no.
What, did they complain about Trump, too?
I remember Mom dragging us kids to Penny’s for the annual “White Sale”.
But now that’s racist.
“White Sale”.
I bet some white liberals would support non-lib whites being sold into slavery.
It’s only fair.
Are they saying white liberal elites and their pet victim groups weren’t enough to keep their stores open? That giving the finger to the American middle class might have been ‘ill-advised’? LOL - serves ‘em right.
Instead using Penney’s as a lesson on what not to do. We are seeing the same stupidity aimed at our President and his voters, us by large and small businesses!
It is time for the 62.9 million Americans, who voted for Donald Trump, to use their considerable economic power.
If most of those voters decided to boycott Follywood, 84 Lumber, Nordstrom, or whomever, we would have a huge impact.
Do we want to be insulted or ever need anything from/by: Follywood Liberals, Nordstrom’s, or any of the these Never Trumpster losers like Kelloggs, the NFL, ESPN, Macy’s, ”The Cast of the Hamilton/Broadway liberals, the ABCNNBCBS, New York Slimes, Compost, Starbucks, Alec Baldwin/SNL,, Penzey’s Spices-owner Bill Penzey, MGYN Kelly, Garrison Keillor, The Washington ComPost Not News Service, Michael Shannon/ “Nocturnal Animals” the BushCo thugs, Compost, Grub Hub, Pepsi-Co, Hollywood, the lying pollsters, faux phoney news, all the left wing mediots/fish wraps, and other Never Trumpsters, listed below in our lives like Cleveland Cavaliers forward LeBron James/?,Magnatone CEO Ted Kornblum Threatens Trump Assassination – Media Silent
Jim Hoft Jan 31st, 2017 8:14 am Leave a Comment
Ted Kornblum is the founder and CEO of Magnatone Guitars and Amplifiers.
1. Follywood
2. Pollsters, Faux and ABCNNBCBS, phoney news, all left wing mediots/fish wraps.
3. GOPe radio talk show hosts posing as conservatives.
4. Overpaid NFL jerks, NFL games, pre games, post games and NFL endless prattle.
5. Ny Slimes, Compost, LA Slimes or any liberal fish wrap.
6. Vile left wing Follywood/Hollywood anti America jerks.
7. GrubHub
8. Macy’s*
9. Starbucks
10. Lifeway Foods
11. George Soros
12. NPR
13. Pepsi Co**
14. Mark Cuban and Dallas Mavericks + Milwaukee Bucks + Memphis Grizzlies
15. PacketSled and Critical Assets//CEO Matt Harrigan who promised to Kill Trump in the White House. Tech company CEO (PacketSled Harrigan) fired after threatening to kill Trump
WDBO ^ | 11-15-2016 | Joe Kelly
16. Coke Cola***
17. Cleveland Cavaliers forward LeBron James, Nike sneakers.
18. Bush Co Thugs including all the Bushes and their thugs.
19. Michael Shannon/ and his new movie “Nocturnal Animals”
20. Penzey’s Spices owner Bill Penzey called us racists in his newsletter.
21. Hamilton, the play & its rude liberal cast & Broadway.
22, Alec Baldwin/SNL.
23. Disgraced former CBS Evening News anchor Dan Rather
24. Kelloggs
25. Uber
26. Nordstrom
27. 84 Lumber
28. Magnatone CEO Ted Kornblum
29._______________ fill in the blank.
Eliminate any contact, time, business/financial dealings with the above for a happier and better life.
My wife will drag me along to go shopping - we went to a Penny’s sale (like they have one every day) - in this case to buy some towels.
I wandered down to the housewares section. A lot of the stuff seemed familiar.
I wrote down several items - pots, pans, dishware - that sort of stuff.
Next we visited WallyWorld - and then it hit me why the stuff at Penny’s seemed so familiar.
I found the exact same items - boxed the same, same colors, etc at WallyWorld as Penny’s was selling - but for 30% (or more) under what Penny’s was asking.
No wonder they are going under - selling the *exact* same crap as WallMart with a bigger markup and hope folks don’t notice?
Goodby Penny’s. You’ve outlived your business model....
More and more companies that purport to support the LGBT and GAYSTAPO are tanking showing them they have no support base at all.
Uhmm, AP. the name is “Penney” not “Penny.”
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