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Retailer J.C. Penney filed for Chapter 11 bankruptcy protection after the coronavirus pandemic forced stores to shut, the company announced Friday evening, joining J. Crew and Neiman Marcus. The stock has lost over 83 percent of its value in the last 12 months as business deteriorated even before the pandemic hit. Penney’s had been making efforts to revive the business but the coronavirus “created unprecedented challenges,” CEO Jill Soltau said in a statement.

Marvin Ellison's exit as CEO of J.C. Penney means the struggling department store chain can't be turned around, CNBC's Jim Cramer said Tuesday. Loading... J.C. Penney shares plunged Tuesday after Lowe's announced it is naming Ellison president and CEO, effective July 2. J.C. Penney, which has struggled to compete within the quickly changing retail landscape, told CNBC that it was informed by Ellison a couple days ago of the move. "If there was any chance [of a turnaround], I think you would stay," Cramer said on "Squawk on the Street." "Because it would obviously be such a kick in the...

When Heather Penney entered the cockpit of her F-16 fighter jet on Sept. 11, 2001, she knew it was unlikely she would ever survive. Her task? Take down the United Airlines Flight 93 that was unaccounted for after two planes struck the Twin Towers. She would have to do so in an unarmed fighter jet because equipping the plane with missiles would require too much time. Her plane would be the weapon; it was essentially a suicide mission. Penney never completed the job, though, because Flight 93 crashed as brave passengers wrestled control from the hijackers while it flew over...

NEW YORK — J.C. Penney's board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops. In a statement issued late Monday, the department store chain said that it has rehired Johnson's predecessor Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011. The announcement comes as a growing chorus of critics including a former Penney CEO Allen Questrom called for his resignation as they lost faith in turnaround strategy. Penney reported dismal fourth-quarter...

A year and a half into his dismal attempt to turn around J.C. Penney, Ron Johnson was ousted as chief executive on Monday and replaced with his predecessor, Myron E. Ullman III, as the board searched for a new direction for the struggling retailer. The board said Mr. Ullman, who was at the helm for seven years, “is well positioned to quickly analyze the situation J.C. Penney faces and take steps to improve the company’s performance.” Penney’s shares, after initially rising 10 percent after hours on reports that Mr. Johnson was out, then headed downward and were off more than...

J.C. Penney Co Inc Chief Executive Ron Johnson received total compensation of $1.9 million in 2012, according to a regulatory filing on Tuesday, a sharp decline after a year that saw the department store chain's sales fall perilously. [Snip] Johnson's base salary was unchanged at $1.5 million, but he received no bonus or stock award in 2012 because of Penney's results, Penney said in its filing. He was eligible in 2012 for a bonus of $1.875 million.

J.C. Penney is bringing back sales. The struggling department store chain this week will begin adding back some of the hundreds of sales it ditched last year in hopes of luring shoppers who were turned off when the discounts disappeared, CEO Ron Johnson told The Associated Press. Penney also plans to add price tags or signs for more than half of its merchandise to show customers how much they're saving by shopping at the chain — a strategy used by a few other retailers. For store-branded items such as Arizona, Penney will show comparison prices from competitors. The reversal comes...

J.C. Penney Co. says it is laying off 350 more workers at its headquarters in Plano as the department store struggles to transform its business under a new CEO. The cuts, announced Tuesday, follow the company's move in April to eliminate 600 workers at its headquarters.

The Royal Canadian Mint‘s 2012 budget, which was issued on March 29, does not include funding for the production of one cent coins, according to Canadian and U.S. media sources. The cost to produce and store the coins, not to mention the hassle of dealing with them, finally drove our neighbors to the north to decide that it no longer makes sense to make cents. According to Canadian Finance Minister Jim Flaherty, as quoted in the Globe and Mail newspaper, “Pennies take up too much space on our dressers at home,” Mr. Flaherty added. “They take up far too much...

<p>Alexandra Penney—a New York artist and former editor of Self Magazine—lost her life savings in the Madoff debacle. Now she shares her wrenching trauma in a Daily Beast exclusive.</p> <p>Last Thursday at around 5 p.m., I had just checked on a rising cheese soufflé in my oven when my best friend called.</p>