Content about J.C. Penney Co.

February 26, 2014

In a sign of some progress in its turnaround efforts, J.C. Penney Co. reported a net profit of $35 million for the fourth quarter ended Feb. 1, 2014, compared to a loss of $552 million a year ago.

New York -- In a sign of some progress in its turnaround efforts, J.C. Penney Co. reported a net profit of $35 million for the fourth quarter ended Feb. 1, 2014, compared to a loss of $552 million a year ago. Excluding a tax benefit and other items, Penney had a loss of $206 million for the quarter.

Looking forward, the company expects same-store sales to increase approximately 3% to 5% for the first quarter and to increase mid single digits for the full year 2014.

February 18, 2014

J.C. Penney Company has named Ed Record as CFO, effective March 24. He will also serve as executive VP.

Plano, Texas -- J.C. Penney Company has named Ed Record as CFO, effective March 24. He will also serve as executive VP. Record, 45, comes to Penney from regional department store chain Stage Stores, where he most recently served as COO and, before that, as CFO.

Record will succeed Ken Hannah, who was hired in May 2012 under former CEO Ron Johnson.

February 6, 2014

J.C. Penney Company has entered into a new partnership to develop the vacant land around its Plano, Texas, home office in the Legacy Business Park.

Plano, Texas – J.C. Penney Company has entered into a new partnership to develop the vacant land around its Plano, Texas, home office in the Legacy Business Park. The new partnership will be managed by Team Legacy, a venture of the Karahan Companies, Columbus Realty, and KDC.

February 4, 2014

J.C. Penney Company said its same-store sales rose 2% in the fourth quarter, which included the holiday season.

Dallas -- J.C. Penney Company on Tuesday said its same-store sales rose 2% in the fourth quarter, which included the holiday season. It was the chain’s first positive quarterly sales result since 2011.

January 28, 2014

J.C. Penney Co. is amending its stockholder rights plan as part of move to protect its ability to use certain funds that can be used for tax benefits.

Plano, Texas – J.C. Penney Co. is amending its stockholder rights plan as part of move to protect its ability to use certain funds that can be used for tax benefits.

Penney said its shareholder rights plan can now be put into effect if an individual or group acquires 4.9% or more of its outstanding stock, down from its previous 10%.

January 22, 2014

J.C. Penney Co. released its 2013 Sustainability Report, outlining sustainability initiatives pursued during fiscal year 2012 ended Feb. 2013.

Plano, Texas – J.C. Penney Co. released its 2013 Sustainability Report, outlining sustainability initiatives pursued during fiscal year 2012 ended Feb. 2013. Highlights of the report included:

• Stores and Operations: Through the company’s energy conservation efforts, J.C. Penney has received Energy Star certification in more than 500 locations and earned the Energy Star Sustained Excellence Award for five consecutive years.

January 15, 2014

J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country.

Dallas -- J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country. The shutterings, which will result in the elimination of about 2,000 positions, are expected to result in an annual cost savings of approximately $65 million, beginning in 2014.

January 2, 2014

Macy’s and Martha Stewart Living Omnimedia have reached a confidential settlement in their ongoing legal dispute over whether Martha Stewart breached a contract by selling certain goods at J.C. Penney Co.

New York -- Macy’s and Martha Stewart Living Omnimedia have reached a confidential settlement in their ongoing legal dispute over whether Martha Stewart breached a contract by selling certain goods at J.C. Penney Co.

Martha Stewart and Macy’s both said the terms of the settlement aren’t material to their businesses. In a separate statement, Macy's said that the settlement did not affect its outstanding claim against Penney.

November 4, 2013

In media interviews of late, Beth Newlands Campbell, the new CEO of Food Lion, has been offering reporters a frank assessment of the supermarket chain’s ho-hum, middle-of-the-road situation: “Staying the same,” she explains, “is not an option.”

By Joseph Bona, Joseph@CBX.com

In media interviews of late, Beth Newlands Campbell, the new CEO of Food Lion, has been offering reporters a frank assessment of the supermarket chain’s ho-hum, middle-of-the-road situation: “Staying the same,” she explains, “is not an option.”

October 25, 2013

J. C. Penney Company has teamed up with the shopping app, Shopkick.

Plano, Texas -- J. C. Penney Company has teamed up with the shopping app, Shopkick. Shoppers will be able to earn "kicks," Shopkick’s proprietary reward currency, along with special offers from Penney, when visiting the retailer’s store locations across the country.

October 21, 2013

Martha Stewart Living Omnimedia and J.C. Penney Co. announced a revised commercial agreement covering their licensing and design partnership.

New York -- Martha Stewart Living Omnimedia and J.C. Penney Co. on Monday announced a revised commercial agreement covering their licensing and design partnership. The new agreement scales back Penney’s partnership with Martha Stewart Living.
    
It was not clear how, if at all, the revised agreement could affect the companies’ ongoing lawsuit with Macy’s.
    

October 15, 2013

GE Capital Retail Bank announced a long-term extension of its private label and dual card credit program with J.C. Penney Co.

Stamford, Conn. -- GE Capital Retail Bank announced a long-term extension of its private label and dual card credit program with J.C. Penney Co.

Launched in 1999, the credit card program is managed by GE Capital’s Retail Finance business and available for purchases at any of the nearly 1,100 J.C. Penney stores across the United States and Puerto Rico.

October 9, 2013

J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Plano, Texas -- J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Sadove's  election is effective upon his leaving Saks, which will occur once the acquisition of the upscale department store by Hudson's Bay Company is completed, which is expected by the end of the year.

Sadove is a highly regarded industry veteran. He is the current chairman of the National Retail Federation.

October 8, 2013

J.C. Penney Co. said that it was making “solid progress” in its turnaround as it reported a smaller decline in same-store sales for September, compared to August.

Plano, Texas -- J.C. Penney Co. on Tuesday said that it was making “solid progress” in its turnaround as it reported a smaller decline in same-store sales for September, compared to August. The company also said it expects that it will have ample liquidity at year end.

While Penney’s September same-store sales fell 4% over the same month last year, they showed an improvement of 580 basis points compared with August.

October 4, 2013

J.C. Penney Co. is expanding its kids and baby line-up with the launch of exclusive new brands, including dedicated in-store environments for Disney and giggleBABY.

J.C. Penney Co. is expanding its kids and baby line-up with the launch of exclusive new brands, including dedicated in-store environments for Disney and giggleBABY.

Penney’s Disney shop concept ranges in size from 800 sq. ft. to 1,100 sq. ft. The branded department features toys, collectibles and children's apparel designed exclusively for Penney and showcasing various Disney characters.

October 3, 2013

J.C. Penney is expanding its baby and kids departments with the launch of several exclusive brands.

Plano, Texas -- J.C. Penney is expanding its baby and kids departments with the launch of several exclusive brands. The launch includes the installation of Disney branded shops, ranging from 800 sq. ft. to 1,100 sq. ft., inside 565 Penney stores on Oct. 4.

The Disney in-store shops will offer toys, collectibles and children's apparel designed exclusively for Penney and showcasing various Disney characters, including ones from Toy Story and Monsters University and Disney Junior shows.

October 2, 2013

J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

October 1, 2013

Financial woes continue to plague embattled J.C. Penney Company as hedge fund Perry Capital cut its stake in the retailer by nearly half, selling nine million shares of Penney stock last week.

Plano, Texas – Financial woes continue to plague embattled J.C. Penney Company as hedge fund Perry Capital cut its stake in the retailer by nearly half, selling nine million shares of Penney stock last week.

September 27, 2013

Shares of J.C. Penney Company took a beating on Friday after the retailer priced its $932 million share sale at a 7.4% discount and detailed its shrinking cash position.

Plano, Texas – Shares of J.C. Penney Company took a beating on Friday after the retailer priced its $932 million share sale at a 7.4% discount and detailed its shrinking cash position.  

Penney priced its sale of 84 million shares at $9.65, down from a closing price of $10.42 on Thursday.

The new offering should raise more than $800 million. According to Reuters, J.C. Penney, which is valued at $2.6 billion, had been considering issuing new stock shares as well as other unspecified alternatives.

September 26, 2013

J.C. Penney Company Inc. reportedly seeks to raise $750 million to $1 billion in cash equity.

Plano, Texas – J.C. Penney Company Inc. reportedly seeks to raise $750 million to $1 billion in cash equity. According to Reuters, J.C. Penney, which is valued at $2.6 billion, is considering issuing new stock shares as well as other unspecified alternatives.

September 25, 2013

J.C. Penney Co.’s stock on Wednesday plunged to a 13-year low of $10.12 at the end of trading.