Content about J.C. Penney Co.

New York -- A Tuesday report by Reuters said that J.C. Penney Co.’s real estate holdings – including stores, DCs and headquarters – are worth a total of $4.06 billion.

An appraisal was conducted for Penney and subsequently disclosed in a presentation to potential lenders that was also filed with U.S. regulators.
 

New York -- J.C. Penney Co. on Wednesday unveiled an advertisement on Facebook that asks customers to return to its stores. The ad will air Wednesday and Thursday on national television, as well as on Penney’s social media platforms.
   

New York -- Giving a much-needed boost to J.C. Penney Co., George Soros’ Soros Fund Management bought 17.4 million shares of the troubled retailer, according to a filing with the Securities and Exchange Commission.  

The stake, which was seen as a vote of confidence in returning CEO Mike Ullman, makes the billionaire investor the fourth-largest Penney shareholder, with a 7.9% stake.

Plano, Texas -- J. C. Penney Company announced the promotion of Brynn Evanson to EVP human resources, leading all HR functions across stores, supply chain and the home office, including team member relations, recruiting, learning and development, compensation and benefits, and talent operations. Evanson will join the company`s executive board, reporting to CEO Myron E. (Mike) Ullman, III.

Evanson, 44, joined J.C. Penney in 2009 and most recently served as VP compensation, benefits and talent operations.
 

New York -- J.C. Penney Co. has hired the Blackstone Group explore how best to position the firm financially and help it raise cash, the Wall Street Journal reported.

The company is reportedly seeking $1 billion in cash, according to the Wall Street Journal, which added that options could include selling a minority stake. Penney already has been in contact with several private equity firms about a potential investment, according to the report.  

New York -- A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.

"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we're going the other direction. We're digging in."

New York -- The fight over Martha Stewart resumed with both Macy's and J.C. Penney Co. back in a New York court on Monday. The trial, over whether Macy's has an exclusive right to sell select Martha Stewart home goods items, resumed after a month-long mediation effort failed to yield a settlement.

On Monday, Macy’s alleged Penney has begun selling some items on its website that infringe on Macy’s exclusive deal with Martha Stewart.

Minneapolis -- A Friday report by Bloomberg said that coffee purveyor Caribou Coffee has lost interest in opening shops inside J.C. Penney Co. stores.

The revelation comes just six months after Penney CEO Ron Johnson announced Caribou Coffee as a potential partner.

Caribou CEO Mike Tattersfield said in a Friday emailed statement that the company “does not have plans to move forward with a partnership at this time.” Tattersfield has not elaborated on the reasons for the change of heart.

New York -- The ax has fallen — again — at J.C. Penney Co. The retailer laid off approximately 2,200 employees in its stores and district offices on Wednesday, The Dallas Morning News reported.

The majority of the staff cuts occurred in some 100 stores that had significant sales declines last year, spokeswoman Daphne Avilla said in the report, with Penney adjusting the employee count to match each store’s new level of business.

New York -- J.C. Penney Co. last Tuesday dominated the retail news as its shares dropped 10.6% to a four-year low after reports that one of its largest shareholders had sold a chunk of the troubled company’s stock. And in a late afternoon report, The Wall Street Journal said that a group of Penney directors is ready to get rid of CEO Ron Johnson, or push to sell the chain unless he can stop the company’s heavy bleeding this year.

New York -- Terry Lundgren, CEO of Macy’s, took the stand on Monday to testify in the trial of two Macy's lawsuits regarding the deal between J.C. Penney Co. and Martha Stewart Living Omnimedia Inc. The long-awaited trial began last Wednesday, in New York Supreme Court.

The trial is about whether Macy’s has the exclusive right to sell Martha Stewart branded cookware, bedding and certain other products.
 

Stamford, Conn. -- GE Capital Retail Bank, a consumer lending unit of General Electric Company (GE), has renewed its private label credit card program with J.C. Penney Co.

The JCP consumer card program provides credit to millions of consumers who shop at more than 1,100 J.C. Penney stores in communities across the United States and Puerto Rico, as well as online at JCP.com.