JCPenny New CEO
Ron Johnson is out as CEO of retailer JC Penney, and Mike Ullman is in. Johnson, received a 2011 stock grant worth $52.7 million when he was hired to reinvigorate the retailer, but received just $1.9 million in his first full year as restructuring left the company struggling. Ref. USAToday
J.C. Penney closing 33 stores, laying off 2,000
"These actions are expected to result in an annual cost savings of approximately $65 million," Retailer says. Ref. USAToday
JC Penney left my market area over a year ago so this is not going to effect anyone around me I believe. Some long time stores are closing because of the big box stores offering everything you can imagine in them. Plus on line sales are making it easier to not leave the house.
J.C. Penney files for Chapter 11 bankruptcy protection, plans to close some stores, as COVID-19 adds to its sales, debt woes. For the department store chain, once a regular destination for middle-class shoppers, bankruptcy marks a fall from grace that could spell the end. Ref. USAToday.