J.C. Penney Restructures, Promises Brick-and-Mortar Presence
FLOWERY BRANCH, Ga., (March 1, 2017) - J.C. Penney Company, Inc. has announced plans to reorganize and optimize its national retail operations as it moves toward sustained profitability. In a news release, J.C. Penney Co. says, “These strategic decisions will help align the Company’s brick-and-mortar presence … redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.”
The restructuring plan, which does include some layoffs and store closures, comes as the department store chain tries to gain an edge over online competitors. J.C. Penney Chairman and chief executive officer, Marvin R. Ellison, says the integration of online shopping, combined with tangible storefronts, gives J.C. Penney a competitive edge in the continually evolving retail environment. “It is essential to retain those locations that present the best expression of the JC Penney brand and function as a seamless extension of the omnichannel experience through online order fulfillment, same-day pick up, exchanges and returns.”
J.C. Penney posted a profit in 2016 after five years of financial declines and, according to store leaders, aggressive action is necessary to continue growing their retail operations. Ellison says the retailer’s recent success proves that in-store changes have made the shoppers’ experience more exciting and is working. “We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores.”
For the full press release click here.
Posted on Wed, March 1, 2017
by Ron Magnuson