J.C. Penney thinks the key to its growth is… shrinking

J.C. Penney Co. Inc. is plotting its turnaround path to growth by cutting back in a number of areas, including shrinking its inventory, shuttering stores and reducing the number of retail categories it will focus on. Shares of the department store retailer soared 22.6% on Thursday after fourth-quarter earnings beat expectations. Inventory for the quarter was down 13.1% year-over year. […]

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JCPenney moves to the clearance racks as it becomes a penny stock

JCPenney just became a penny stock. Shares of the ailing department store chainJCP, +3.33%  crashed on Thursday, dipping as low as 92 cents before closing down 7.5%, at 97 cents — the first time they’ve ever closed below a dollar since the company went public in the late 1970s. [Shares remained below $1 Friday morning.] The Plano, Texas-based retailer is […]

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Lowe’s latest store closures aren’t the first in Marvin Ellison’s short CEO tenure, and might not be the last

Lowe’s Cos. Inc.’s Monday announcement that it would shutter 51 “underperforming” stores, 20 of them in the U.S., is the second set of closures in Marvin Ellison’s short tenure as chief executive of the home renovation retailer, and analysts say they might not be the last. The company announced in August that it would close all 99 Orchard Supply Hardware […]

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J.C. Penney announces another interim CFO

J.C. Penney Co. named its second interim finance chief Monday, after its CFO abruptly resigned last month. Michael Fung will join the Plano, Texas, retailer Tuesday. He assumes the interim role from Jerry Murray, who was named interim CFO when Jeffrey Davis resigned in September. Murray will return to his previous position as senior vice president of finance. Fung, 67, […]

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