Tag Archives: J.C. Penney

Mitigating Risks in Reductions-In-Force

Brian Rauch

By Brian S. Rauch Reductions-in-force have, unfortunately, become a growing trend in the retail sector. As detailed in last month’s issue of HFN, both Macy’s and J.C. Penney recently announced the elimination of 2,000 or more jobs. Even though they are typically done to improve profitability, reductions-in-force can be costly in terms of declines inMore »

Ullman: J.C. Penney “Well On Our Way” to Turnaround

Johnson Out, Ullman Back as J.C. Penney CEO

PLANO, Texas-As CEO Myron Ullman III declared the company closer to its turnaround goals, J.C. Penney posted fourth-quarter net income of $35 million, compared to a net loss in last year’s fourth quarter of $552 million. For the fiscal year ending on Feb. 1, J.C. Penney reported a net loss of $1.4 billion, compared toMore »

MSLO Q4 Net Balloons; Company Slashes Loss for Fiscal Year

MSLO

NEW YORK-Martha Stewart Living Omnimedia (MSLO) reported a 528.5 percent jump in fourth-quarter net income to $7 million, reducing its net loss for the fiscal year to $1.8 million from $56.1 million in the previous fiscal year. Dan Dienst, MSLO’s CEO, attributed the quarterly bottom-line success to “some aggressive and important steps … to alignMore »

Record to Succeed Hannah as J.C. Penney CFO

JCPenney_2014_Classic

PLANO, Texas-Edward Record has been named executive vice president and chief financial officer of J.C. Penney. Record will succeed Ken Hannah on March 24. Hannah will stay on as the retailer’s financial chief “to ensure a smooth transition,” according to a J.C. Penney statement. The statement did not comment on Hannah’s future plans. Record willMore »

J.C. Penney Q4 Comps Up; First Quarter Gain in Nearly Three Years

JCPenney_2014_Classic

PLANO, Texas-For the first time since the second quarter of 2011, J.C. Penney posted a quarterly same-store sales gain, with same-store sales up 2.1 percent for its fiscal fourth quarter. The department-store retailer added that same-store sales for the combined November-December period rose 3.1 percent over the same period from the previous year. J.C. PenneyMore »

J.C. Penney Amends and Extends “Poison Pill” Plan

JCPenney_2014_Classic

PLANO, Texas-J.C. Penney’s board has changed the stockholder rights plan adopted last August—commonly called a “poison pill” plan—by extending its expiration date from Aug. 20, 2014, to Jan. 26, 2017, and lowering the threshold for a person or group to acquire the company from 10 percent. Under the terms of the amended plan, if anyMore »

Simon, Ullman Named to NRF Board

Bill Simon

NEW YORK-Bill Simon, president and CEO of Walmart U.S., and J.C. Penney CEO Myron Ullman III have been elected to the board of directors of the National Retail Federation. Along with Simon and Ullman, NRF elected to its board Steve Knopik, CEO of Beall’s; Lori Mitchell-Keller, senior vice president and head of the global retailMore »

Macy’s, Martha Stewart Settle Legal Dispute

Martha Stewart

NEW YORK-Macy’s Inc. and Martha Stewart Living Omnimedia (MSLO) have reached a settlement of their legal dispute regarding the sale of Martha Stewart-branded home merchandise at J.C. Penney. In brief and almost identically worded statements, the two companies said the terms of the settlement are confidential, will not be disclosed and “are not deemed material”More »