Jun 4, 2020. We've received your submission.Meanwhile, the company is doubling down on its e-commerce presence as consumers are increasingly shopping online and hopes to record double-digit growth in its flagship online channel by fiscal 2021.Would you like to receive desktop browser notifications about breaking news and other major stories? The regular transition periods disrupted efforts to pursue any of these plans and effectuate a cohesive, long-term strategy," the company said in its filing. JCPenney is not alone in its struggles during the coronavirus pandemic."Having endured and played a vital role in America's recovery during some of its most difficult periods, including the Great Depression and World War II, JCPenney now finds itself facing another monumental challenge to its business: emerging from the disruption caused by the novel Coronavirus pandemic ('COVID-19')," the company wrote. "JC Penney was already facing an existential threat to its business due to the precipitous decline of the US department stores channel as a whole," Bob Hoyler, senior research analyst at Euromonitor International, said in an emailed statement. But JCPenney and its department store peers faced challenges even before the pandemic hit. "The majority of the Company's locations are in shopping malls, which have seen an even steeper decline in traffic than other brick-and-mortar locations," JCPenney said in its bankruptcy filings. Jun 4, 2020 . "This team has continued to innovate even during these challenging times, implementing substantial improvements to our flagship eCommerce platform to increase efficiency and ensure our loyal customers continue to have access to the products they need through elevated shopping experiences." Analysts warn that making it through bankruptcy will require a significant amount of work. Hoyler added that department stores have faced stiff competition from off-price retailers like TJ Maxx and big-box stores like Target and Walmart. Latest News. Overview; Press Releases; IR Calendar ; Email Alerts; JCPenney Announces Organizational Restructuring . JCPenney Provides Update on Store Optimization Strategy. Jun 4, 2020. Jun 4, 2020. JCPenney filed for Chapter 11 bankruptcy protection on May 15, the latest retailer to succumb to pressures created by the coronavirus pandemic.
JCPenney was forced to temporarily close all of its more than 800 stores in response to the pandemic.
It began to reopen certain locations with restrictions at the beginning of May. In its bankruptcy filing, the 118-year-old department store specifically mentioned temporary store closures and other pandemic-related business disruptions as ultimately making Chapter 11 necessary. JCPenney filed for Chapter 11 bankruptcy protection on May 15, the latest retailer to succumb to pressures created by the coronavirus pandemic. JCPenney alluded to malls' struggles while outlining its reasons for restructuring. "We have a newly refreshed, highly experienced team of retail executives who remain focused on rebuilding our business and restoring financial strength to JCPenney," Soltau said in a statement about the bankruptcy. JCPenney plans to trim its store count by 29 percent, to about 604, as the US department store chain looks to focus on those more profitable, a regulatory filing … JCPenney Reopens 150 Additional Stores Across U.S. with Emphasis on Safety Precautions and Engaging … Reuters on Friday reported that the company was planning to shutter roughly 200 stores.Thanks for contacting us. "This contributed to the Company's falling short of its sales targets and depressed profitability performance and a need for change.""JC Penney needs a complete overhaul in terms of its assortments, store designs, ways of marketing and connecting with shoppers, and its brand image," Saunders said. These retailers are typically able to beat department stores when it comes to price and convenience. "The four separate management teams each came with a different business plan and execution strategy. News / Events.
View Press Release View All. Jul 15, 2020. The company operates about 850 stores in the US and Puerto Rico, according to its website.The stores to stay open accounted for 82 percent of the company’s fiscal 2019 sales, JCPenney said. JCPenney Provides Update on Store Optimization Strategy .
June 4, 2020 – JCPenney Provides Update on Store Optimization Strategy COMPANY May 28, 2020 – JCPenney Reopens 150 Additional Stores Across U.S. with Emphasis on Safety Precautions and Engaging Shopping Experiences JCPenney Receives Court Authorization to Access Debtor-In-Possession Financing. May 28, 2020. Jul 15, 2020.
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