Advertisement
YOU ARE HERE: LAT HomeCollectionsJ C Penney Co
IN THE NEWS

J C Penney Co

FEATURED ARTICLES
BUSINESS
February 15, 2001
* Walt Disney Co. said it has signed a clothing licensing deal with J.C. Penney Co., one week after announcing a similar deal with Kmart Corp. Terms of the agreement weren't disclosed. Penney will develop and produce two new lines of Disney children's apparel, which will debut in the fall. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/bizstaff.
ARTICLES BY DATE
BUSINESS
August 22, 2013 | By Tiffany Hsu
J.C. Penney Co. is girding itself against wannabe corporate raiders, adopting a shareholder rights plan known as a poison pill after reporting yet another quarter of dismal earnings. The tactic attempts to fend off hostile acquisitions by making it exorbitantly expensive for an individual or entity unapproved by the company's board to gain a controlling stake. Netflix, Cracker Barrel and other businesses have used the defense in recent years. In J.C. Penney's case, the maneuver will be in place for a year to “protect against any potential future use of coercive or abusive takeover techniques,” the struggling retailer said Thursday.
Advertisement
BUSINESS
August 1, 2013 | By Tiffany Hsu
J.C. Penney Co. said a New York Post article on Wednesday reporting that commercial lender CIT Group Inc. had halted funds to some of its suppliers is untrue. In a statement Thursday, J.C. Penney said that CIT “continues to factor and support deliveries” from the department store chain's vendors. The Plano, Texas, retailer said it heard as much directly from CIT. J.C. Penney, which has been fighting to recover from a failed turnaround initiative, also said it “continues to have ample liquidity to manage its business.” The New York Post story, which cited anonymous sources , said CIT “abruptly stopped financing deliveries from smaller manufacturers to Penney stores.” J.C. Penney stock plunged 10% Wednesday to its lowest close since April, when its embattled chief executive, Ron Johnson, relinquished his post.
BUSINESS
March 11, 1993 | From Times Staff and Wire Reports
J.C. Penney Co. Announces Stock Split: The Dallas-based retailer declared a two-for-one split of the company's common stock and increased the quarterly cash dividend 9.1%. On a pre-split basis, the regular quarterly dividend on the company's outstanding common stock was increased 6 cents to 72 cents per share, bringing the annual rate to $2.88. On a split basis, the quarterly cash dividend was increased 3 cents to 36 cents per share, with an annual rate of $1.44.
BUSINESS
August 20, 1992 | From Times Staff and Wire Reports
And Now, the Mall Channel: J. C. Penney Co., GTE Corp. and Capital Cities/ABC Inc. have formed a joint venture to beam computer data, television and sound to shopping malls across the nation. The network will offer retailers music throughout their stores, ABC videos on television and a computer network that can be used for check and credit card approvals. The partners plan to have the Advanced Retail Communications network up and running next year.
BUSINESS
January 4, 2001 | Associated Press
Four top executives of J.C. Penney Co. retired over the weekend and two longtime managers at the troubled retailer were promoted to chief financial and information positions, the company said. Robert B. Cavanaugh, 49, was named chief financial officer, replacing Donald A. McKay, 55, who retired effective Sunday, the company said. Cavanaugh had been chief financial officer of Penney's Eckerd drugstore chain. Stephen F. Raish, 50, was named chief information officer.
BUSINESS
April 12, 2001 | Bloomberg News
J.C. Penney Co. reported that it paid new Chief Executive Allen Questrom $16.5 million of cash and stock last year, plus options potentially worth $89.6 million if he can revive the company's stock to 10% annual growth. Penney hired Questrom last July to turn around the No. 2 U.S. department store chain's stagnant sales and falling profit. Penney shares also have declined the last three calendar years, though they've rebounded about 51% so far this year.
BUSINESS
February 24, 2012 | By Tiffany Hsu
J.C. Penney Co. is hoping that its new turnaround strategy makes its most recent quarter - and its $87-million loss - the retail chain's last dour quarter. The company, armed with a fresh chief executive and a retooled pricing framework, said its fourth-quarter slide was caused by long-ingrained bad habits - such as deep, rolling discounts and outdated stores -- as well as by the effort to improve on them. In the period ended Jan. 28, J.C. Penney fell to a loss of 41 cents per share from a $271-million profit, or $1.13 per share, in the same quarter a year earlier.
BUSINESS
October 9, 2001 | Reuters
J.C. Penney Co. said same-store sales at its department stores significantly topped its expectations in September, due in part to special sales promotions. The retailer, which also operates the Eckerd drugstore chain, said it continues to back its operating earnings forecast of 11 cents to 15 cents a share in the third quarter and 30 cents to 35 cents for fiscal 2001. The company earned 24 cents a year ago.
BUSINESS
April 12, 2001 | Bloomberg News
J.C. Penney Co. reported that it paid new Chief Executive Allen Questrom $16.5 million of cash and stock last year, plus options potentially worth $89.6 million if he can revive the company's stock to 10% annual growth. Penney hired Questrom last July to turn around the No. 2 U.S. department store chain's stagnant sales and falling profit. Penney shares also have declined the last three calendar years, though they've rebounded about 51% so far this year.
BUSINESS
February 15, 2001
* Walt Disney Co. said it has signed a clothing licensing deal with J.C. Penney Co., one week after announcing a similar deal with Kmart Corp. Terms of the agreement weren't disclosed. Penney will develop and produce two new lines of Disney children's apparel, which will debut in the fall. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/bizstaff.
BUSINESS
January 24, 2001 | Bloomberg News
J.C. Penney Co. said it plans to shut as many as 50 department stores nationwide to cut costs as new Chairman Allen Questrom tries to revive the ailing chain and recover from the industry's worst holiday season in at least five years. In California, closures will include Penney's department stores in Susanville and Eureka as well as a catalog outlet store in the west San Fernando Valley's Fallbrook Mall.
BUSINESS
January 4, 2001 | Associated Press
Four top executives of J.C. Penney Co. retired over the weekend and two longtime managers at the troubled retailer were promoted to chief financial and information positions, the company said. Robert B. Cavanaugh, 49, was named chief financial officer, replacing Donald A. McKay, 55, who retired effective Sunday, the company said. Cavanaugh had been chief financial officer of Penney's Eckerd drugstore chain. Stephen F. Raish, 50, was named chief information officer.
BUSINESS
December 20, 2000 | From Bloomberg News
U.S. retailers' same-store sales fell 0.6% last week, the third straight week-to-week decline, raising concern that stores will miss sales forecasts this holiday season, according to data released Tuesday. Bank of Tokyo economist Michael Niemira cut his estimate for November-December same-store sales to a gain of 2% to 4%, from a 4% rise. Winter storms in the Midwest and South-Central U.S. damped demand, he said. Shopper traffic at malls fell 9.6% in the seven days ended Dec.
Los Angeles Times Articles
|