November 13, 1991 |
J. C. Penney Co., Limited Inc. and Nordstrom Inc. said Tuesday that their third-quarter earnings fell from depressed levels of a year earlier, while May Department Stores Co. said profit edged up 1%. The results provided further evidence of the consumer spending slump that has sliced the earnings of many stores. A predicted rebound in spending hasn't happened because consumers are weighed down by concerns about the economy and their jobs.
January 22, 1999 |
J.C. Penney Co., the second-largest department store operator, said John Cody, president and chief operating officer of the chain, will retire effective March 1. Cody, 60, a 36-year Penney employee, will be replaced by Michael Taxter, director of strategic development, and Marilee Cumming, president of women's apparel. Taxter, 47, will become senior vice president and director of the department stores, and Cumming, 51, will be president of merchandising for the stores and catalog.
March 9, 2001 |
J.C. Penney Co. on Thursday agreed to sell its direct-marketing insurance unit to Dutch insurer Aegon for $1.3 billion in cash. The sale will enable the troubled company to focus on its retailing business, Chief Executive Allen Questrom said. Penney, the No. 2 U.S. department-store chain, has been trying to reverse a slump in earnings that has caused its shares to fall 78% since mid-1998. The insurance unit had revenue of $1.1 billion in 1999.
May 3, 2000 |
J.C. Penney Co. said it's considering selling or finding a partner for its direct-marketing services unit, sending the retailer's shares up $1.88, nearly 13%, to close at $16.56 on the Big Board. Plano, Texas-based Penney has hired the investment bank Credit Suisse First Boston to help it decide what to do with the division, which sells insurance and membership services. Analysts said the unit could be worth $1 billion to $1.5 billion.
CALIFORNIA | LOCAL
June 14, 1995 |
Almost 17 months since the Northridge earthquake, and after $25 million in repairs, J. C. Penney has finished rebuilding its store at the Northridge Fashion Center shopping mall. Just in time for its customers, guessed store manager Howard Couch. "There's people who have been waiting so long they truly have had to endure a great deal," said Couch, who was overwhelmed when the store opened Sunday for charge customers only. Hundreds of people were waiting at the door for the 10 a.m.
August 7, 1996 |
J.C. Penney Co., in one of its first moves to fight competition by expanding through acquisitions, said Tuesday that it will buy the 272-store Fay's Inc. drugstore chain in the Northeast for $285 million in stock. Penney, whose sales and earnings have been sagging for more than a year, has made no secret of its intention to improve results by seeking to buy other companies.