Struggling department store chain J.C. Penney may soon be seeking debt relief from its creditors as the retailer prepares for the holiday season, Bloomberg reported.
Hudson’s Bay Co. and Le Tote, a fashion rental subscription service, have entered into an agreement for Le Tote to acquire the Lord + Taylor department store chain.
J.C. Penney plans to pursue a reverse stock split of its common stock in an effort to meet the New York Stock Exchange’s listing criteria.
Creditors of J.C. Penney reportedly are looking to meet with officials at the department store chain to discuss a debt swap that could give the retailer additional time to fix the company’s fiscal issues.
Struggling department store chain J.C. Penney, facing debt payments of approximately $4 billion over the next few years, has reportedly hired advisors to examine debt restructuring options.
Following a decline in first quarter net sales and comparable store sales, Kohl’s CEO Michelle Gass said the retailer is “actively addressing opportunities” that impacted revenue in the three month period ended May 4.
The first quarter was a challenging one for J.C. Penney as the company reported decreases in total sales and comparable store sales for the period ended May 4.
Sears is gearing up to open its first set of smaller format stores, dubbed Sears Home & Life, according to a report in the Washington Post. According to the report, the stores will open doors by Memorial Day 2019.
J.C. Penney has named Bill Wafford its new chief financial officer. He succeeds Michael Fung, who will remain with the company through the end of April.
Strong sales in home and furniture were cited by Dillard’s as key factors to modest comparable store sales growth in the fourth quarter, as overall sales in the 13-week period ending February 2 were flat.
According to a CNBC report, Neighborhood Goods, which bills itself as a new kind of department store, has received $8.8 million in new funding and will open a location in New York.
Macy’s has named Patti Ongman as the retailer’s chief merchandising officer, succeeding Jeff Kantor who is retiring.
Bloomingdale’s has long offered its customers a broad selection of housewares. Now, the upscale department store is adding major appliances to its mix.
Macy’s has named Shawn Outler evp/chief diversity officer.
Macy’s and Marxent have partnered on what the two companies said is the largest virtual reality rollout in retail history, with approximately 70 Macy’s VR installations in stores nationwide.
J.C. Penney has named Jill Soltau as the department store’s new CEO and member of its board of directors, effective October 15.
The second quarter was a strong one for Nordstrom as growth in sales and net earnings led the company to raise its outlook for the remainder of its fiscal year.
Second quarter comparable sales at J.C. Penney were up slightly, but the department store retailer reported a larger net loss for the three months ended August 4.
Hudson’s Bay Co. has refuted recent reports it had signed a binding agreement to sell or combine its European business or properties but acknowledged that it is in discussions with Signa Holding GmbH exploring a potential joint venture and has signed a non-binding letter of intent with that firm.
Macy’s has named Naveen Krishna as its new chief technology officer, effective June 16.