J.C. Penney has appointed Karl Walsh, an executive with more than 18 years of e-commerce experience, as senior vice president, chief digital officer, to lead strategic advancements of the company’s digital platforms, most notably in its flagship store jcp.com.
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J.C. Penney has named Laurie Wilson, a senior executive with more than 25 years of experience in planning and allocation, merchandise, finance, pricing, operations and strategy, as svp/planning and allocation and pricing.
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.
Before joining J.C. Penney, Jill Soltau was CEO of Joann Stores, a specialty retailer of fabrics and crafting supplies with about 850 stores across the United States. When it announced her hiring, the retailer emphasized that she helped reinvigorate the Joann brand and improved its market position by taking a consumer-oriented approach to determine and deliver compelling assortments.
J.C. Penney Company narrowed its net loss in the second quarter ended August 3, 2019, and asserted that it was making progress with its turnaround plans. In addition, the retailer named a new gmm/home.
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.
Following reports that J.C. Penney was in the early stages of exploring debt restructuring options, the department store retailer issued a statement saying the company had “no significant debt maturities” come due in the near term.
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.