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JC Penney sees improving sales in September from August; anticipates ample year-end liquidity

NEW YORK, N.Y. - Shares of J.C. Penney Co. got a boost Tuesday after the struggling department store chain said that a key sales barometer improved in September from August and it expects that it will have ample liquidity at year end. Penney, based in Plano, Texas, said that revenue at stores opened at least a year fell 4 per cent in September from a year ago, but that was a 5.8 percentage point improvement from August.

J.C. Penney shares plummet to lowest level since 2000

NEW YORK, N.Y. - J.C. Penney Co. shares are trading at their lowest level in nearly 13 years, as the department stores operator is facing a rough road ahead to turn around its business. The retailer's share plunge comes as the chain is trying to recover from a botched transformation plan spearheaded by its former CEO Ron Johnson that led to disastrous financial results. The board ousted Johnson in April after only 17 months on the job and rehired Mike Ullman, who had been CEO of the retailer from 2004 to late 2011.

Penney's 2Q results show some signs of life that worst may be over, but still faces challenges

NEW YORK, N.Y. - The worst may be over at J.C. Penney Co. The beleaguered department store chain on Tuesday reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson. But investors sent Penney shares up six per cent to nearly $14 — after having pushed the stock down nearly 70 per cent in the last 18 months — in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.

Attorneys for Penney, Macy's present final arguments on Martha Stewart case

NEW YORK, N.Y. - After a three-month break, attorneys for J.C. Penney Co. and Macy's Inc. squared off in a New York court Thursday as they presented closing arguments in a contract dispute case centred on their partnership with home maven Martha Stewart. Mark Epstein, one of the lead attorneys representing Penney, told New York State Supreme Court Judge Jeffrey Oing that if Macy's wanted to prevent others from selling goods in its exclusive categories like pots and bath items, it should have written a better contract.

JC Penney secures $2.25B loan, $500M more anticipated, as it seeks to stem sales decline

NEW YORK, N.Y. - J.C. Penney Co. said Wednesday it has secured a $2.25 billion loan, $500 million more than it had expected, as it tries to stop a collapse in its sales. The expanded financing deal with Goldman Sachs comes as the Plano, Texas-based retailer has been burning through cash and struggling to win back customers. An overhaul plan spearheaded by its former CEO Ron Johnson had backfired and caused sales to plummet.

JC Penney 1st-quarter revenue down, says construction and prior management to blame

PLANO, Texas - J.C. Penney Co. says that its first-quarter revenue will likely fall 16 per cent and is pointing fingers at prior leadership for part of that shortfall. The struggling retailer fired its CEO Ron Johnson last month after only 17 months on the job and rehired his predecessor Mike Ullman.
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