J.C. Penney announced that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28. Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman's role from Myron E. Ullman, III, J.C. Penney’s former CEO, who will step down as executive chairman. Engibous is the retired chairman of Texas Instruments Inc.
Plano, Texas -- It’s official: Two more Apple Retail veterans are joining their former boss Ron Johnson at J.C. Penney Co. The news came as J.C. Penney reported a third-quarter net loss of $143 million and issued a tepid holiday forecast. J.C. Penney named Michael W. Kramer, CFO of Apple Retail from 2000 to 2005, as COO. Kramer has been the president and CEO of Kellwood Co. since 2008, where he oversaw a portfolio of fashion brands. He also served as executive VP and CFO at Abercrombie & Fitch, from 2005 to 2008. "Mike is an extremely talented executive,
J.C. Penney said it will introduce a new logo, designed to symbolize the retailer’s transformation to a more updated and relevant destination. The new logo will debut with the retailer’s spring marketing campaign as the exclusive retail sponsor of the Academy Awards on Feb. 27.
J.C. Penney announced a series of actions designed to build on its accomplishments and focus on its highest potential growth opportunities. They include the wind down of its catalog and outlet operations, closing certain underperforming store locations, and streamlining its call center operations.
J.C.Penney is set to launch two new online retail businesses this summer — Gifting Grace and CLAD — thanks to a marketing partnership the retailer formed with Hearst Magazines. The goal? To gain a significant share of consumers' growing e-commerce spend.
J.C. Penney Co. reported a second quarter profit versus break-even results last year, but it cut its full-year forecast blaming the “uncertain consumer climate.” The chain earned $14 million, in line with analyst expectations.Total sales declined 0.1% to $3.94 billion, which the company said was due to its decision last year to discontinue its Big Book catalogs in 2010. Analysts had forecast sales would be up 1.7% to $4 billion. Same-store sale rose 0.1%. Internet sales rose 4% to $317 million.J.C. Penney said improvements in its merchandise assortments, including the introduction of new brands, contributed to profitability.“The success of