NEW YORK — JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.
"Now is the time more than ever to lean into that and make sure that we're delivering that experience for our customer," Rosen said in an interview with the Associated Press. That's a change of tactics from previous management teams that pursued wealthier shoppers with offers of trendy items and major appliances.
JCPenney, which emerged from Chapter 11 reorganization in December 2020 with new owners, not only has grappled with years of internal issues but also faces an uncertain economy that has challenged healthier department stores. Rosen said JCPenney's customers are spending $700 more per month than two years ago just for basic necessities, like rent, gas and food. He noted they're seeking competitive prices as well as a good shopping experience.
Under new owners — mall companies Simon Property Group Inc. and Brookfield Property Partners LP — JCPenney shuttered nearly a quarter of its 850 stores. It now has roughly 650 stores. It has less than $500 million in debt, down from nearly $5 billion at the time of its bankruptcy filing, Rosen said. The retailer launched new store label brands like Mutual Weave men's clothing and reintroduced some national brands like Adidas. It launched national labels such as Forever 21, owned by Authentic Brands Group LLC, which has a minority stake in JCPenney. It also teamed up with celebrity stylist Jason Bolden to recreate collections for two of its store label brands, J. Ferrar and Worthington, a long-time brand it brought back.
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