JCPenney spending $1 billion on store, online upgrades in latest bid to revive business

📆 31/08/2023 10:24 a. m.
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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...

“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.

The company filed for bankruptcy reorganization in May 2020 after the pandemic-induced temporary closing of stores put the already struggling retailer deeper in peril. 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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JCPenney is spending $1 billion on store and online upgrades in latest bid to revive its businessJCPenney says 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.
Fuente: AP - 🏆 728. / 51 Leer más »