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J.C. Penney cutting 2,000 jobs, closing 33 stores

P

Pardus

Diamond Member
http://money.cnn.com/2014/01/15/news/companies/jcpenney-jobs

The bad news continues at J.C. Penney.

The ailing retailer announced Wednesday that it was cutting 2,000 jobs and closing 33 "underperforming" stores in an effort to rein in expenses.

The store closings -- listed here -- are likely to be complete by early May. J.C. Penney said it expected the moves to generate $65 million in annual cost savings.

"While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success," J.C. Penney CEO Mike Ullman said in a statement.
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I've always found J.C. Penney very "meh". Sucks for the people losing their jobs, but I won't miss the stores.
 
xanis said:
I've always found J.C. Penney very "meh". Sucks for the people losing their jobs, but I won't miss the stores.
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I barely realized JC Penney still existed, I had thought it went the way of Woolworths (the U.S. version anyway, not the still existant Australian version).
 
JCP and Sears I liked in the 80s when I was a kid. Today, its just depressing walking in to those stores. I'd rather shop Macy's or find it on Amazon.
 
Department stores are pretty much from a bygone era now. I remember going into the ones that had restaurants - now all that is pretty much gone.
 
It stands to reason that when the middle class is struggling that businesses that cater to them are struggling also. If businesses want to survive, they ought to cater to those with money and shift the economy to one filling the needs of job creators instead of burger flippers.
 
xanis said:
I've always found J.C. Penney very "meh". Sucks for the people losing their jobs, but I won't miss the stores.
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their stores are really nice now

Wireless checkout from anywhere in the store, better selection, properly stocked and actually clean.

I was very impressed the last time I went to one.
 
Retail shoppers are out of money. The hits will keep on coming.

Best buy just post terrible results for last quarter. They're done on another 12-24months.
 
Mine isn't, though it probably should be. Last time I was in there I believe I was the only shopper in the place.
 
I could count the times I've been in a Penneys on one hand, and I don't think I've ever bought anything from them. Wards and Sears were bigger around here, as well as a few smaller dept stores.
 
From what I read they tried to go upmarket and it didn't work out. If they can't make upmarket work it's hard to imagine what they can do. They're previous target market is shrinking and Walmart has the low end on lockdown.

If they're going to survive it will probably be as a much smaller company with a niche.
 
lxskllr said:
I could count the times I've been in a Penneys on one hand, and I don't think I've ever bought anything from them. Wards and Sears were bigger around here, as well as a few smaller dept stores.
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Wow, I thought Wards was completely gone, I haven't seen one of those in over 10 years.

I'm not surprised about Penneys though, I don't know how any of these ancient dept stores stay in business. They pack their huge stores with so much product and I rarely see anyone shopping in them, other than around xmas time.

They should just close up shop until black Friday each year and just keep the web running. If they time it right, they could avoid everyone bringing their crappy overpriced (then discounted to slightly less overpriced) gifts back after Xmas too. :awe:
 
Wyndru said:
Wow, I thought Wards was completely gone, I haven't seen one of those in over 10 years.
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oh yea, they're long gone. I was talking about "back in the day" when dept stores of this type were the standard form. For an actual store you could walk in, we had Wards and Korvettes. Sears and Penney had catalog order centers where you placed an order, and picked it up at a later date. Convenient :^D
 
Theb said:
From what I read they tried to go upmarket and it didn't work out. If they can't make upmarket work it's hard to imagine what they can do. They're previous target market is shrinking and Walmart has the low end on lockdown.

If they're going to survive it will probably be as a much smaller company with a niche.
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No, a former apple executive became ceo and did away with all their sales and tried just uniform low pricing. The fucking idiot didn't realize that department stores use sales to get rid of unsold inventory in a rational way. He got a golden parachute and the guy he replaced became ceo again.
 
lxskllr said:
oh yea, they're long gone. I was talking about "back in the day" when dept stores of this type were the standard form. For an actual store you could walk in, we had Wards and Korvettes. Sears and Penney had catalog order centers where you placed an order, and picked it up at a later date. Convenient :^D
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Oh yeah, I remember those catalog centers, my Dad used to order like that.

I remember Caldors and Bradleys also being big around here, but those were a little different than Penneys and Sears, I think they were a little more similar to Walmart and Target.
 
preslove said:
No, a former apple executive became ceo and did away with all their sales and tried just uniform low pricing. The fucking idiot didn't realize that department stores use sales to get rid of unsold inventory in a rational way. He got a golden parachute and the guy he replaced became ceo again.
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Honestly I liked most of what he did. Most every other retailer at that level has a constant sale i.e. mark everything up so that it can perpetually be on sale and you get a "good deal". It was nice not having to BOGO to get what you wanted at a reasonable price. Where he made the mistake was not having any sales like you mention to get rid of inventory.

Now they are back to BOGO or 25%-30% off and I pay the same $30 for a pair of levis that I paid when he was in charge. But I got a better deal because they were on sale!
 
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