J.C. Penney reports comp sales drop, to shut 130-140 stores

[Common]

Its a shame, there will be alot of people out of work. Sears is in the same boat and closing stores. They were both great stores for different reasons at one time. Sears for tools and major appliances and JC Penny for clothes and home stuff.
It seems as soon as they ended their catalogs they started to go down. Thats only a perception and not a reality.

I am not a walmart fan, I think they sell alot of junk and I go there rarely. I buy food at publix.

Department store operator J.C. Penney Co Inc (JCP.N) said on Friday it would close 130-140 stores over the next few months, and reported a bigger-than-expected drop in same-store sales for the holiday quarter.
Shares of the company were down 2.6 percent in premarket trading on Friday, after initially rising 3 percent.
The company said it would also initiate a voluntary early retirement program for about 6,000 employees from among its home office, stores and supply chain personnel.
J.C. Penney also said it would sell a supply chain facility in Buena Park, California to "monetize a lucrative real estate asset" and close a distribution center in Lakeland, Florida.
J.C. Penney's store closures come after larger rival Macy's Inc (M.N) said in November it would shut 100 stores, as department stores struggle with weak demand for apparel and growing competition from online retailers.
"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," Chief Executive Officer Marvin Ellison said in a statement.
The stores being closed were underperforming and represent about 13-14 percent of J.C. Penney's store base and less than 5 percent of annual sales, the company said.
J.C. Penney said it expected annual savings of about $200 million from the cost-cutting measures, and would take a related pre-tax charge of about $225 million in the first half of the current year.
Sales at stores open more than a year fell 0.7 percent in the fourth quarter ended Jan. 28, bigger than the 0.5 percent drop estimated by analysts polled by research firm Consensus Metrix.
While lower inventories helped rivals Kohl's Corp (KSS.N) and Nordstrom Inc (JWN.N) keep promotions low and margins up, J.C. Penney said it promoted more and ended the quarter with 4.9 percent higher inventory.
The company's gross margin fell 1 percentage point to 33.1 percent, also hurt by the roll out of its low-margin appliances business to more stores.

http://www.reuters.com/article/us-jc...-idUSKBN1631DB

[DGUtley]

I'm not a Walmart fan. I won't go there. I don't like that they've done to the local manufacturers. Particularly, what they did to Rubbermaid in Ohio.



Or Vlasic pickles.

https://www.fastcompany.com/47593/wa...-you-dont-know

We shop at Buehler's grocery stores. A local chain based in Wooster Ohio with two stores in Medina. https://www.buehlers.com/about-buehlers-fresh-foods/ Buehlers is still family owned. When the kid needs a diaper they give you one, they walk to where the item is rather than point, they hire your kids in HS and send you a letter congratulating you for their graduations when they do. They are a few pennies more but they're locally owned.

[Crepitus]

I will not shop at walmart either, unless it is just completely unavoidable.

[AeonPax]

`
`
Both JC Penny's and Sears started off as catalogue merchants. Then they totally switched to brick and mortar stores, abandoning their catalogue paradigm. Who knew about 50 years later, ordering by mail would be replaced by ordering on the internet. Amazon seized the new market potential. JC and Sears were resistant to closing down it's stores but that only hastened their inevitable capitulation.

[exotix]

I'm a little surprised ... especially after Trumpf does all the CEO get-together's to proclaim about all his job creations and how tremendous life is for everybody since taking office.

[texan]

Its a shame, there will be alot of people out of work. Sears is in the same boat and closing stores. They were both great stores for different reasons at one time. Sears for tools and major appliances and JC Penny for clothes and home stuff.
It seems as soon as they ended their catalogs they started to go down. Thats only a perception and not a reality.

I am not a walmart fan, I think they sell alot of junk and I go there rarely. I buy food at publix.

Department store operator J.C. Penney Co Inc (JCP.N) said on Friday it would close 130-140 stores over the next few months, and reported a bigger-than-expected drop in same-store sales for the holiday quarter.
Shares of the company were down 2.6 percent in premarket trading on Friday, after initially rising 3 percent.
The company said it would also initiate a voluntary early retirement program for about 6,000 employees from among its home office, stores and supply chain personnel.
J.C. Penney also said it would sell a supply chain facility in Buena Park, California to "monetize a lucrative real estate asset" and close a distribution center in Lakeland, Florida.
J.C. Penney's store closures come after larger rival Macy's Inc (M.N) said in November it would shut 100 stores, as department stores struggle with weak demand for apparel and growing competition from online retailers.
"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," Chief Executive Officer Marvin Ellison said in a statement.
The stores being closed were underperforming and represent about 13-14 percent of J.C. Penney's store base and less than 5 percent of annual sales, the company said.
J.C. Penney said it expected annual savings of about $200 million from the cost-cutting measures, and would take a related pre-tax charge of about $225 million in the first half of the current year.
Sales at stores open more than a year fell 0.7 percent in the fourth quarter ended Jan. 28, bigger than the 0.5 percent drop estimated by analysts polled by research firm Consensus Metrix.
While lower inventories helped rivals Kohl's Corp (KSS.N) and Nordstrom Inc (JWN.N) keep promotions low and margins up, J.C. Penney said it promoted more and ended the quarter with 4.9 percent higher inventory.
The company's gross margin fell 1 percentage point to 33.1 percent, also hurt by the roll out of its low-margin appliances business to more stores.

http://www.reuters.com/article/us-jc...-idUSKBN1631DB

Thanks Obama economy.......2016 MOST closed restaurants in the history of our country. Remember all the waitressing jobs they created? LOL!

[Common]

I'm a little surprised ... especially after Trumpf does all the CEO get-together's to proclaim about all his job creations and how tremendous life is for everybody since taking office.

Sears and JC Penny have been going down for years, this was inevitable and had nothing to do with any potus

[Common]

I'm not a Walmart fan. I won't go there. I don't like that they've done to the local manufacturers. Particularly, what they did to Rubbermaid in Ohio.



Or Vlasic pickles.

https://www.fastcompany.com/47593/wa...-you-dont-know

We shop at Buehler's grocery stores. A local chain based in Wooster Ohio with two stores in Medina. https://www.buehlers.com/about-buehlers-fresh-foods/ Buehlers is still family owned. When the kid needs a diaper they give you one, they walk to where the item is rather than point, they hire your kids in HS and send you a letter congratulating you for their graduations when they do. They are a few pennies more but they're locally owned.

What did walmart do to rubbermaid DG ?