S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Investing

JC Penney (JCP) To Cut Thousands–NY Post

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The press has been invited to an event at which new JP Penney (NYSE: JCP) CEO Ron Johnson will talk about what the company says is his exciting new strategy.  What the invitation does not say is that he will cut thousands of jobs. Penney has consistently fallen behind rivals, particularly Macy’s (NYSE: M) and big box retailers Costco (NASDAQ: COST) and Target (NYSE: TGT). The firm’s stock price and same store sales suffered enough that former CEO Maurice Ullmann was fired in favor of Johnson, the former head of Apple’s (NASDAQ: AAPL) retail operations.

Many analysts still believe that there are too many large department store locations across the nation. Much of this crowding is due to stores owned by failed and failing chains like Sears Holdings (NASDAQ: SHLD) owner of Sears and KMart

The New York Post reports

The fresh bloodbath, announced internally this month and effective today, will  affect employees at nearly all of Penney’s 1,200 stores nationwide — in many  instances, hitting dozens of workers at a single location, according to  insiders.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

Who Wants to Buy J.C. Penney? No One

courtesy J.C. Penney Co. Inc.J.C. Penney Co. Inc.’s (NYSE: JCP) board has a problem. If it wants to sell the…
Paul Ausick |

What’s Left of Sears to Liquidate?

A former executive with Sears Holdings said late last week that his former company should "embrace the inevitable." He called…
JC Penney Stock Rallies Into the Holidays
Douglas A. McIntyre |

JC Penney Stock Rallies Into the Holidays

After nearly disappearing, J.C. Penney has made it back to the point at which one good holiday period will put…
Douglas A. McIntyre |

JC Penney: Ackman’s Mistake

William Ackman’s Pershing Square Capital Management has dumped more money into J.C. Penney. It is a mistake, unless he has…
Douglas A. McIntyre |

J.C. Penney and Sears Investors Expect Strong Results

courtesy J.C. Penney Co. Inc.J.C. Penney Co. Inc. (NYSE: JPC) and the Kmart and Sears divisions of Sears Holdings Corp.…
Douglas A. McIntyre |

Holiday E-commerce Surge Shows Retailers Should Close More Stores

ThinkstockWhether it stems from forecasts of a huge increase in revenue at Amazon.com Inc. (NASDAQ: AMZN) or research posted by…
Retail Store Closures Up Nearly 200% in 2017
Paul Ausick |

Retail Store Closures Up Nearly 200% in 2017

U.S. retailers have closed nearly three times as many stores so far this year as were closed in all of…
Paul Ausick |

Could J.C. Penney Follow Sears Down the REIT Road?

Could J.C. Penney be thinking about exploring the creation of a real-estate investment trust (REIT) as Sears announced on Friday?…
Douglas A. McIntyre |

As Macy’s Closes Stores, Watch JC Penney and Sears

Any troubled retailer has to have stores that do not make money. And at the top of that list are…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618