J.C. Penney (NYSE:JCP) sent 24/7 Wall St. a reaction to the 2010 Major Store Closing List:
Mr. McIntyre… After reading the 24/7 Wall Street “2010 Major Retailer Store Closing List” entry from Jan. 19, we were concerned that casual readers might come away with the impression that JCPenney and the other named retailers actually plan to close a large number of stores.
In fact, we have already seen this list of retailers and respective store counts reported by other media as though it were fact. We’d like your readers to know that the conjecture in the article pertaining to JCPenney has no basis in reality. JCPenney isn’t closing 75 stores this year. Going forward, we would welcome the opportunity to provide you with factual information about our Company and our plans, as appropriate. Feel free to contact us any time.
Regards,
Tim Lyons
Corporate Communications
J. C. Penney Company, Inc.
Editor’s Note: It is hard to say under what circumstances Penney would or would not close stores. The SEC Reg FD rules may be such a substantial restriction that the company does not feel it can provide that detail without a specific disclosure. Penney says our forecast has “no basis in reality”. That depends on what reality “becomes” as the year wears on. Will there be another severe recession, or will GDP grow at 4% in 2010? That makes the Penney observation hard to frame.
Douglas A. McIntyre
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