If J.C. Penney Co. Inc. (NYSE: JCP) were to become a teenage girl, the company could do worse than change into Cinderella. The story of the unhappy girl who marries the prince and lives happily ever after must resonate with J.C. Penney’s executives, who hope to pull the company back from the brink of a cliff and, like Cinderella, live happily ever after.
The department store chain nearly said as much Wednesday when it announced a new line of products licensed from Walt Disney Co. (NYSE: DIS) to tie-in with the release of Disney’s new live-action “Cinderella,” opening in theaters on March 13. J.C. Penney’s chief market officer put it this way:
The Cinderella story perfectly aligns with our ‘fit’ promise at JCPenney. It’s a story about the power of transformation, and how Cinderella found her inner confidence and self-esteem that enabled her true potential to emerge. Through our collaborative efforts with Disney around the release of ‘Cinderella,’ we have an opportunity to generate additional awareness of our Disney shops and exclusive merchandise, as well as reinforce how JCPenney fits life’s momentous occasions.
J.C. Penney has added Disney shops in 565 of the company’s stores since October 2013 and plans to add another 116 stores to the list this year. A company executive said that the Disney shops have become one of the company’s most popular brands. New “Cinderella” products include role-play dresses and accessories, plush toys, dolls, other apparel and a “special deluxe ball gown costume” complete with “make-believe ‘glass slippers’.” Free tote bags will be given away with purchases of $25 or more between February 19 and April 15.
Wednesday may not have been the best day to try on the glass slipper. J.C. Penney stock traded down nearly 2% at $7.89, in a 52-week range of $5.22 to $11.30.
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