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Newspeopleretailers

JCPenney Names Chief Marketing Officer

by Katie Lee

Lewisville, Texas — JCPenney has appointed John Aylward as chief marketing officer (CMO), effective June 6, 2022. Aylward will help advance the company’s omnichannel strategy to deliver a modern, seamless experience across stores and digital. He will lead the marketing strategy, creative, visual merchandising and store design, and customer engagement teams. “The 120-year-old JCPenney brand is iconic. We must protect what the brand represents while evolving how it expresses who we are today,” says Marc Rosen, chief executive officer. “John will help fulfill our potential at this pivotal moment when …

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Newspeopleretailers

JCPenney Welcomes New CEO

by Katie Lee

Lewisville, Texas — Texas — JCPenney has appointed Marc Rosen as chief executive officer, effective Nov. 1, 2021. Stanley Shashoua, Simon’s chief investment officer, has been appointed as executive chairman of the board of directors after serving as interim CEO of JCPenney since January. “Marc joins JCPenney following a year of focused work to stabilize the business, improve financials and position the retailer for long term success,” says Shashoua. “Working with the phenomenal and dedicated JCPenney team as CEO has been immensely rewarding, and I look forward to my next …

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JCPenney Selects First 10 Store Locations for New Inclusive Beauty Experience

by Katie Lee

Lewisville, Texas — JCPenney has unveiled additional details on the retail strategy and product offerings for JCPenney Beauty. The retailer’s new, inclusive in-store and online experience will open at 10 JCPenney store locations across the country beginning in mid-October, and on jcp.com starting Oct. 15. Featuring 170+ beauty brands, the assortment will span makeup, skincare, haircare, styling tools, fragrance, nailcare, and bath and body products at varying price points. “Rooted in inclusivity, JCPenney Beauty grew out of direct feedback from our customers,” says Michelle Wlazlo, executive vice president and chief …

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Bed Bath & Beyond Names New SVP, General Merchandise Manager

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named Stacey Shively as senior vice president and general merchandise manager for Home, effective May 17, 2021. Shively will report to Joe Hartsig, Bed Bath & Beyond’s executive vice president, chief merchandising officer and president of Harmon Stores Inc. Shively will be responsible for further accelerating merchandising plans for key categories including bed, bath, seasonal, décor, kitchen, dining, organization, electrics and general merchandise as part of the company’s 3-year transformation strategy. Shively joins Bed Bath & Beyond with more than 25 …

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J.C. Penney Expects to End Bankruptcy by December

by Katie Lee

Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano, Texas-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is …

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Brookfield Property Group, Simon Property Group Agree to Acquire JCPenney for $1.75 Billion

by Katie Lee

Plano, Texas — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano, Texas-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90% …

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J.C. Penney to Close 13 Additional Stores as Chapter 11 Bankruptcy Continues

by Alex Tostado

Plano, Texas — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the 13 locations are expected to …

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Newsretailers

JCPenney Identifies First Phase of 154 Store Closures; Plans to Reduce Store Footprint

by Katie Lee

Plano, Texas — J. C. Penney Company, Inc. has begun implementing its store optimization strategy by identifying the first 154 stores to close. Following entry of an order at the June 11, 2020, hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, store closing sales will begin at 154 locations. The company expects additional phases of store closing sales will begin in the coming weeks. Additionally, the company intends to reduce its store footprint and focus resources on its strongest stores and e-commerce …

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JCPenney Plans to Have Nearly 500 Stores Reopened by June 3

by Katie Lee

Plano, Texas — J. C. Penney recently reopened 150 stores in 27 states, bringing the total to 304 reopened stores nationwide after temporarily closing due to the coronavirus (COVID-19) pandemic. Additionally, five stores are currently offering contact-free curbside pickup only. The company plans to have almost 500 reopened by June 3. “We’ve now reopened a third of our stores and plan to have nearly 500 reopened by June 3. To do this, we’re operating differently and taking a strategic and consistent approach, keeping associate and customer safety as our top …

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J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

by Katie Lee

Plano, Texas — J.C. Penney Co. has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano, Texas-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in …

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