J.C. Penney Will Offer More Sales, Diminish Role of Martha Stewart Brand
January 29, 2013 by Paul AusickAccording to an exclusive report in the New York Post, sources say that items such as bedding, linens, and kitchenware will be “largely free of the Martha Stewart label.” The dispute with Macy’s severely crimps CEO Ron Johnson’s original plan to boost J.C. Penney’s home retail business.
Instead, J.C. Penney is reverting to its long-established practice of offering goods at sale prices. Johnson had hoped to move the company away from promotional sales, but the store’s customers did not run toward the idea. J.C. Penney shares have lost more than 50% of their value since the store gave up on the promotional pricing.
The combined loss of the Martha Stewart branding, for which J.C. Penney paid $200 million in a 10-year deal, and the return to promotional pricing do not augur well for a turnaround in sales or profits.
Shares of Penney’s stock are up 0.2% in premarket trading this morning at $19.26 in a 52-week range of $15.69 to $43.18.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.