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Joined: Sep 2011
Posts: 60,902 Likes: 10
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,902 Likes: 10 |
I think Penneys just did not keep up with the times.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: May 2003
Posts: 31,263 Likes: 4
Campfire 'Bwana
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Campfire 'Bwana
Joined: May 2003
Posts: 31,263 Likes: 4 |
Let us hope that the NY Times keep up with JC Penney.
Cleverly disguised as a responsible adult.
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Joined: Apr 2011
Posts: 151,725 Likes: 14
Campfire Savant
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Campfire Savant
Joined: Apr 2011
Posts: 151,725 Likes: 14 |
It’s been coming for a long time.
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Joined: Dec 2010
Posts: 19,243 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,243 Likes: 3 |
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ? Orion, You know the people who do the actual work and make the ship go mean nothing. It's the Captain and the Pilot who ran the [bleep] aground that are important. And deserve a golden parachute. When she dies for good, the janitor and stock boy will be left with rubber paychecks. I laugh at the stuff I see where people say they will never look at service employees the same after the Kungflu. Bullcrap. If you walked around 6 months ago, nose in the air looking down on those people, it was about you, not them. And corona isn't going to change your flawed, arrogant ash. I don't think anyone I know ever looked down on the person in that role. They just never believed that putting cans on a shelf, folded towels/pants/shirt on a table or changed the price on the pool noodles in Sporting Goods is exactly a "high skill" and worthy of 30 bucks an hour, a bronze statue and your face on a stamp. Anybody who works in a position where they have to deal with John Q public deserves respect and a good wage. John Q Public is a GIANT flaming ass hole and a HUGE PITA to serve.
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Joined: May 2009
Posts: 422
Campfire Member
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Campfire Member
Joined: May 2009
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I like Penneys. Walking thru their stores, they have too much dead inventory. They need better buyers.
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Joined: Jan 2016
Posts: 1,238
Campfire Regular
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Campfire Regular
Joined: Jan 2016
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They were on that way a long time ago. Bad leadership and decisions for years.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
I like Penneys. Walking thru their stores, they have too much dead inventory. They need better buyers. Pretty much endemic for many brick and mortar stores. Sears, JCP, any others that compete with Walmart and Amazon are destined for the junk heap. Whole Foods and Sprouts have put the kabosh on GNC, it appears. Target better get their act together to compete or they’re not long for the commercial world.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Aug 2003
Posts: 13,945
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2003
Posts: 13,945 |
https://companyblog.jcpnewsroom.com...e-company-is-positioning-for-the-future/
JCPenney’s CEO Explains How the Company is Positioning for the Future
by JCPenney Company on May 15, 2020 in Company Initiatives, Corporate
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Dear Valued JCPenney Customer,
I want to thank you for your continued loyalty to JCPenney as we navigate the unprecedented challenges brought on by the Coronavirus (COVID-19) pandemic. As you well know, the pandemic has changed day-to-day life and created a profoundly different reality.
Retailers have been hit especially hard by this economic environment, impacting our Company’s ability to meet financial and operational objectives. That is why JCPenney has chosen to pursue a financial restructuring.
We believe this process will give us the financial strength to weather the pandemic and evolve our business while also reducing our debt and increasing our flexibility to better position JCPenney for the future. This will allow us to better serve you, our valued customer.
I want to assure you: JCPenney is NOT going out of business. JCPenney will continue to be one of the nation’s largest apparel and home retailers. Our expansive footprint will still include hundreds of stores across the U.S. and Puerto Rico, as well as our online flagship store, jcp.com.
While our stores have been closed during the pandemic, we are now safely and gradually reopening across the country, based on state and local guidelines. Check here to see if a store near you is open, and for more information on the important health and safety measures we have put in place to help ensure a healthy shopping environment.
We remain dedicated to offering you an inspiring shopping experience with the value and quality you expect in both our stores and on jcp.com. We will continue to provide compelling merchandise and offer new services and innovations, including Contact-free curbside pickup at all open stores.
JCPenney has been part of America’s communities for more than 100 years, and we look forward to serving our customers for another 100 years.
Thank you for being our valued customer.
Sincerely,
Jill Soltau
Chief Executive Officer
JCPenney
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
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Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive.
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Joined: Aug 2003
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Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2003
Posts: 13,945 |
Many years ago there was a hosiery mill in a nearby town here in WKY. They manufactured men's, women's, girl's, boy's and little kids socks of all kinds, materials and styles for various stores like J.C.Penny's, Sears, Montgomery Wards, etc. The same socks were sold to each customer but with their packaging and logo. The only tangible difference was patterns and colors.
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Joined: Aug 2003
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Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2003
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Joined: Jun 2004
Posts: 7,179 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Jun 2004
Posts: 7,179 Likes: 1 |
Filling a store with cheap, Chinese, products had a short run as a successful business model but it has failed now. GD
Last edited by greydog; 05/16/20.
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Joined: Jun 2005
Posts: 12,360 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2005
Posts: 12,360 Likes: 1 |
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive. ` The year was 1981. My wife worked and retired from J.C. Penney in 1989 but the year was1981 IIRTC. J.C. Penney was divesting itself as a department store and going for the yuppie trade almost exclusively. I remember it well because my wife called me from work and said they were selling all the guns at their cost and I could get her employee's discount as well. I bought two Remington 700s in 30-06, the ADL for $99 and the BDL for $110. I also bought a Winchester 94 30-30 for $85 and a Marlin 336 for $95. Still have the BDL and M94. Let a friend buy the Marlin and gave the ADL to my stepson. He gave it to his son years later. It wasn't a few years later my wife told my JCP was in trouble and that was at least 37 years ago. They've trying to keep their head above water ever since. Paul B.
Our forefathers did not politely protest the British.They did not vote them out of office, nor did they impeach the king,march on the capitol or ask permission for their rights. ----------------They just shot them.
MOLON LABE
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Joined: Feb 2007
Posts: 11,777
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2007
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Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ? Are you aware as to whether the lower level workers received some extra compensation.
NRA Patron
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Joined: Dec 2010
Posts: 19,243 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Dec 2010
Posts: 19,243 Likes: 3 |
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive. Yeah they failed as evidenced by the fact that they've filed chapter 11. If they wanted to succeed they needed to make some drastic changes, perhaps to a much broader spectrum of merchandise . They didn't and haven't made any noticeable changes since my mom started working there 15 years ago. Still basically just clothing, jewelry and shoes.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive. What you’ll see survive of them will be their real estate. That’s the only value left within them.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Feb 2020
Posts: 4,890 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Feb 2020
Posts: 4,890 Likes: 2 |
20 years ago I bought all my clothes there. The staff was competent and helpful. Gradually, they eliminated staff and dumbed down the remainders. I stopped going there. Now I buy most of my stuff over the Internet--Joseph A. Bank, Orvis, and L.L. Bean. My dress suits will probably last me all the rest of my life. i might try Duluth, after reading that thread. Duluth has a store near here where you can try stuff on. I wish I had access to a Duluth store, I'd like to check some of their stuff out. Hate ordering cloths online.
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Joined: Feb 2020
Posts: 4,890 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Feb 2020
Posts: 4,890 Likes: 2 |
Wore a lot of JCP clothing as a kid. One of my mother's preferred places to shop. Last couple shirts my wife purchased from them 30 years ago started unraveling and coming apart after 2nd or 3rd washing. Have not purchased anything from them since. Feel sorry for the working class folks losing their jobs. However, will not miss JCP...
For all the people saying the executives "deserve" the exorbitant retention bonuses for staying with a sinking ship... How about paying all of the hourly workers and admin staff the same prorata share of THEIR annual salary for a severance package ? Orion, You know the people who do the actual work and make the ship go mean nothing. It's the Captain and the Pilot who ran the [bleep] aground that are important. And deserve a golden parachute. When she dies for good, the janitor and stock boy will be left with rubber paychecks. I laugh at the stuff I see where people say they will never look at service employees the same after the Kungflu. Bullcrap. If you walked around 6 months ago, nose in the air looking down on those people, it was about you, not them. And corona isn't going to change your flawed, arrogant ash. I don't think anyone I know ever looked down on the person in that role. They just never believed that putting cans on a shelf, folded towels/pants/shirt on a table or changed the price on the pool noodles in Sporting Goods is exactly a "high skill" and worthy of 30 bucks an hour, a bronze statue and your face on a stamp. Anybody who works in a position where they have to deal with John Q public deserves respect and a good wage. John Q Public is a GIANT flaming ass hole and a HUGE PITA to serve. Even though you're an angry man there's a lot of truth in your statement.
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive. What you’ll see survive of them will be their real estate. That’s the only value left within them. I don't know whether Penny's owned all of their real-estate or owned some and leased some. Given their financial picture over the past 20 years, I'd guess that newer locations were leased with no value going to Penny's or its stockholders. From the referenced story, Penny's is going to spin off some real-estate holdings into a REIT. see: https://www.cnbc.com/2020/05/16/ban...erties-into-new-real-estate-company.htmlThe unfortunate thing about Chapter 11 bankruptcy is that debts are discharged (i.e., stiff creditors) so the entity can re-capitalize and start anew. This might be good for some (e.g., employees) but it hurts creditors.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Why? Those are the executives that have been working off their asses trying to save the company. They should be compensated for going down with the ship and loyalty. Well they failed at their job. I've never been or ever expected to be rewarded for failure. Did they really fail, or did they postpone the inevitable? They were hired to manage a capsizing ship that was turning bottoms up; 10 years ago, it was evident that Penny's would eventually fail. Retail (especially fashion retail) is a fickle mistress with rapidly changing trends. A retailer has to anticipate these trends, determine popular colors and, styles and, place orders a year in advance. With rise of social media, "influencers" direct their followers and change carefully planned orders. The internet has similarly changed how people buy as costs are less with warehouse space rather than expensive retail malls. Maybe, these guys did a respectable job with the odds stacked against them. Since Penny's filed for Chapter 11 bankrupt, we'll probably see the brand survive. What you’ll see survive of them will be their real estate. That’s the only value left within them. I don't know whether Penny's owned all of their real-estate or owned some and leased some. Given their financial picture over the past 20 years, I'd guess that newer locations were leased with no value going to Penny's or its stockholders. From the referenced story, Penny's is going to spin off some real-estate holdings into a REIT. see: https://www.cnbc.com/2020/05/16/ban...erties-into-new-real-estate-company.htmlThe unfortunate thing about Chapter 11 bankruptcy is that debts are discharged (i.e., stiff creditors) so the entity can re-capitalize and start anew. This might be good for some (e.g., employees) but it hurts creditors. Interesting info on the REIT.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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