Struggling J.C. Penney plans on store closings

Article Abstract:

J.C. Penney Company Inc unveiled a $530-million restructuring initiative that involves shutting down 40 to 45 of its 1,150 department stores and 289 of its 2,900 Eckerd drugstores. The financially troubled Plano, TX- based retailer posted a loss of $12 million, or 8 cents per share, in the fourth quarter of 1999, including the $530-million charge. The company is expected to save $55 million in 2000 from the restructuring, which is aimed to return the company to profitability.

Organizational history

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Nordstrom, J.C. Penney earnings sag

Article Abstract:

Major retailers Nordstrom, JC Penney and Liz Claiborne reported lower quarterly earnings attributed to the weakening economy. Nordstrom's sales fell 59% to $27 million, equivalent to 20 cents a diluted share, JC Penny lost $284 million, equal to $1.11 per diluted share while Liz Claiborne's net income fell to $39.6 million, or 77 cents a diluted share. The major charges incurred by major retailers include Nordstrom divestment of Internet grocery Stream.com while JC Penney declared a one-time loss of 3 cents a share.

Sales, profits & dividends, Department Store Chains, Liz Claiborne Inc., Nordstrom Inc.

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Macy's capitalizing on catalog frenzy

Article Abstract:

Macy's is set to launch its catalog called Macy's By Mail in mid-August 1998. Industry experts believe that Macy's decision comes in the right time as there are approximately 8,000 catalog titles in the market today, with sales increasing at a faster rate than store sales. Macy's By Mail, which is set to convey images of designer lifestyle, present product information and offer designer interviews, will initially draw from the 58 million account database of Macy's parent firm, Federated Department Stores.

Comment:

Is set to launch its catalog called Macy's By Mail in mid-August 1998

Marketing procedures, Services introduction, R.H. Macy & Company Inc., Article

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