JCPenney has filed for bankruptcy due to a decades-long struggle to reinvent itself
the majority of its hourly store workers, as well as many of its corporate employees and warehouse workers.
Before the pandemic, Soltau had been making progress on key initiatives, like reducing inventory levels, cutting costs and introducing new merchandise. The company recently partnered with ThredUp to sell secondhand clothing at some of its stores. “Very few retail executives have been handed as difficult a hand as she got when she came to JCPenney,” says Craig Johnson, founder of Customer Growth Partners, a retail consulting firm. “This is a company that has a long, proud tradition but failed to evolve with the times.”
Investors have fled from the company, sending its share price down 80% since the beginning of the year and giving it a market capitalization of just $80 million. Its stock trades hands for less than a quarter, putting it in danger of being delisted from the New York Stock Exchange, which drops stocks that are stuck below $1 a share for over 30 consecutive days. The company was issued a warning in February and given six months to get its share price up.
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