![]() JC Penney is trying new things to stay afloat.Penney’s turnaround stand? It’s testing new ideas in Texas – The Dallas Morning News The classes, some that have attracted customers and others that have failed to drum up interest, have covered a wide range of topics, from how to properly blow out hair to choosing the best window coverings. ![]() Penney is also testing educational classes in the home department at a store in Tyler, TX. The pilot, which is taking place at a store in Penney’s home market in the Dallas/Fort Worth area, will need to show positive sales results if the concept is to be rolled out on a wider basis. In the first, Penney has redecorated its women’s dressing rooms, added stylists and installed more seating to meet the needs of customers and those shopping with them. The Dallas Morning News reports that Penney has begun testing two new fashion and home concepts to see if they resonate with consumers. Penney went from a 22-store pilot of appliances to a nationwide rollout in short order. Ellison pointed to a market opportunity created by a weakened Sears. Soltau was to get Penney out of appliance sales in February.įormer Penney CEO Marvin Ellison, who left the department store last year to lead Lowe’s, added appliances to the chain’s merchandise mix in 2016. Among the earliest significant moves made by Ms. Soltau’s leadership, has taken steps to reposition its brand with a fashion and home goods focus. The chain, in the first nine months under Ms. ![]() Penney, which continues to operate its business under billions of dollars in debt, has recently seen its share price fall to under $1 on the New York Stock Exchange, risking a delisting if it is not able to move that figure higher. The question, assuming that Penney’s team has the answers for putting the business back on the right track, is whether it has the time and resources necessary to accomplish the task. Penney, by CEO Jill Soltau’s own admission, has to move faster if the department store chain is going to get ahead of its competitors and turn its ailing business around. The argument presented continued that since these employees have “no assurance of long-term employment” by Penney, it’s appropriate to retain employees who have “an intimate understanding of business operations that would be difficult to replace.J.C. “These talented, hard-working individuals positioned” Penney on an “upwards trajectory” before the pandemic and will be essential to preserving Penney’s ability to exit Chapter 11 as a going concern. “Now, more than ever, the Debtors (Penney) believe the retention of certain key employees is vital to the success of their reorganization, Penney said in its filing. Salary ranges for the remaining 3,886 employees in the retention plan were part of an annual incentive program and are likely corporate professionals and store-level managers.īefore Penney filed for bankruptcy in May, it routinely used incentive- and retention-based plans to drive performance of the business and retain employees. They were identified by salary ranges: 224 have salaries of more than $180,000 110 have salaries of $140,000 to $180,000 23 have salaries of under $140,000 but historically were part of the annual and long-term incentive programs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |