This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
JC Penney Will Close 27 Stores in Q2
The news follows a better-than-expected fourth quarter, in which jewelry was a top performer.

Plano, Texas— J.C. Penney Co. Inc. will close nearly 30 underperforming stores in Q2 as the retailer continues to try to turn its business around following a fourth quarter that was slightly better than expected.
Fourth-quarter revenue totaled $3.79 billion, ahead of analyst estimates of $3.78 billion, but still a more than 8 percent drop compared with $4.14 billion a year ago.
Same-store sales in the fourth quarter dipped 4 percent, just slightly less than analysts had expected.
Jewelry, women’s apparel, children’s apparel and men’s apparel were the company’s top-performing divisions. Jewelry was an especially bright spot on the balance sheet, delivering double-digit comps.
For the full year, revenue dipped nearly 7 percent to $12.02 billion, compared with $12.87 billion a year ago, as same-store sales fell more than 3 percent.
The company posted a $255 million net loss.
Full-year highlights include boosting its partnerships with Nike, Adidas, Champion and Puma, and reducing inventory levels by more than 13 percent.
The retailer did not provide any forecast for 2019 but did give some insight into its turnaround plan for the year.
It includes closing 18 department stores and nine home and furniture stores, which have performed “significantly below” other locations.
Affected employees will receive separation benefits, including job assistance and outplacement services, like resume guidance and interview preparation.
The stores are expected to close in the second quarter of 2019 and cost the retailer an estimated pre-tax charge of $15 million.
CEO Jill Soltau noted the company has “already taken meaningful steps to drive improvement in key businesses such as women’s apparel, active apparel, special sized apparel and fine jewelry.”
The company announced in a blog post earlier this month that it will stop selling major appliances at the end of February “in order to better meet customer expectations, improve financial performance and drive profitable growth.”
In addition, furniture will only be sold online and in select stores in Puerto Rico.
The freed-up space will be dedicated to goods with higher margin opportunities in its “legacy” categories, which include apparel and soft home furnishing.
The retailer has also begun filling some empty seats in the boardroom, including hiring Michelle Wlazlo, a former senior vice president of apparel and accessories at Target, as its chief merchant officer.
John Welling, former senior vice president of merchandise operations for The Michaels Companies, will serve as senior vice president, planning and allocation.
Mark Stinde, former vice president of asset protection at
The retailer is still looking for a chief financial officer, principal accounting officer and a chief customer officer, a company spokesperson confirmed.
The Latest

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.


The entrepreneur and “Shark Tank” star will share his top tips for success.

Two existing executives have been given new roles.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Meredith Tiderington, an electrical engineering student, was selected for the award.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

It was featured in the miner’s latest sale, which brought in $24.8 million.