MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
FinancialsMar 01, 2019
JC Penney Will Close 27 Stores in Q2
The news follows a better-than-expected fourth quarter, in which jewelry was a top performer.
J.C. Penney’s fine jewelry departments started carrying a lab-grown diamond line in October 2018. It is called “Grown with Love” and it is manufactured, distributed and marketed by Richline.
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
7-Eleven, will take on the role of senior vice president of asset protection.
The retailer is still looking for a chief financial officer, principal accounting officer and a chief customer officer, a company spokesperson confirmed.
The retailer is still looking for a chief financial officer, principal accounting officer and a chief customer officer, a company spokesperson confirmed.
More on Financials
The Latest
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
