AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
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
Editors' Picks
Sponsored by
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
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
