Peter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
JC Penney Goes Chapter 11, Could Close 200 Stores
The department store chain filed for bankruptcy late Friday amid mounting debt and pandemic-related losses.
Plano, Texas— J.C. Penney Co. Inc. filed for Chapter 11 bankruptcy protection late Friday as it struggled with mounting debt and the effects of the coronavirus pandemic.
Founded in 1913, the department store chain employs 85,000 workers across more than 850 locations and ranks as one of the largest sellers of fine jewelry in North America.
In National Jeweler’s 2019 State of the Majors report, J.C. Penney stood at No. 9 on the list of $100 Million Supersellers with an estimated $816 million in annual jewelry and watch sales.
The retailer plans to restructure in an effort to reduce debt by several billion dollars.
Store closures will follow in phases, with details and timing to be disclosed in the coming weeks, the company said in a news release announcing its restructuring.
The retailer may close 180 to 200 stores as part of its restructuring, CNBC reported.
“Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy—and our efforts had already begun to pay off,” said CEO Jill Soltau in a statement announcing the restructuring.
The company said it will continue to work toward the goals set out in its turnaround plan, which include driving traffic and upgrading the shopping experience, but noted “challenging” market conditions have hampered its efforts to meet its current operational and financial objectives.
The retailer raised eyebrows last week when, amid missed debt payments and the furloughing of many of its 85,000 employees, it paid million-dollar bonuses to its executives, which it said was designed to retain talent in an “uncertain” environment.
Soltau received $4.5 million while Chief Financial Officer Bill Wafford, Chief Merchant Michelle Wlazlo and Chief Human Resources Officer Brynn Evanson each received $1 million.
The retailer is gradually reopening stores, offering contact-free curbside pickup service at all open stores, and will continue to fulfill online orders.
JC Penney had approximately $500 million in cash on hand as of its filing date.
The company has received commitments for $900 million in financing from its existing first lien lenders, including $450 million in new funds.
The New York Stock Exchange notified the retailer that it would be delisted from the exchange, as per an SEC filing Monday, a decision JC Penney said it does not plan to appeal.
JC Penney’s bankruptcy filing follows Neiman Marcus’ Chapter 11 filing last week as department stores continue to struggle to compete with more innovative retail models.
The Latest
Pantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
Julia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
The company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
The necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
The 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
The watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
The jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
Associate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
The online guide is available for free and written with the jewelry industry in mind.
The awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
The grading lab said the search for her successor is underway.
In this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
A pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
The peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
Schneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
Gemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
With versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
The executive brings more than two decades of industry experience to the role.
The New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
Adrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
The pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.