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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 09:26 AM
Original message
Penney to shut a dozen stores
http://money.cnn.com/2003/12/09/news/companies/penney_closing/

NEW YORK (CNN/Money) - Struggling department store chain J.C. Penney plans to close 12 more of its namesake department stores by the end of the year, according to a filing with the Securities and Exchange Commission.

The Plano, Texas-based company did not specify in which states or cities the closings would take place. In its quarterly report filed late Monday, the retailer said it would have closed a total of 25 of U.S.- based department stores by the end of the year, with 13 of the closings having already taken place.

...more...
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spinbaby Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 09:36 AM
Response to Original message
1. Doesn't surprise me
They've had problems for quite some time.
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trotsky Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 09:43 AM
Response to Original message
2. Long gone are the catalog days...
Montgomery Wards couldn't survive.

Penneys is struggling.

Sears has managed to stay strong.

My kids will never know the excitement of having an order come in at Penneys, going down there with mom, smelling the distinct post-office-ish smell, waiting for the catalog lady to go back into the shelves and emerge with the bag or box, at last!
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TexasPatriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 09:59 AM
Response to Original message
3. couldnt happen to a nicer company
or a nicer city
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Muddleoftheroad Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 02:15 PM
Response to Reply #3
11. Sure, let's celebrate a loss of jobs?
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mitchtv Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 04:00 PM
Response to Reply #3
13. I cut up my card when they fired Bill Maher
stopped advertising that is. y'all drop dead now.
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R3dD0g Donating Member (625 posts) Send PM | Profile | Ignore Tue Dec-09-03 10:11 AM
Response to Original message
4. My mom
worked for Penney's in the 80's, in the catalog department. My neighbor retired from there after 30 years.

Catalogs may have been dieing before bushco, but I'll still blame every job lost on the lying little deserter.
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bmbmd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 10:34 AM
Response to Original message
5. I bought my daughter a bedroom suite at Penny's
a few years back, and paid for it on my Penny's card. The darn thing got back-ordered and was never delivered. After about three months, I cancelled the order. You guessed it-they turned me over to a collection agency and reduced my limit. (even though our balance was zero.) haven't been back since.
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Lindacooks Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 08:24 PM
Response to Reply #5
21. Yep
Ten years ago, my balance was more than zero, less than a dollar. I thought it was zero, went to the store, had my card declined. Went to customer service, where they told me that because of 22 cents on the card, I was declined. Here's the catch: they don't mail out bills that are less than a dollar!!!

So the only way I could find out about that f--king 22 cents was to have the card declined, a very embarrasing event. I gave them their 22 cents, cut the card up right there, and I haven't been back to that store since.
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catmandu57 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 10:48 AM
Response to Original message
6. I've always thought of Penney's as a middle class
store, it just reinforces the idea of these idiots in control sqeezing out the mc. I read the other day where high end stores and low end stores are doing fine, it's the ones in the middle that are going away.
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tlcandie Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 05:22 PM
Response to Reply #6
15. Makes a lot of sense about now freddie57....
Making a mental note to watch this trend...
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noonwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 11:24 AM
Response to Original message
7. Penney's was great when I was a kid
My mom liked their kids' clothes and they were affordable. We got all our girl/boy scout stuff there and they had an awesome toy department. The last time I was in a Penney's it was just not the same store anymore.
Target, Wal-mart and Meijer doom stores like JCP that can't keep up with the prices. Why should I spend $20 more for something that is the same as the item at Target for a lower price?
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noonwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 11:25 AM
Response to Original message
8. Penney's was great when I was a kid
My mom liked their kids' clothes and they were affordable. We got all our girl/boy scout stuff there and they had an awesome toy department. The last time I was in a Penney's it was just not the same store anymore.
Target, Wal-mart and Meijer doom stores like JCP that can't keep up with the prices. Why should I spend $20 more for something that is the same as the item at Target for a lower price?

I remember Plains Pockets' jeans. When everyone had to have Levis, Penney's sold Plains Pockets. I never wore the regular jeans, but the PP overalls were so much cooler than the name brands.
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gasperc Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 12:28 PM
Response to Original message
9. We love Penny's , go there all the time
I hope they recover quick after the Holiday's

"It's all inside" is a good campaign IMHO
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cosmicdot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 02:01 PM
Response to Original message
10. let's see the good ol'boys sitting on the Board of Directors
and, the other corporations they're destroying (sitting on Boards)

sure glad these folks sit on all these boards and stuff ... not enough Americans to share the wealth
~~~~~~~~~~~~~~~~~~~~~~$$$$$$$~~~~~~~~~~~~~~~~~~~~~~~~~~~

headquartered in Bush Texas of course - they didn't go there for the weather

love to know what goes on at those Business Roundtable meetings

oh, there's Kent Foster of the once GTE

these good ol'boys sure like to take care of one another while they destroy our economy while they line their own pockets

`````````````````````````````````````````````````````````
Thomas Engilbous

Chairman of the Board since 1998, and President and Chief
Executive Officer and a director since 1996, of Texas
Instruments Incorporated
(electronics), with which he has served
in positions of increasing importance since 1976, including as
an Executive Vice President from 1993 to 1996; Director of
Catalyst and Dallas Citizens Council; Trustee of Southern
Methodist University; Member of The Business Council
and The Business Roundtable
; Director of the Company since 1999.


Kent B. Foster

Chairman and Chief Executive Officer, and a director, of Ingram
Micro Inc.
(wholesaler distributor of technology) since 2000,
President from March to May 2000; President of GTE Corporation
(telecommunications) from 1995 to 1999; Vice Chairman of the
Board of Directors of GTE Corporation from 1993 to 1995;
President of GTE Telephone Operations Group from 1989 to 1995;
Director of Campbell Soup Company, New York Life Insurance
Company
, the Dallas Symphony Orchestra and its Board of
Governors Council, and the Dallas Opera Executive Board; Trustee
of the Dallas Museum of Art and the GTE Foundation; Director of
the Company since 1998.


Ann Richards (at least 'pause' and think) Aspen Institute is a right-wing think tank ...

Senior Advisor, Public Strategies Inc. since 2001; Senior
Advisor, law firm of Verner, Liipfert, Bernhard, McPherson &
Hand from 1995 to 2001; Governor of Texas from 1991 to 1995;
State Treasurer, State of Texas, from 1983 to 1991; Chair,
Democratic National Convention, 1992; Director of the Aspen
Institute
and Brandeis University; Director of the Company since
1995.

Leonard H. Roberts

Chairman and Chief Executive Officer since 1999, and President
from 1993 to 1999, of RadioShack Corporation (consumer
electronics); Chairman and Chief Executive Officer of Shoney's,
Inc. from 1990 to 1993; President and Chief Executive Officer of
Arby's, Inc. from 1985 to 1990; Member of the Executive Board of
The National Retail Federation since 1998, of the Executive
Board of Students in Free Enterprise since 1985 and Chair-elect
of the Board of Governors of United Way of America; Director of
Texas Health Resources; Director of the Company since February
2002.

Vernon Jordan

Managing Partner, investment banking firm of Lazard Freres & Co.
and Of Counsel, law firm of Akin, Gump, Strauss, Hauer & Feld,
L.L.P.
since 2000; Senior Partner from 1992 to 1999 and Partner
from 1982 to 1992, Akin, Gump, Strauss, Hauer & Feld, L.L.P.;
President from 1977 to 1981 and Executive Director from 1972 to
1977 of the National Urban League; Director of America Online
Latin America, Inc., American Express Company, Barrick Gold,
Callaway Golf Company, Clear Channel Communications, Inc., Dow
Jones & Company, Inc., Fuji Bank, LBJ Foundation, Revlon, Inc.,
Sara Lee Corporation, and Xerox Corporation; Advisor,
International Advisory Board of DaimlerChrysler and Senior
Advisor, Shinsei Bank, Ltd.
; Trustee of Howard University;
Director of the Company since 1973.

Jane Pfeiffer

Independent management consultant; Chairman of the Board of
National Broadcasting Company, Inc. from 1978 to 1980;
Independent management consultant from 1976 to 1978; Vice
President of Communications and Government Relations of
International Business Machines Corporation from 1972 to 1976;
Director of Ashland Inc., International Paper Company, the Mony
Group, and The Mutual Life Insurance Company of New York
; Senior
Member of The Conference Board and Trustee of the University of
Notre Dame; Director of the Company since 1977.

Gerald Turner

President of Southern Methodist University since 1995;
Chancellor of the University of Mississippi from 1984 to 1995;
Chairman, President's Commission, the National Collegiate
Athletic Association, from 1991 to 1992; Director of California
Federal Preferred Capital Corporation, ChemFirst Inc. and
American AAdvantage Funds
; Director of the Company since 1995.


Anthony Burns

Chairman since 1985, Chief Executive Officer from 1983 to 2000,
and a director since 1979 of Ryder System, Inc. (a provider of
transportation and logistics services), with which he has served
in positions of increasing importance since 1974, including its
President from 1979 to 1999; Director of J. P. Morgan Chase &
Co., Pfizer, Inc., and The Black & Decker Corporation
; Trustee
of the University of Miami; and a Member of The Business
Council; Director of the Company since 1988.

Allen Questrom

Chairman of the Board and Chief Executive Officer of the Company
since September 2000; Director of Barney's New York, Inc., AEA
Investors, Inc.
, and Whitney Museum of Art; Trustee of Boston
University. Formerly, Chairman of the Board, from 1999 to
January 2001, and Chief Executive Officer, from 1999 to 2000, of
Barney's New York, Inc., and Chairman of the Board and Chief
Executive Officer of Federated Department Stores, Inc. from 1990 to 1997. Director of the Company since September 2000.

Charles Sanford

Retired Chairman of the Board and Chief Executive Officer of
Bankers Trust New York Corporation and its principal subsidiary,
Bankers Trust Company
, from 1987 to 1996, with which he served
in positions of increasing importance since 1961, including its
Deputy Chairman from 1986 to 1987 and President from 1983 to
1986; Member of the Foundation Board of Trustees of the
University of Georgia; Overseer of The Wharton School,
University of Pennsylvania; Director of the Company since 1992.

http://www.sec.gov/Archives/edgar/data/77182/000093066102001106/ddef14a.txt
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loudnclear Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 03:52 PM
Response to Original message
12. I predict that if you have stocks you may want to liquidate 2/3
by Jan 30. The S*it is going to get worse before it gets better.
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Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 04:36 PM
Response to Original message
14. They closed their store in my hometown last year
I see things haven't gotten any better for them. A republican Christmas to all Penney stockholders.
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 05:42 PM
Response to Original message
16. Haven't shopped there in years..
Edited on Tue Dec-09-03 05:42 PM by SoCalDem
I actually used to order from the catalog when the boys were small.. It was easier than taking them shopping.:)

when they went to the malls, their business actually suffered.. When I was a kid the large stores were downtown, and lots of people shopped at lunch hour and after work.. When these big stores go to the malls, they don;t get as much business.. Look at who their customers are..

housewives (yes there still are a few) who have to park a mile away and drag recalcitrant children in and out of stores..No fun for anyone..

other mall employees who are underpaid and actually get better discouonts for shopping at their own store..

"special sale" customers who only buy the bargains..

Not a great business plan.. Build HUGE hulking stores and put them right next to OTHER huge hulking stores.. See who can cut prices the most to try and attract the same customers..

:shrug:

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benfranklin1776 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 07:02 PM
Response to Reply #16
19. Good points.
"when they went to the malls, their business actually suffered.. When I was a kid the large stores were
downtown, and lots of people shopped at lunch hour and after work.. When these big stores go to the
malls, they don;t get as much business."

That is exactly what happened here in PA.
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Piperay Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 06:42 PM
Response to Original message
17. I like Penneys
this is sad news. :-(
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 06:50 PM
Response to Original message
18. Look at that Bush* job machine
go!
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cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-03 08:21 PM
Response to Original message
20. let's just close all retail stores and go work for Walmart with goods
from China.... terrific trade policy we have
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