Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
Related: About this forumJCPenney halves losses, will begin selling used clothing
Source: Associated Press
JCPenney halves losses, will begin selling used clothing
By MICHELLE CHAPMAN
August 25, 2019
Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales.
Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behavior, a period that has run parallel with the ascent of Amazon.com.
Among the worst hit has been J.C. Penney, a company that traces its roots back to 1902 and just received a delisting warning from the New York Stock Exchange because its shares have fallen below $1.
On Thursday, the Plano, Texas, company said it would be partnering with thredUP, a resale website where people can buy and sell clothes online. J.C. Penney will open threadUP shop in 30 stores soon.
We are not simply running a business - we are rebuilding a business, said CEO Jill Soltau said in a prepared statement. We are making a difference and today, I feel more confident than ever that we will reinvigorate and rejuvenate this great company to sustainable, profitable growth.
-snip-
By MICHELLE CHAPMAN
August 25, 2019
Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales.
Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behavior, a period that has run parallel with the ascent of Amazon.com.
Among the worst hit has been J.C. Penney, a company that traces its roots back to 1902 and just received a delisting warning from the New York Stock Exchange because its shares have fallen below $1.
On Thursday, the Plano, Texas, company said it would be partnering with thredUP, a resale website where people can buy and sell clothes online. J.C. Penney will open threadUP shop in 30 stores soon.
We are not simply running a business - we are rebuilding a business, said CEO Jill Soltau said in a prepared statement. We are making a difference and today, I feel more confident than ever that we will reinvigorate and rejuvenate this great company to sustainable, profitable growth.
-snip-
Read more: https://apnews.com/c9ac4073664d46110225f79f461fcaed
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 1124 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
JCPenney halves losses, will begin selling used clothing (Original Post)
Eugene
Aug 2019
OP
So sad to see it! After all these years!
Freethinker65
(10,008 posts)2. Won't that cannibalize their own new clothing sales?
I think places like UrbanOutfitters resell vintage stuff at a premium that can be found cheaper at thrift stores...but this does not seem like a good fit for Penney's shoppers. Good luck.
Mersky
(4,980 posts)3. That's kind of a cool idea.
I like thrift store shopping. Am curious to see how they implement the concept.