JCPenney Ditches Appliances, Furniture
JCPENNEY GETTING RID OF APPLIANCES, MOST FURNITURE TO HELP IMPROVE FINANCIAL PERFORMANCE
(CNN) – JCPenney is still trying to get out of its billion dollar slump.
The company is getting rid of appliances and most furniture to focus on clothing sales.
The retailer is $4 billion in debt and hasn’t turned a profit since 2010, with forecasts of more losses in the coming years.
JCPenney said the changes will take effect February 28th to help improve financial performance and meet customer expectations.
Furniture will still be sold online and at Puerto Rico stores, but not anywhere else.
The company is also considering closing stores to cut costs.