Facing a decline in brick-and-mortar sales, venerable retailer J.C. Penney is closing the doors to 130 to 140 stores in the coming months. One might think that the brand, which has endured very difficult fiscal times in recent years, is on the way out?
Guess again.
J.C. Penney CEO Marvin R. Ellison had other thoughts during the company’s recent fourth-quarter earnings call.
“Back in 2013, the conventional wisdom was that J.C. Penney would not survive as a company,” Ellison said. “As some of you may remember,....