Things aren’t looking so good for this department store chain. 1,000 employees were laid off in 2018, and one of the distribution centers were closed down. Top-line sales dropped by 0.3 percent in 2017 with a net income at $116 million. The company is just having a very difficult time making a turnaround.
JC Penney’s total debt is $4.2 billion. The company’s investors are growing impatient now with the slow progress that is being made. A lot of changes have been made within the company. One of the biggest being they switched out their CEO. Marvin Ellison left his role as board chairman in 2018 to lead Lowe’s.
The next huge chain might also be facing the cutting board soon due to strong competition…