JCPenney unveiled an ambitious plan to revive its iconic but ailing 121-year-old department store business.
The company plans to spend more than $1bn by the end of 2025 to remodel its stores, upgrade its online shopping experience, and improve its supply chain capabilities to deliver online orders faster. The initiative is designed to fuel long-term growth and increase customer loyalty and frequency.
On a call with reporters, JCPenney CEO Marc Rosen, who took the helm in November 2021, emphasised that the investment is self-funded, with the chain not taking on any additional debt. (The company emerged from bankruptcy in late 2020 under new owners Brookfield Asset Management and Simon Property Group.)
“We have a strong cash flow,” Rosen said. “The billion dollars is coming from the cash flow the business is generating, not our owners or additional debt.”
