Reuters: After two years of declining sales, the department store chain is eliminating or trimming some high-profile brands introduced by former Chief Executive Officer Ron Johnson.
Reuters: After two years of declining sales, the department store chain is eliminating or trimming some high-profile brands introduced by former Chief Executive Officer Ron Johnson.
“What we now need is to edit things out that didn’t resonate sufficiently,” CEO Mike Ullman told Reuters in an exclusive interview at Penney headquarters in Plano, Texas.
Penney plans to use the freed-up prime floor space for its more-profitable exclusive private-label brands. The retailer has brought back its billion-dollar St. John’s Bay apparel line as well as JCP Home and Cooks, and it plans to reintroduce its Ambrielle lingerie in February.
