JCPenney halves losses, will begin selling used clothing

[Eugene]

Source: Associated Press

JCPenney halves losses, will begin selling used clothing

By MICHELLE CHAPMAN
August 25, 2019

Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales.

Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behavior, a period that has run parallel with the ascent of Amazon.com.

Among the worst hit has been J.C. Penney, a company that traces its roots back to 1902 and just received a delisting warning from the New York Stock Exchange because its shares have fallen below $1.

On Thursday, the Plano, Texas, company said it would be partnering with thredUP, a resale website where people can buy and sell clothes online. J.C. Penney will open threadUP shop in 30 stores soon.

“We are not simply running a business - we are rebuilding a business,” said CEO Jill Soltau said in a prepared statement. “We are making a difference and today, I feel more confident than ever that we will reinvigorate and rejuvenate this great company to sustainable, profitable growth.”

-snip-

Read more: https://apnews.com/c9ac4073664d46110225f79f461fcaed

[Peace06]

1. Pennys

So sad to see it! After all these years!

[Freethinker65]

2. Won't that cannibalize their own new clothing sales?

I think places like UrbanOutfitters resell vintage stuff at a premium that can be found cheaper at thrift stores...but this does not seem like a good fit for Penney's shoppers. Good luck.

[Mersky]

3. That's kind of a cool idea.

I like thrift store shopping. Am curious to see how they implement the concept.