JC Penney posts quarterly loss due to online retailing
In the midst of a restructuring strategy, the department store is to sell second-hand clothing to entice younger, sustainably minded shoppers
15 August 2019 - 17:58
Bengaluru/New York — JC Penney reported a smaller-than-expected quarterly loss on Thursday, as the department store operator’s efforts to cut costs and shutter unprofitable businesses paid off, sending shares of its penny stock higher by as much as 14%.
The 117-year-old retailer, one of the worst hit by the surge in online shopping in the past decade, re-affirmed that it expects to have positive free cash flowing during 2019 and would have funds of about $1.5bn available at the end of 2019...
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