Signage is displayed outdoors a JC Penney Co. retailer in Chicago, Illinois.Christopher Dilts | Bloomberg | Getty PhotographsJ.C. Penney CEO Jill S
Signage is displayed outdoors a JC Penney Co. retailer in Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Photographs
J.C. Penney CEO Jill Soltau, who was tapped to show across the struggling division retailer, will go away the corporate Thursday.
The corporate’s new homeowners, Simon Property Group and Brookfield Asset Administration, stated Wednesday that they are in search of a brand new chief “who is concentrated on trendy retail, the buyer expertise, and the aim of making a sustainable and enduring JCPenney.”
The Plano, Texas-based retailer filed for chapter in Could. It was purchased by the 2 U.S. mall homeowners within the fall and emerged earlier this month. It joined a rising listing of outlets’ pushed to the brink by the coronavirus pandemic. But the legacy retailer’s troubles started earlier than the worldwide well being disaster. Its gross sales have fallen yearly since 2016. On the time when it filed for chapter, its roughly 860-store footprint was lower than 1 / 4 of its retailer base in 2001.
About two years in the past, the corporate employed Soltau to spearhead its turnaround effort after its former CEO Marvin Ellison left to steer Lowe’s. She beforehand served as CEO of material and craft retailer, Joann Shops. She additionally labored for Sears, Kohl’s and Shopko Shops. On the time, information of her rent despatched shares hovering as traders had hope she would convey contemporary concepts and drive progress on the division retailer.
This yr, nonetheless, the corporate’s efforts had been set again as its shops briefly shuttered in the course of the pandemic and battered its already stretched funds.
Simon and Brookfield have chosen Simon’s Chief Funding Officer Stanley Shashoua to function interim CEO, in keeping with a information launch. They’ve launched an govt search with strategic accomplice Genuine Manufacturers Group. The licensing agency owns stakes of different retailers which have emerged from chapter, together with Brooks Brothers and Ceaselessly 21.