Challenged by dismal retail sales and store closures, JC Penney embarks on a B2B initiative with hotel and hospitality industry
As the struggling department store JC Penney has been seeking ways to boost its retail business, the company announced on Thursday (May 18) that it is embarking on a B2B approach to its bedding, appliance and home offerings and will direct its sales and marketing efforts towards hotels and other lodging companies.
The retail chain reported a much worse than expected drop in sales for the first quarter the day after its announcement with Penney shares, already near 40-year lows, plummeting 8% below $5 to hit a new all-time record.
Penney said on Friday (May Read full story ›
Source: The Drum
