Can J.C. Penney See a Turnaround?
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J.C. Penney is a retailer operating over a thousand department stores in just about every state in the United States and Puerto Rico. Its business consists of selling merchandise and services to consumers through its department stores and website. It sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora, and home furnishings. The company has not done too well in recent years but it is doing what it can to be a top provider of apparel and related products. The products J.C. Penney is able to produce and market can take the company to rising profits, but it would need to see a change of approach soon.
J.C. Penney is reportedly trying to raise capital before the holiday shopping season after shares fell 15 percent on Wednesday after analysts speculated that J.C. Penney’s struggles could leave the retailer strapped for cash by October. People familiar with the matter who spoke to the Wall Street Journal said that J.C. Penney is looking into borrowing cash to get through the holidays as former CEO Ron Johnson’s efforts to turn the company around have failed. Goldman Sachs (NYSE:GS) was named as a possible investment bank the retailer may look to borrow from.