JCPenney Loses ABS Supplier Deal and 2 Other Hot Stocks to Watch

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

J.C. Penney & Co. (NYSE:JCP): Current price $13.21

Allen Schwartz’s Allen B. apparel company has ended its exclusive supplier arrangement with J.C. Penney Co. after five years, with Schwartz saying that he has not so far seen a sales rebound at the historic retailer. The founder, owner and creative director of ABS by Allen Schwartz, commented in a telephone interview Thursday that he sees “no signs of improvement. It’s not going to happen overnight.”

Schwartz had licensed his Allen B. women’s sportswear and dress brand to Penney’s in an arrangement where his firm designed and sourced the merchandise, while the latter took care of manufacturing. But the company did not renew because Schwartz thought J.C. Penney management was “indecisive” on their future plans for the brand even after it got back the former Chief Executive Mike Ullman to replace Ron Johnson in April.

 

jcp-20130920

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business