8chan/8kun QResearch Posts (2)
#9176776 at 2020-05-15 00:08:36 (UTC+1)
Q Research General #11745: If America fails, the World Fails Edition
bout right…all the peasants got was laid off
JCPenney's top execs get big bonuses after company furloughs majority of its associates
As part of the plan, Jill Soltau, chief executive officer (CEO) of the company received $4.5 million. Separate payments of $1 million were also awarded to Bill Wafford, executive vice president and chief financial officer, Michelle Wlazlo, executive vice president and chief merchant, and Brynn L. Evanson, who is also an executive vice president at the company as well as chief human resources officer.
"As a condition to receiving an award under the PCP each recipient must agree to waive his or her right to participate in the company's fiscal 2020 annual bonus plan and/or receive any long-term incentive awards for fiscal 2020, as well as forfeit all of his or her outstanding equity, equity-based or other long-term incentive awards," the company said.
The company said the executives will have to repay 80 percent of the bonuses if he or she is fired for "cause" or resigns without "good reason" before the end of next January. They also said 20 percent of the award "is subject to repayment if specified milestone-based performance goals are not achieved."
https://thehill.com/policy/finance/497880-jcpennys-top-execs-get-big-bonuses-after-company-said-it-would-furlough?
#8265993 at 2020-02-27 18:35:51 (UTC+1)
Q Research General #10582: What's In Your Closet? Edition
More Store Closings For JC Penney: Financial Woes Continue For The Struggling Retailer
Struggling JC Penney (JCP) continues to have financial woes reporting another sales decline for Q4 2019. Along with its weak earnings report, the retailer said it would be closing more stores.
According to JC Penney, at least six stores will be closed in fiscal 2020. This adds to the 30 stores the company closed in 2019, in addition to the shuttering of a call center, which caused 243 layoffs.
While JC Penney did not indicate which of its stores would be closing, it did say more information about the closures would be available on April 7, when it holds its Analyst Day. To date, JC Penney has about 850 store locations.
The sales decline for JC Penney is not expected to be over just yet, as it said it expected its store sales to fall another 3.5% to 4.5% in 2020. But the company said its operating profit should improve over this timeframe.
JC Penney reported a total net sales decrease for Q4 2019 of 7.7% to $3.38 billion. Comparable store sales for the retailer also decreased by 7% for the quarter.
Under the leadership of CEO Jill Soltau, JC Penney has undergone a holistic turnaround that includes new store formats, a focus on a new denim collection for women of all sizes, and a new outdoor men's collection under the St. John's Bay label.
JC Penney has also partnered with thredUP for secondhand clothing sales and continues to look for new ways to innovate its image. The company also exited the furniture and appliance business back in February 2019.
https://www.ibtimes.com/more-store-closings-jc-penney-financial-woes-continue-struggling-retailer-2930320