J.C. Penney Co.’s sales decline slowed in the second quarter, a sign Chief Executive Officer Mike Ullman is making progress in a turnaround effort as hedge- fund investors including J. Kyle Bass make bets the retailer will recover.
J.C. Penney Co.’s widening loss and falling sales last quarter show that Chief Executive Officer Mike Ullman is still plagued by his predecessor’s missteps as the retailer prepares for the crucial holiday shopping season.
Activist investor Bill Ackman is selling his entire stake in J.C. Penney Co. after a public spat with the company’s board, marking an end to more than two years of failed efforts to agitate for changes at the retailer.
J.C. Penney Co. countered criticism from investor Bill Ackman last week by saying it’s focused on stabilizing the business and winning back customers. Results next week will show what little progress has been made.
Myron Ullman has another item on his to-do list as he tries to revive J.C. Penney Co.: dealing with litigation alleging the department-store chain didn’t pay for store upgrades ordered by predecessor Ron Johnson.
J.C. Penney Co., the department-store chain looking to rebound from its worst sales year in more than two decades, will get a boost from the opening of renovated housewares sections this month, Chief Executive Officer Mike Ullman said.