JCPenney is spending $1 billion on store and online upgrades in latest bid to revive its business
NEW YORK (AP) — JCPenney says it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain. The money is going toward remodeling JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that online orders are delivered more quickly. JCPenney’s CEO Marc Rosen is renewing the chain’s focus on its core middle-income shoppers with affordable fashion and housewares. JCPenney emerged from Chapter 11 reorganization in December 2020 with new owners. It not only has grappled with years of internal issues but also faces an uncertain economy that has challenged healthier department stores.