7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
J.C. Penney Ending Catalog, Closing Some Stores
PLANO, Texas (AP) -- J.C. Penney Co. is getting rid of its catalog and outlet businesses and closing some stores and call center locations in an effort to streamline operations and boost profits.

The department store operator also said Monday that Vornado Realty Trust Chairman Steven Roth and activist investor William Ackman, who is a Penney shareholder, will become board members. Penney's enacted a "poison pill" in October after Ackman took a large stake in the company.

Penney plans to close six stores and two call center locations. It is also reorganizing its custom decorating business.

The retailer based in Plano, Texas, expects the moves to add about 7 cents per share to 2012 earnings. It will take one-time charges of about 8 cents a share in the fourth quarter and 5 cents per share in 2011 related to the actions.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
01 24 11 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.