J.C. Penney to reduce pace of store openings
June 25, 2008
J.C. Penney will reduce store openings, relocations and renovations as well as decrease capital spending in the coming year, Forbes.com reported.
Initially, J.C. Penney was to open or relocate 36 stores in 2009. The retailer's current plans only include 20 stores. In addition, it will only renovate 10 to 15 stores instead of 20, the previously planned number.
Myron E. Ullman III, chief executive of J.C. Penney Co., explains the reason for the modified expansion plans. He believes the coming year will be "very challenging for the American consumer."
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