JCPenney Addresses Inquiries Regarding Burberry Lawsuit
February 12 2016 - 4:45PM
PLANO, Texas
- (Feb. 12, 2016) - On Feb. 9, 2016, J. C.
Penney Company, Inc. (NYSE: JCP) and one of its suppliers, The Levy
Group, LLC, were sued by Burberry Limited for alleged trademark
violation. J. C. Penney Company, Inc. is fully indemnified by
the supplier, and therefore any damages awarded in the case will be
fully covered by the supplier. The lawsuit will have no financial
impact on the Company.
While no assurance can be given as
to the ultimate outcome of the lawsuit, the Company believes the
final resolution of the lawsuit will not have a materially adverse
effect on its results of operations, financial position, liquidity
or capital resources.
Media Relations:
(972) 431-3400 or jcpnews@jcp.com
Investor Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest
apparel and home furnishing retailers, is dedicated to fitting the
diversity of America with unparalleled style, quality and value.
Across approximately 1,020 stores and at jcpenney.com, customers
will discover a broad assortment of national, private and exclusive
brands to fit all shapes, sizes, occasions and budgets. For more
information, please visit jcpenney.com.
Forward-Looking
Statements:
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding sales, gross margin, selling, general and
administrative expenses, and cash flows. Forward-looking
statements are based only on the Company's current assumptions and
views of future events and financial performance. They are subject
to known and unknown risks and uncertainties, many of which are
outside of the Company's control that may cause the Company's
actual results to be materially different from planned or expected
results. Those risks and uncertainties include, but are not limited
to, general economic conditions, including inflation, recession,
unemployment levels, consumer confidence and spending patterns,
credit availability and debt levels, changes in store traffic
trends, the cost of goods, more stringent or costly payment terms
and/or the decision by a significant number of vendors not to sell
us merchandise on a timely basis or at all, trade restrictions, the
ability to monetize non-core assets on acceptable terms, the
ability to implement our strategic plan, customer acceptance of our
strategies, our ability to attract, motivate and retain key
executives and other associates, the impact of cost reduction
initiatives, our ability to generate or maintain liquidity,
implementation of new systems and platforms, changes in tariff,
freight and shipping rates, changes in the cost of fuel and other
energy and transportation costs, disruptions and congestion at
ports through which we import goods, increases in wage and benefit
costs, competition and retail industry consolidations, interest
rate fluctuations, dollar and other currency valuations, the impact
of weather conditions, risks associated with war, an act of
terrorism or pandemic, the ability of the federal government to
fund and conduct its operations, a systems failure and/or security
breach that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company information, legal and
regulatory proceedings and the Company's ability to access the debt
or equity markets on favorable terms or at all. There can be
no assurances that the Company will achieve expected results, and
actual results may be materially less than expectations.
Please refer to the Company's most recent Form 10-Q for a
further discussion of risks and uncertainties. Investors should
take such risks into account and should not rely on forward-looking
statements when making investment decisions. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We do not undertake to update these
forward-looking statements as of any future date.
###
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
HUG#1985982
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