ADVFN - Advanced Financial Network.
HOME» NYSE » M » M Stock Price » M Stock News

Macys Share News

 Macys Stock Price
M Stock Price
 Macys Stock Chart
M Stock Chart
 Macys Stock News
M Stock News
 Macys Company Information
M Company Information
 Macys Stock Trades
M Stock Trades

J.C. Penney Will Pay As Much As $38 Million In Severance Costs

By Karen Talley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- J.C. Penney Co. (JCP) will take a $30 million to $38 million pretax charge in connection with layoffs the retailer announced last week. The majority of the staff, some 600, were let go from the company's Plano, Texas, headquarters. The other staffers, about 300, are at a call center in Pittsburgh the company will close June 29. Penney expects to take most of the charges in the first quarter, which ends April 28. The steps are being taken as J.C. Penney tries to make itself into a leaner organization as it reorganizes operations around a new selling approach. Penney wants to change from a promotionally-driven retailer to one focused on presentation and everyday value. Chief Executive Ron Johnson, who joined the company in November from Apple Inc. (AAPL), has said that Penney will operate more like a "start-up," with fewer layers of management and more accountability. Johnson in January laid out an ambitious plan that involved carving stores into a warren of specialty shops. Penney revealed additional details of the strategy last week, saying locations will contain stores within stores, shops and boutiques, with new merchandise offered on a monthly basis. But overhauling the chain's fleet of 1,100 stores poses costly challenges. Penney has been in heated competition with rivals such as Macy's Inc. (M) and Kohl's Corp. (KSS) and recently announced it is adding products from Martha Stewart Living Omnimedia Inc. (MSO) to its roster, a move that spawned a lawsuit from Macy's, which said it has exclusive rights to Martha Stewart merchandise. Penney plans to reduce annual costs by $900 million by the end of 2013, including $200 million in savings from the corporate headquarters, $400 million in store operations and $300 million in advertising. In February, Penney said it swung to a loss in its fiscal fourth quarter, as the retailer shouldered costs tied to its revamped pricing strategy. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com

Stock News for Macys (M)
DateTimeHeadline
12/11/201420:43:34Will Americans Fill Shopping Carts Instead of Gas Tanks?
12/08/201421:30:43Amazon Preps Faster Deliveries by Bike and Drone
12/08/201420:30:29Amazon Preps Faster Deliveries by Bike and by Drone
12/06/201401:12:48Protesters Slosh Over Popular New York City Venues -- Update
12/05/201422:04:41Protesters Slosh Over Popular New York City Venues
11/28/201420:10:09Wal-Mart and Target Take Fight to Amazon for Holiday Sales
11/28/201415:27:42MARKET SNAPSHOT: Stocks End Mixed; OPEC Sinks Energy Sector
11/28/201415:26:07Wal-Mart, Target Report Strong Thanksgiving Day Traffic--4th...
11/28/201415:25:31MARKET SNAPSHOT: U.S. Stocks: OPEC Sinks Energy Sector, Airlines...
11/28/201415:22:05Correction to Wal-Mart, Target Thanksgiving Day Traffic Updates
11/28/201415:14:57MARKET SNAPSHOT: U.S. Stocks Mixed; Energy Sector Slammed, Airlines...
11/28/201414:49:02MARKET SNAPSHOT: U.S. Stocks: Energy Sector Slammed After OPEC...
11/28/201414:22:52Wal-Mart, Target Report Strong Thanksgiving Day Traffic--3rd...
11/28/201413:10:47Wal-Mart, Target Report Strong Thanksgiving Day Traffic--2nd...
11/28/201407:01:14MARKET SNAPSHOT: U.S. Stocks: Energy Firms Slammed After OPEC...
11/21/201415:57:14Foot Locker Posts Higher Profits, Sales
11/12/201417:34:45MARKET SNAPSHOT: U.S. Stocks Snap 5-day Winning Streak
11/12/201417:08:05MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Pulls Back From Highs
11/12/201417:04:39MARKET SNAPSHOT: U.S. Stocks: S&P 500 Unlikely To Hit Another...
11/12/201416:57:21MARKET SNAPSHOT: S&P 500 Unlikely To Hit Another Record: U.S...

Macys and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad