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
08/23/201604:30:00Wal-Mart Probes Whether India Company Misrepresented Cotton Sheets
08/22/201610:00:00Macy’s Extends Annual “Shop For A Cause” to Weekend Long Event...
08/22/201609:10:00Target Cuts Ties With India Textile Company
08/20/201603:02:00Estée Lauder Battles Macy's Malaise -- WSJ
08/19/201609:30:00Esté e Lauder Offers Downbeat View
08/19/201603:03:00Store Overhauls Help Wal-Mart Boost Its Sales -- WSJ
08/18/201618:30:00Ross Stores Boosts Earnings Guidance
08/18/201617:50:00Gap Cuts Year View as Quarterly Sales Fall
08/18/201614:30:00Macy's Names Retail Veteran as Its New Marketing Chief
08/18/201614:27:00Macy's Names Retail Veteran as Its New Marketing Chief
08/18/201612:18:00Wal-Mart Lifts Profit Outlook as Sales Grow -- 3rd Update
08/18/201612:00:00Richard A. Lennox Named Macy’s Chief Marketing Officer
08/18/201611:41:00Wal-Mart Lifts Profit Outlook as Sales Grow -- 3rd Update
08/18/201611:09:00Correction to Wal-Mart Earnings story
08/18/201608:49:00Wal-Mart Lifts Profit Outlook as Sales Grow--2nd Update
08/18/201608:45:00Wal-Mart Lifts Profit Outlook as Sales Grow--Update
08/18/201608:10:00Wal-Mart Lifts Profit Outlook as Sales Grow
08/18/201608:00:00Wal-Mart Lifts Profit Outlook as Sales Grow
08/17/201618:20:00L Brands Bucks Retail Trend, Posts 5% Sales Growth
08/17/201607:40:00Target Dims Outlook as Sales Struggle

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad