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
07/21/201516:26:53Statement of Changes in Beneficial Ownership (4)
07/21/201511:34:00Macy's Be Book Smart Campaign Provides More Than Half A Million...
07/20/201509:00:00Give Back in Style With Macy’s New Fashion Pass
07/17/201519:20:37Macy's and Other Retailers Are Pressured to Sell the Land Beneath...
07/15/201519:26:09Activist Knocks on Macy's Door--3rd Update
07/15/201515:53:03Starboard Takes Stake in Macy's, Wants Real Estate Spun Off--2nd...
07/15/201513:45:13Starboard Takes Stake in Macy's, Wants Real Estate Spun Off--Update
07/15/201512:50:06Starboard Takes Stake in Macy's, Wants Real Estate Spun Off
07/15/201512:42:11Starboard Takes Stake in Macy's, Wants Real Estate Spun Off
07/15/201509:00:00Macy’s Forecasts A+ Styles for the Back-to-School Season
07/13/201510:00:00Macy’s Sells Downtown Pittsburgh Building for Redevelopment; S...
07/13/201509:50:07Starbucks Leads Initiative to Hire 100,000 Young, Minority Workers
07/02/201512:08:31Statement of Changes in Beneficial Ownership (4)
07/02/201511:58:46Statement of Changes in Beneficial Ownership (4)
07/02/201511:47:41Statement of Changes in Beneficial Ownership (4)
07/02/201511:36:18Statement of Changes in Beneficial Ownership (4)
07/02/201511:22:19Statement of Changes in Beneficial Ownership (4)
06/23/201512:37:183 Reasons J.C. Penney Company Stock Could Rise
06/22/201512:56:32Annual Report of Employee Stock Plans (11-k)
06/22/201510:47:00Macy’s, Inc. to Redeem 8.125% Senior Notes Due 2035

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