Key Developments: J C Penney Company Inc (JCP)

JCP on New York Consolidated

7.63USD
30 Oct 2014
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$0.04 (+0.53%)
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Latest Key Developments (Source: Significant Developments)

J C Penney Company announces management changes
Monday, 13 Oct 2014 08:31am EDT 

J C Penney Company Inc:Appoints Marvin Ellison as President ,CEO-Designee and director, effective Nov. 1.To succeed Myron E. (Mike) Ullman, III as CEO of JCPenney on Aug. 1.Ullman to become Executive Chairman of the Board for a period of one year.  Full Article

J C Penney Company reaffirm FY 2015 comparable store sales
Wednesday, 8 Oct 2014 12:00pm EDT 

J C Penney Company Inc:Sees FY 2015 comparable store sales at mid-single-digit.  Full Article

J C Penney Company Inc announces proposed offering of senior unsecured notes
Tuesday, 9 Sep 2014 07:50am EDT 

J C Penney Company Inc:Announced that its wholly owned subsidiary, J . C. Penney Corporation, Inc. (together with Company, J C. Penney), has commenced an underwritten public offering of $350 mln aggregate principal amount of senior unsecured notes.Intends to use the net proceeds from the offering of the Notes to pay the tender consideration and related transaction fees and corporate purposes.  Full Article

J C Penney Company Inc names Ed Record as CFO
Thursday, 13 Feb 2014 07:30am EST 

J C Penney Company Inc:Names Ed Record as executive vice president and chief financial officer, effective Mar. 24.He will succeed Ken Hannah, who will remain chief financial officer through that date to ensure a smooth transition.As chief financial officer, Record will be responsible for the financial operations of the company.He will report to Myron E. (Mike) Ullman, III, chief executive officer of JCPenney, and join the company's executive board.  Full Article

J C Penney Company Inc to close 33 stores and cut 2,000 jobs; gives Q4 2013 charge guidance
Tuesday, 14 Jan 2014 07:00pm EST 

J C Penney Company Inc:Says as part of its turnaround efforts, the company will be closing 33 underperforming stores across the country in order to focus its resources on the company's highest potential growth opportunities.Says actions are expected to result in an annual cost savings of approximately $65 mln, beginning in 2014.Says in connection with this initiative, the company expects to incur estimated pre-tax charges of about $26 mln in Q4 2013 and about $17 mln in future periods.Says the closings will result in the elimination of about 2,000 positions.Says it is continuing its plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.  Full Article

J C Penney Company Inc Shares Raises Sharply - Reuters
Friday, 1 Nov 2013 02:02pm EDT 

Reuters reported that J.C. Penney Co Inc shares rose sharply on November 01, 2013 after Wall Street firm ITG Investment Research lifted its sales forecast for the department store chain, citing improving sales trends in five of the last seven weeks. ITG analyst John Tomlinson said in a research note that he now expects comparable sales to be down 4% for the third, rather than down 6% in his previous projection. The Company previously reported declines for August and September.  Full Article

Wites & Kapetan, P.A. Announces That Class Action Lawsuits Have Been Filed Against J C Penney Company Inc
Wednesday, 16 Oct 2013 08:00am EDT 

Wites & Kapetan, P.A. announced that class action lawsuits have been filed that allege that JC Penny Company, Inc. and certain of its officers and directors committed violations of the Securities Exchange Act of 1934. The complaints allege that the Company made materially false and misleading statements to the investing public about the Company`s financial health, including that the Company would not have sufficient money to operate through the end of the year, that it would require additional investments to get through the holiday season, and that it hid such information so as not to worry its vendors. It is alleged that JC Penny`s stock reached artificially high prices as a result, reaching $14.47 per share by September 9, 2013. On September 26, it was reported that the company would be required to take on new debt to obtain the funds it needs to continue operations. On September 27, JC Penny issued a press release which confirmed the reports, explaining that the company would issue a secondary offering of 84 million shares at $9.65 per share, and it intended to use the net proceeds from the offering for general corporate purposes. As a result of this news, JC Penney shares dropped $1.37 per share (or 13%), to close at $9.05 per share on September 27, 2013.  Full Article

Pomerantz Law Firm Files Class Action Against J C Penney Company Inc And Certain Officers
Monday, 7 Oct 2013 08:39pm EDT 

Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against J C Penney Company Inc and certain of its officers. The class action, filed in United States District Court, Eastern District of Texas, and docketed under 13-cv-00750, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of JCPenney between August 20, 2013 and September 26, 2013 both dates inclusive (the Class Period). The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose and/or misrepresented adverse facts, including that the Company would have insufficient liquidity to get through year-end and would require additional investments to make it through the holiday season, and that the Company was concealing its need for liquidity so as not to add to its vendors' concerns. As a result of defendants' false statements, JCPenney's stock traded at artificially inflated prices during the class period, reaching a high of $14.47 per share on September 9, 2013.  Full Article

Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against J C Penney Company Inc
Tuesday, 1 Oct 2013 08:00pm EDT 

Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the Eastern District of Texas on behalf of purchasers of J C Penney Company Inc common stock during the period between August 20, 2013 and September 26, 2013. The complaint charges JCPenney and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public in connection with the Company's finances. Specifically, defendants failed to disclose and/or misrepresented adverse facts, including that the Company would have insufficient liquidity to get through year-end and would require additional investments to make it through the holiday season, and that the Company was concealing its need for liquidity so as not to add to its vendors concerns.  Full Article

J C Penney Company Inc Is Sued Over Share Sale, Stock Plunge-Reuters
Tuesday, 1 Oct 2013 05:00pm EDT 

Reuters reported that J C Penney Company Inc shareholder on October 01, 2013 sued the struggling retailer over its surprise decision to issue more than $810 million of stock to shore up liquidity, which led to a steep drop in its share price. The plaintiff, Alan Marcus, said JC Penney publicly assured investors in August and September that its business was improving and that it saw no need to raise capital, only to subsequently agree to sell 84 million common shares at $9.65 each. Marcus accused JC Penney of knowing it did not have enough liquidity to get through the holiday season without raising new capital, and said the Plano, Texas-based company concealed this knowledge so as not to raise concern among vendors. He said when the truth became known, investors hammered the share price, including on September 27, 2013, when it dropped 13.1% and JC Penney announced the terms of its stock offering. Marcus said he bought 300 JC Penney shares on September 26, just before news of the stock offering seeped into the market. He is seeking class-action status on behalf of shareholders from August 20 to September 26. Marcus is represented by the class-action specialist firm Robbins Geller Rudman & Dowd. Ullman and Chief Financial Officer Kenneth Hannah are also defendants in the lawsuit. The case is Marcus v. JC Penney Co et al, U.S. District Court, Eastern District of Texas, No. 13-00736.  Full Article

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Port squeeze threatens U.S. retailers' holiday stocking plans

CHICAGO/LOS ANGELES - A shortage of transportation equipment and possible labor disruptions at ‚Äčthe Los Angeles/Long Beach port complex, ‚Äčthe nation's busiest, is delaying shipping containers for up to three weeks, threatening timely delivery to retailers for the holiday season.

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