J.C. Penney suffers big losses

Transforming a retail chain’s image may be harder than thought, as J.C. Penney is finding out.

The Texas-based company reported a staggering loss of $55 million, or 25 cents a share, in the first quarter of this year. Same-store sales fell 18.9 percent.

That’s a big loss for a company that invested big money in a new store redesign, a new CEO and a huge ad campaign featuring Ellen DeGeneres.

But the company is not giving up yet – saying their transformation is “ahead of schedule.”

Read more at TheStreet.

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
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