High stakes for J.C. Penney
This season is an especially important one for J.C. Penney, a company in a state of transition. This year, it lost a CEO, CFO and chief customer officer.
New CEO Jill Soltau, appointed in October and the first woman to lead the company in its 116-year history, comes with 30 years of retail experience. She served as CEO of retailer Jo-ann Stores.
The company’s annual retail sales have lagged behind those of competitors Macy’s, Nordstrom and Kohl’s since 2013, according to research by financial firm Morgan Stanley.
For its survival, J.C. Penney needs to attract younger shoppers and improve its inventory, according to a note to investors from investment bank B. Riley FBR.
“The company has been ‘through the ringer,’ in our opinion, several times,” the note said. “We would argue it is difficult to recover from that, especially in the department store space.”
Amid the business talk, Schoenfeldt also told his group about company programs to benefit its employees. Workers get 25 percent off items on top of any store deals. In addition, Penney’s donates $150 in employees’ names to any charity to which they donate 10 hours of service.
“We know that if we take care of you guys, you take care of the customers,” Schoenfeldt said.
Preparing for Black Friday
By early November, Diaz, the high school student in Porter’s class, felt confident in her Black Friday debut.
She learned the computer system quickly. She received compliments from supervisors for her outgoing personality and ability to speak to customers in English and Spanish.
“I haven’t had any surprises,” said Diaz, 17. “Everything has turned out how I’ve expected.”
Porter thought that after some more training on the sales floor and with the help of veteran workers, she’d be ready by Black Friday.
“I’ll be OK after some more experience,” she said in early November. “I’d like to be hired on after the holidays.”
Now comes the big test: Black Friday. Porter was assigned to the fine jewelry department, one of the busier sections. She felt more familiar with the store and its systems, and had bought more comfortable shoes for the long hours of standing.
“I think I’m ready,” she said. Contact Wade Tyler Millward at 702-383-4602 or wmillward@ reviewjournal.com. Follow @ wademillward on Twitter.