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NEW YORK — JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.
The money is going toward remodeling Plano-based JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that online orders are delivered more quickly.
JCPenney’s CEO Marc Rosen, who took the company’s helm in November 2021 and has served as an executive at Levi Strauss and Walmart, is renewing the chain’s focus on its core middle-income shoppers with affordable fashion and housewares.
The $1 billion will be self-funded. It’s coming from cash flow that the business is generating and not from its owners, Rosen said. JCPenney was purchased out of bankruptcy in late 2020 by its largest landlords mall companies Simon Property Group Inc. and Brookfield Property Partners LP.
“Now is the time more than ever to lean into that and make sure that we’re delivering that experience for our customer,” Rosen said in an interview with
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