J.C. Penney Cuts Losses and Partners With thredUP
by MR Magazine Staff
Aug 16, 2019
Shares of J.C. Penney jumped after the ailing department store cut its quarterly losses in half and announced it would partner with the online used clothing resale company thredUP, in another bid to boost flagging sales. Retailers have been searching for ways to get people back into their stores as the retail industry has been buffeted with changing consumer preferences and the ascent of Amazon.com. Macy’s, also struggling, on Wednesday cut its expectations for the year, falling far short of Wall Street’s profit expectations, while its stock fell double digits. It, too, announced a partnership with thredUP. Read more at Fortune.
