J.C. Penney said goodbye to its CEO, Jill Soltau, on Dec. 31.
The retailer’s new ownership group – Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group – launched a search for a new chief executive officer.
Soltau, previously the CEO of Joann Fabrics, helmed J.C. Penney for two years. During her tenure, she focused on e-commerce and focused on the amount of merchandise showcased in stores.
“The search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring J.C. Penney,” the retailer said in a news release.
J.C. Penney filed for Chapter 11 bankruptcy protection in May after its sales collapsed amid temporary store closures.
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The company was at risk of total liquidation for months as it negotiated with its creditors. After reaching a deal to sell to a consortium of property owners, including mall company Simon Property Group, J.C. Penney emerged from bankruptcy in December having closed more than 150 stores.
An additional 15 stores have been added to the chopping block and are scheduled to close by the end of March, and more closings are possible.
Source: USA Today
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