Penney to focus on profitable brands
J.C. Penny will eliminate the jcp menswear brand and reduce the assortments in its Joe Fresh, Michael Graves and Martha Stewart lines, Reuters reported.
All four brands were introduced by former CEO Ron Johnson. Penney plans to use the resulting space to emphasize its exclusive private-label brands.
Starting in January, Penney will shrink its Joe Fresh in-store shops and reduce the assortment, the report said, moving the shops away from the front entry to give a more prominent spot to the chain’s own a.n.a and jcp women's wear collections.
“What we now need is to edit things out that didn't resonate sufficiently," CEO Mike Ullman told Reuters in an interview. "We don't have six or seven years to get our business back. Half of our business has to be brands that we can produce profitably."