Feb. 21 - J.C. Penney operator cuts 5% of staff | Store closures outpace openings
J.C. Penney, Eddie Bauer operator lays off 5% of corporate staff; Ikea to open 8 new US stores this spring, summer; Store closures outpace openings amid ‘historic shift’ to service-based tenants; Best Buy launches free degrees for full- and part-time workers
The gaming retailer is seeking buyers for its operations in France and Canada, while the toy company’s strategy “will drive Hasbro’s evolution into a modern play company.”
But the outlook isn’t all bad, as the real estate churn may open up 140 million square feet of retail space in a market where high quality storefronts are in short supply, a JLL report says.
The company is cautiously optimistic about its outlook, but Chief Financial Officer John David Rainey said there is uncertainty around consumer behavior and, more broadly, global economic and geopolitical considerations.
