J.C. Penney CEO Warns Sears: We’re Coming for Your Appliance Business [Fortune]
JC PENNEY (JCP)
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Source: Fortune
J.C. Penney (jcp) CEO Marvin Ellison makes no bones about it: the retailer is going hard after fellow struggling department store chain Sears’ (shld) appliance sales. Penney, which resumed selling large home appliances two years ago after three decades away from the category, saw comparable appliance sales rise 30% in the November and December holiday period, a significant contributor to Penney’s better-than-expected 3.4% holiday season sales growth, Ellison told Fortune in an interview on Thursday. What’s more, Penney will be ready whatever happens to Sears, a retailer that has closed hundreds of stores in recent years, and even recognized doubts about its longer-term viability in its annual report last year. Sears Holdings , which also operates Kmart, said on Thursday it was closing another 64 Kmart stores and 39 Sears stores, on top of many previous rounds of store shutterings in recent years. In addition to appliances such as refrigerators and was
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