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JC Penney CEO Jill Soltau to Leave Retailer After It Emerged From Bankruptcy With New Owners


The Plano, Texas-based retailer filed for bankruptcy in May. It was bought by the two U.S. mall owners in the fall and emerged earlier this month. It joined a growing list of retailers pushed to the brink by the coronavirus pandemic. Yet the legacy retailer s troubles began before the global health crisis. Its sales have fallen annually since 2016. At the time when it filed for bankruptcy, its roughly 860-store footprint was less than a quarter of its store base in 2001.
About two years ago, the company hired Soltau to spearhead its turnaround effort after its former CEO Marvin Ellison left to lead Lowe s. She previously served as CEO of fabric and craft retailer, Joann Stores. She also worked for Sears, Kohl s and Shopko Stores. At the time, news of her hire sent shares soaring as investors had hope she would bring fresh ideas and drive growth at the department store. ....

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