…a sign of the times Wolfgang!
Not only is JC Penny selling used clothing, but Macy’s has jumped on board!
Need any more signs of a recession?
Food lines, perhaps?
Oh, wait…. we already have them.
They’re called “Food Stamps”.
Perhaps now is a good time for the Salvation Army to go public with a stock offering,
CIGA Wolfgang Rech
Jcpenney Halves Losses, Will Begin Selling Used Clothing
August 15, 2019
Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales.
Retailers have been searching for ways to get people back into its stores in the decade since the global economic downturn altered consumer behavior, a period that has run parallel with the ascent of Amazon.com.
Among the worst hit has been J.C. Penney, a company that traces its roots back to 1902 and just received a delisting warning from the New York Stock Exchange because its shares have fallen below $1.
On Thursday, the Plano, Texas, company said it would be partnering with thredUP, a resale website where people can buy and sell clothes online. J.C. Penney will open threadUP shop in 30 stores soon.
“We are not simply running a business – we are rebuilding a business,” said CEO Jill Soltau said in a prepared statement. “We are making a difference and today, I feel more confident than ever that we will reinvigorate and rejuvenate this great company to sustainable, profitable growth.”