Over the last few years, several retail giants have found themselves in deep financial waters. Many brick-and-mortar companies have experienced slumps as consumers have been preferring online shopping more and more.
One company that has struggled in the past few years is J.C. Penney. However, they have no plans to shut the doors on all of their stores just yet. Instead, they are implementing new strategies in an attempt to combat the decreasing sales.
In 2016, J.C. Penney began selling appliances- something that they hadn't done since 1983. According to Fortune, former CEO Marvin Ellison said that he hoped the new sales would lessen the dependence on apparel. They also wanted to take advantage of the timing, as Sears had just announced their struggles as well.
However, after a few years of testing out the theory that selling appliances would help the company, J.C. Penney has announced that they will now stop selling appliances.
The company said, "Optimizing the allocation of store space will enable us to prioritize and focus on the Company's legacy strengths in apparel and soft home furnishings, which represent higher margin opportunities."
The company confirmed that they will sell appliances at all physical locations and online until February 28. Additionally, they will offer free delivery and installation on purchases over $299.
According to the Washington Times, this decision is the first major move by J.C. Penney's CEO Jill Soltau. The company's leaders have been attempting to improve sales since the "disastrous reinvention plan" that took place in 2012.
Did you see this coming? What do you think about this? Let us know your thoughts! In other recent news, the mainstream media just released polls from the State of the Union and Democratic leaders aren't too happy about it.