Bridge plan in place
By Furniture Today Staff -- Furniture Today, April 27, 2008
New York — JCPenney will cut back on expenditures this year as part of "a bridge plan" to carry the company through current rocky times, according to Chairman and CEO Mike Ullman III.
"We are in an environment that is unstable, and there is a lack of consumer confidence," Ullman said at the retailer's annual presentation to securities analysts here.
Under the bridge plan, he said the company will:
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Reduce new store openings this year to 36 from the 50 previously announced, resulting in savings of $200 million in capital expenditures.
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Cut major store renovations to 20, from the 60 previously announced.
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Take steps to moderate inventories.
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