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All Posts Tagged Tag: ‘Department Stores’

Neiman Marcus Files for $100M IPO

Department store Neiman Marcus this week announced that it has filed for an initial public offering. According to a registration with the Securities and Exchange Commission, the offering will be in common stock sold by current shareholders. The number of shares offered, and the price range for the shares, has not yet been released. Financial services company Credit Suisse Securities …

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J.C. Penney Apology Ad Asks Customers to Come Back

It’s no secret that J.C. Penney has been losing customers over the past year. The company hired Apple exec Ron Johnson as CEO and began turning the department store pricing model on its head. Instead of setting high prices with constant sales and coupons, the company instead decided to price its clothing at moderate to low prices and ditch the …

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J.C. Penney: $1.75B Loan Taken From Goldman Sachs

In early April, J.C. Penny CEO Ron Johnson stepped down following over one year of dismal financial results at the company. Johnson had attempted to turn the department store business on its head, eschewing sales and coupons in favor of consistently lower pricing, but the company’s board was forced to make changes due to a plummeting stock price and an …

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J.C. Penney: $850 Million Borrowed to Shore Up Inventory

J.C. Penney today announced that it has borrowed $850 million from a revolving credit fund of $1.85 billion. The company stated that the money will be used to ensure the company’s liquidity and replenish inventory levels. “Earlier this year, we increased our revolving credit facility in anticipation of operating, working capital and capital expenditure needs, especially during the first half …

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