Signage is displayed outside a JC Penney Co. store. from Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Images
JC Penney CEO Jill Soltau, who was chosen to return to the store with difficulty, will leave the company on Thursday.
The company’s new owners, Simon Property Group and Brookfield Asset Management, said on Wednesday they were looking for a new leader “who would focus on modern retail, consumer experience and the goal of creating a sustainable and sustainable JCPenney.”
The retailer in Plano, Texas, went bankrupt in May. It was bought by the two American mall owners in the fall and appeared earlier this month. He joined a growing list of retailers pushed to the brink of the coronavirus pandemic. However, the problems of the old retailer began before the global health crisis. Its sales have fallen annually since 2016. At the time of its bankruptcy, its footprint of about 860 stores was less than a quarter of its store base in 2001.
About two years ago, the company hired Soltau to lead its rotation effort after its former CEO Marvin Ellison left to lead Lowe’s. Previously, he held the position of CEO of the textile and handicraft retailer, Joann Stores. He has also worked for Sears, Kohl’s and Shopko stores. At the time, news of her employment sent shares soaring as investors hoped it would bring new ideas and boost growth in department stores.
This year, however, the company’s efforts have been limited, as its stores were temporarily closed during the pandemic and beat the already large finances.
Simon and Brookfield have elected Simon’s chief investment officer Stanley Shashoua to serve as interim CEO, according to a press release. They launched an executive search with strategic partner Authentic Brands Group. The licensing firm holds stakes in other retailers that have gone bankrupt, including Brooks Brothers and Forever 21.