Retailer equipped
to supply linens, towels, mattresses, window treatments and major
appliances to hotels, vacation rentals and multi-unit
properties
PLANO, Texas -
(May 18, 2017) - As JCPenney [NYSE: JCP] continues to diversify
and explore new business opportunities, the Company is expanding
upon its successful home refresh growth initiative by offering
business-to-business solutions for operators and facility managers
in the hotel and lodging industry, as well as the multi-unit
residential industry. The Company has a long history of designing
and sourcing high-quality home textiles, and with its recent
re-entry into the major appliance market in 2016, JCPenney is
poised to affordably accommodate hotels, innkeepers, property
management companies and more to fulfill their commercial and bulk
purchase needs.
"While we continue to take steps
to improve our apparel strategy and assortment, we see our home
refresh initiative as a great vehicle for growth and
differentiation. The U.S. hospitality industry represents
approximately $200 billion* annually and a significant opportunity
for JCPenney to gain market share and drive increased revenue per
customer with major appliances and a renewed focus on soft home
goods," said Marvin R. Ellison, chairman and chief executive
officer of JCPenney. "Our entry into the B2B program reinforces our
home refresh initiative, while providing new and innovative ways to
achieve sustainable growth and profitability. The idea first
stemmed from hotel operators who were already ordering large volume
purchases of bedding, bath and window treatments from JCPenney.com.
We are staffing an outside sales force with experience and
expertise to engage targeted businesses. Our broad assortment of
private brands in soft home give us a unique cost and value
advantage in this new and exciting space."
The JCPenney B2B program utilizes
the Company's nationwide fleet of brick-and-mortar stores and its
vast supply chain network to meet the needs of small business
owners and connect with local communities. JCPenney offers an
important competitive advantage by being one of the most
experienced retail sourcing organizations in the industry. By
hedging raw materials, working with a strong supplier base in over
30 countries and implementing a rapid production cycle time,
JCPenney gives business clients the assurance that they are
receiving the best quality products when they need them.
According to a recent survey,
there are roughly five million hotel rooms in more than 52,000
properties in the U.S. today.** Hotel rooms have one or two beds
requiring multiple sets of sheets, blankets, pillows, towels and
window treatments, which could be furnished with luxurious, yet
durable linens from JCPenney Home(TM) or Royal Velvet®.
JCPenney also stocks uniforms, scrubs and basic workwear, as well
as major appliances, including large capacity washers, dryers,
refrigerators and microwaves from leading industry brands. These
appliances are used to furnish apartments, condos and townhomes
managed by commercial property groups across the country.
Firming up
Mattress Sales
The JCPenney B2B solution also provides custom window treatments,
furniture and mattresses. Mattress sales have been so successful
among traditional shoppers, the Company will be expanding its
mattress showrooms to an additional 300 stores by early fall. This
expansion will feature the industry's leading brands such as
Serta®, iComfort®, Sealy®, Stearns & Foster®, along with
Beautyrest® and Tempur-Pedic® that will be available in
over 500 JCPenney mattress showrooms chain wide. From firm to
ultra-plush, pillow top to memory foam, JCPenney has reorganized
its mattress showrooms to help customers shop by comfort level and
response has been overwhelming.
By working with JCPenney B2B
solutions, small business owners and non-profit organizations will
receive competitive discounts, bulk pricing, commercial credit
offers and tax exemptions for eligible businesses. Business clients
will also have the ability to customize their order with a
dedicated team of B2B consultants specially trained in this
area.
Businesses that are interested in
learning more about the B2B solutions that JCPenney has to offer
can email b2b-sm@jcp.com.
This release, along with other
Company announcements, photos and videos are available for download
at jcpnewsroom.com. Media and other stakeholders are encouraged to
follow the Company's corporate Twitter handle using @jcpnews.
*STR, Inc. 2017 HOST
Almanac
**2015 STR, Inc. census database
JCPenney Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Follow @jcpnews on Twitter for the latest announcements and Company
information.
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every customer's shopping experience is worth her time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, she will
discover a broad assortment of products from a leading portfolio of
private, exclusive and national brands. Supporting this value
proposition is the warrior spirit of over 100,000 JCPenney
associates worldwide, who are focused on the Company's three
strategic priorities of strengthening private brands, becoming a
world-class omnichannel retailer and increasing revenue per
customer. For additional information, please visit jcp.com.
Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Words such as "expect" and similar expressions identify
forward-looking statements, which include, but are not limited to,
statements regarding sales, gross margin, selling, general and
administrative expenses, earnings and cash flows.
Forward-looking statements are based only on the Company's current
assumptions and views of future events and financial performance.
They are subject to known and unknown risks and uncertainties, many
of which are outside of the Company's control that may cause the
Company's actual results to be materially different from planned or
expected results. Those risks and uncertainties include, but are
not limited to, general economic conditions, including inflation,
recession, unemployment levels, consumer confidence and spending
patterns, credit availability and debt levels, changes in store
traffic trends, the cost of goods, more stringent or costly payment
terms and/or the decision by a significant number of vendors not to
sell us merchandise on a timely basis or at all, trade
restrictions, the ability to monetize non-core assets on acceptable
terms, the ability to implement our strategic plan including our
omnichannel initiatives, customer acceptance of our strategies, our
ability to attract, motivate and retain key executives and other
associates, the impact of cost reduction initiatives, our ability
to generate or maintain liquidity, implementation of new systems
and platforms, changes in tariff, freight and shipping rates,
changes in the cost of fuel and other energy and transportation
costs, disruptions and congestion at ports through which we import
goods, increases in wage and benefit costs, competition and retail
industry consolidations, interest rate fluctuations, dollar and
other currency valuations, the impact of weather conditions, risks
associated with war, an act of terrorism or pandemic, the ability
of the federal government to fund and conduct its operations, a
systems failure and/or security breach that results in the theft,
transfer or unauthorized disclosure of customer, employee or
Company information, legal and regulatory proceedings and the
Company's ability to access the debt or equity markets on favorable
terms or at all. There can be no assurances that the Company
will achieve expected results, and actual results may be materially
less than expectations. Please refer to the Company's most
recent Form 10-K for a further discussion of risks and
uncertainties. Investors should take such risks into account and
should not rely on forward-looking statements when making
investment decisions. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
do not undertake to update these forward-looking statements as of
any future date.
###
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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