The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the second quarter. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat
This year, Americans say they’re ready to make their savings accounts great again. Whether they actually will is another story. About 21% of working Americans aren’t saving any of their income, which remains unchanged from the answer consumers gave the survey in 2016, a survey released this week by personal finance site Bankrate.com concluded. And just 25% are saving more than 10% of their incomes, down from 28% in 2016. The Bankrate survey was conducted by Princeton Survey Research Associates from a nationally representative sample of more than 1,000 people. What are the biggest reasons Americans aren’t saving more money? The No. 1 answer: 38% said they had too many expenses, some of which may
Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts. The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build. "The fact that this supply has increased almost 55 million barrels this year in the face of significant OPEC production cuts is evolving as a major bearish development that poses a significant threat to the viability of the OPEC agreement in our opinion," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.