J.C. Penney (JCP)finally lifted the lid on its plans to downsize its fleet, telling investors on Friday that it would close between 130 and 140 of its stores over the next few months. The retailer made its comments while reporting fiscal fourth-quarter earnings that topped Wall Street's expectations, though revenue and same-store sales fell shy of expectations. The company's shares slipped roughly 9 percent in early trading amid doubts that the store closure plan would be enough to reinvigorate sluggish sales.
Although President-elect Donald Trump has pledged to cut federal taxes, state taxes are rising across the U.S. as financially strapped states search for funds to repair deteriorating infrastructure and close widening budget shortfalls. Alaska currently has no income or state sales tax. Raising existing state taxes or imposing new ones could backfire if they lead to fewer taxpayers.
President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition. "The jobs are there, but the skills are not," one executive said during meetings with White House officials that preceded a session with the president. The discussion of job training and worker skills is a relatively new one for Trump, who campaigned for the White House on promises to restore manufacturing jobs that he said had been lost to flawed trade deals and unfair competition from countries like Mexico and China.