U.S. Markets closed

JC Penney Surges Midday as it Launches Outdoor Brand to Boost Sales

Investing.com - Struggling retailer JC Penney thinks it has found a way to boost sales.

The company announced on Tuesday that it plans to launch an outdoor-themed store selling apparel and other excursion gear at 100 of its 830 department stores in October. The company also plans to launch an in-house brand called St. John’s Bay Outdoor geared towards men who are going from the outdoors to a night out.

Sales at the department store fell 7% last quarter from the year-ago period as it struggles to compete with online retail shopping.

Shares of JC Penney (NYSE:JCP) surged 10.8% in midday trade. The company received a notice from the New York Stock Exchange last month for not being compliant with listing rules, as its stock trade below $1 for 30 days in a row. The company has six months to regain compliance.

Related Articles

Boeing plane deliveries down 72% in August as MAX grounding weighs

Recovery first: for next Nissan CEO, priority is profit before Renault partnership

Goldman Chiefs Court Saudis on Aramco IPO After 1MDB Fallout