J C Penney Company Inc (NYSE:JCP) has had a tough 2017 trading lower by 45% to date. J C Penney stock looks it may have put in a bottom. If you look at the chart below it traded near $4.00 on 87 million shares. This looks like a classic high-volume bottom for J C Penney stock as it had a nice bounce out of the hole. JCP have recent news adding a marketing officer and settling some old lawsuits. The news may have helped determine this bottom. Again, shares have been under pressure as the retailing sector continues to be ravaged by Amazon eliminating the middle market for JCP and other retailers.
JCP announced that Marci Grebstein will join the Company’s executive leadership team as Executive Vice President, Chief Marketing Officer. A highly accomplished marketing executive, Grebstein brings over 20 years of retail marketing experience overseeing advertising campaigns, brand positioning, market analysis and digital strategies designed to enhance brand awareness and accelerate revenue growth. Grebstein will report to Chairman and Chief Executive Officer Marvin R. Ellison.
J C Penney Company Inc (NYSE:JCP) released this statement: “Marci is an outstanding senior leader with a proven track record of developing winning marketing strategies for a diverse cross-section of leading national retailers,” said Ellison. “As we focus on enhancing our Home Refresh strategy, better utilizing customer data and optimizing our omnichannel capabilities, her broad retail expertise will be invaluable as we seek to differentiate our business through strategic marketing initiatives that will entice new and loyal customers to choose JCPenney for their homes and families.”
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Grebstein most recently served as chief marketing officer for Lowe’s Home Improvement, where she was instrumental in driving an integrated and data-driven omnichannel marketing approach. The move drove customer loyalty for the brand and positioned the company for continued growth. Prior to her role as chief marketing officer for Lowe’s, she served as Vice President of Advertising for the retailer. She led the development and execution of Lowe’s overall advertising strategy ensuring that the company’s brand promise was brought to life.
Prior to joining Lowe’s, Grebstein worked for Food Lion of Delhaize America, overseeing the repositioning of the grocery store chain in her role as Vice President of Marketing and Brand Strategy. Grebstein also spent 16 years at Staples, Inc., holding positions of increasing responsibility to include Vice President of Business-to-Business Marketing and E-commerce. Grebstein holds a Bachelor of Science degree in management and marketing from Boston College.
“I have been inspired by the continued progress of one of America’s most iconic retailers in the midst of a highly competitive and ever evolving retail environment,” said Grebstein. “I am eager to begin working with Marvin and the entire team at JCPenney to lead a marketing strategy that will continue to build on the Company’s momentum in achieving sustainable growth and profitability.”
JCP also said they reached an agreement in principle to settle the securities class action lawsuit, Alan B. Marcus, Individually and on Behalf of All Others Similarly Situated, v. J.C. Penney Company, Inc., et.al., pending in the United States District Court for the Eastern District of Texas. The lawsuit alleges, among other things, that statements made by the Company and its former chief executive and chief financial officers misled investors regarding the Company’s liquidity prior to the announcement of a public stock offering in 2013.
JCP denies the allegations in the lawsuit, but is entering into this settlement to eliminate the uncertainties, burden and expense of further protracted litigation. The $97.5 million settlement will be funded by insurance and will have no financial impact to the Company. The settlement remains subject to final documentation and approval of the District Court following notice to class members.
J C Penney Company Inc (NYSE:JCP) needs to have the share price above $5.00 to make this low valid. This high volume bottom marks a long selloff for the company that started at $11 and may have culminated with the low at $4.00. JCP is holding ground and might be turning the corner with lowered debt. We will be watching how the stock trades over the next quarter and are looking closely at the way the stock performs off the low. For more news on J C Penney Stock and other fast-moving penny stocks, please subscribe to OracleDispatch.com below.