Signage is displayed outside a JC Penney Co. store in Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Images
Jill Soltau, CEO of JC Penney, who was called upon to flip the struggling department store, will leave the company on Thursday.
The company’s new owners, Simon Property Group and Brookfield Asset Management, said on Wednesday that they are looking for a new leader “who is focused on modern retail, the consumer experience and the goal of creating a sustainable and sustainable JCPenney. . “
The Plano, Texas-based retailer filed for bankruptcy in May. It was bought by the two US shopping center owners in the fall and released earlier this month. It joined a growing list of retailers pushed to the brink by the coronavirus pandemic. Still, the old retailer’s troubles started before the global health crisis. Sales have declined annually since 2016. At the time of filing for bankruptcy, the retail space of approximately 860 stores in 2001 was less than a quarter of the store base.
About two years ago, the company hired Soltau to lead the turnaround after former CEO Marvin Ellison left to run Lowe’s. Previously, she was CEO of fabric and craft retailer Joann Stores. She has also worked for Sears, Kohl’s and Shopko Stores. At the time, news of her hiring pushed shares up as investors hoped she would bring new ideas and drive growth in the department store.
This year, however, the company’s efforts were scaled back as stores were temporarily closed during the pandemic and damaged already stretched finances.
Simon and Brookfield have selected Simon’s Chief Investment Officer Stanley Shashoua to serve as interim CEO, according to a press release. They have started an executive search with strategic partner Authentic Brands Group. The licensing company owns interests in other retailers who have come out of bankruptcy, including Brooks Brothers and Forever 21.