J. C. Penney (JCP) Sees FY09 Reduction in CapEx to $650M; Will Now Only Open 20 Stores in '09
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J. C. Penney Company, Inc. (NYSE: JCP) sees a reduction in FY09 capital expenditures of about $650 million, down from $1 billion in FY08 and from $1.2 billion in FY07.
Additionally, J.C. Penney now expects to open 20 new or relocated stores in '09, down from 36 store openings in '08. The company had previously planned to open 50 stores each year through 2011. Similarly, J.C. Penney said it has reduced its renovation plans to 10-15 stores in 2009, down from the 20 renovations it expects to complete in 2008 and compared to its previous plans to renovate 65 stores each year through 2011.
J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise and services to customers through its department stores and catalog/Internet channels.
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