After a solid year of sales decreases, J.C. Penney finally may be getting some good news, a new report says.
On Aug. 14, the New York Post, quoting sources, reported that the company’s same-store states “have swung into positive territory.”
“The downward spiral appears to be ending,” the newspaper quoted an insider as saying, with another source saying that store traffic has improved by as much as 10 percent over the past few weeks.
The article attributed this to heavier advertising as well as back-to-school events.
The news comes as J.C. Penney’s board has been engaged in an unusual public squabble over its leadership. The dispute ended when the company’s largest shareholder, William Ackman, resigned from the board.