Two venerable retail names, Sears and J.C. Penney, both posted losses for their most recent fiscal years.
Sears Holdings, which also owns Kmart, announced that it lost $3.14 billion in fiscal year 2011, with a $2.4 billion loss in its fourth quarter.
J.C. Penney also posted a loss, if a far smaller one. The company said it lost $2 million in fiscal year 2011, which includes $451 million in restructuring and management transition charges.
Penney’s, too, recently announced a new strategy under new CEO Ron Johnson, former head of the Apple retail chain. It is dramatically reducing the number of sales it offers, though for now jewelry will still be discounted.
Johnson said on the company’s most recent conference call that the company had “struggled” with the fine jewelry category in February but will be devoting more advertising to it beginning in April.Follow JCK on Instagram: @jckmagazine
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