JCPenney appointed Stephanie Plaines as the Chief Financial Officer (CFO) of the company. She comes with experience in both real estate and retail and will be responsible for all financial activities across the enterprise.
Stephanie Plaines most recently worked at Jones Lang LaSalle
Marc Rosen, CEO of JCPenney, said, “JCPenney is investing for the long term while executing our customer-focused strategy to enhance shopping experiences and build brand loyalty. Stephanie brings more than 20 years of high-performance strategic and financial leadership with best in-class global retailers.”
While it took longer for a chief financial to be appointed than initially hoped, the process of rebuilding the JCPenney team is now nearing completion. Plaines replaced interim CFO Brian Cashman; he will support Stephanie through August. The company was taken out of bankruptcy by Simon Property Group
Today there are about 660 JCPenney stores in operation as well as six distribution centers. 160 stores were taken over by first-lien secured lenders, many of whom also supplied debtor-in possession financing. They took over the property business that included 160 real estate locations and 6 distribution centers.
POSTSCRIPT: JCPenney today is a smaller, privately held company and operating well in the current environment with its new leadership. We now look for new brands to bring customers back to shop. The loyalty of customers can be retained with a strong loyalty program. 2023 will be a vital year for the company.
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