Report: JC Penney may be sold (to Carlyle Group)

[rainbow4321]

Just what our sagging local economy needs..more potential layoffs.


http://www.zwire.com/site/news.cfm?newsid=14277220&BRD=1426&PAG=461&dept_id=528208&rfi=6


Reports that Plano-based JC Penney Co. Inc. is about to be sold are unconfirmed, as is how such a transaction would affect area employment.

Women's Wear Daily reported on Thursday that Cerberus Capital Management and the Carlyle Group are teaming up to make a bid for Penney.

"It's a huge company, so obviously it would have big local impact," said John McGrane, Plano's finance director.
Tim Lyons, a Penney's spokesman, was not available for comment. However, a statement released by the company quoted Chairman/CEO Myron Ullman as saying the company has developed a long-range plan that it will discuss at an analyst meeting on April 19 and 20.

About 3,700 employees worked at the site when the company secured its tax abatement in 1988. Current numbers could not be confirmed.
"If Penney were sold, I don't know if they'd disband the headquarters, though," said McGrane. "That's a big investment."
Penney is among the city's biggest employers.

[SoCalDem]

1. I have not been in our Penney's store in YEARS..

or Sears either, for that matter.. Plano. eh?? That's "Bush Country".. some McMansions going on the auction block :)

[LizW]

2. Shoot. I like Penney's.

It is a good source for affordable non-name brand jeans and shirts for my kids.

Any predictions about the number of lay-offs this will cause? The Sears/K-Mart merger is causing around 500, I heard yesterday.