Financial Expert Says Your CNY JC Penney Store is ‘Doomed’
One financial expert says things are not looking good for JC Penney stores - and that includes Central New York locations of the retail giant.
Jim Cramer, host of CNBC's "Mad Money" and "Squawk in The Street" says the departure of JC Penney's CEO Marvin Ellison means things are looking grim for the retailer. JC Penney has locations in New Hartford, Rome, and Syracuse.
Earlier this week, after the announcement of Ellison't jump to Lowe's, Cramer said this shows "things can't be turned around" for the company, according to MSN.
JC Penney has been trying to recover from slumping sales for a while now. They closed 138 stores in 2017, and an additional 8 this year. Are more closures on the horizon - or - as Cramer says: is JC Penney just "doomed"?
Cramer also points out that major retailers are struggling to compete against Amazon. Central New York has seen the consequences of that in the closures of KMart, Sears, and Toys R Us.
What do you think? Is JC Penney the next big chain to go under?