Beleaguered department store JCPenney has named Marc Rosen as its new chief executive officer as of Nov. 1, the latest move to help the struggling retail chain emerge from last year’s bankruptcy.
Stanley Shashoua, Simon Property Group’s chief investment officer and interim CEO of JCPenney since January when Jill Soltau left after two years at the company’s helm, will be the company’s executive chairman of the board of directors as part of the latest corporate shakeup.
Rosen has more than 25 years of retail and eCommerce experience, most recently as executive vice president and president of Levi Strauss Americas at Levi Strauss & Co.
“Marc’s significant eCommerce and retail experience with companies like Levi’s and Walmart makes him the perfect fit to lead the next chapter of the company’s transformation as we work to better serve our customers,” Shashoua said.
In the past year, as it’s emerged from Chapter 11 bankruptcy, JCPenney has introduced and relaunched 16 private and exclusive national brands across all divisions, including Ryegrass, Linden Street, Thereabouts, Stylus and Juicy by Juicy Couture.
JCPenney has also improved its digital and fulfillment capabilities and introduced JCPenney Beauty, all efforts to win back customers and gain market share. JCPenney has liquidity in the $1.5 billion range and is operating 670 stores across the U.S.
“Joining at this milestone moment in the company’s history, I am eager to propel the business into its next era and connect with our customers in new ways,” Rosen said.
Related: Department Stores Betting on New Beauty Products to Drive Sales
JCPenney Beauty, which debuted online Oct. 15 and will be in stores this month, is a collaboration with Thirteen Lune, an eCommerce site focused on beauty brands created by Black and Brown founders. Among the more than 170 brands under the JCPenney Beauty umbrella, 39 are from Thirteen Lune.
Also read: JCPenney Is Getting A New Start In 2021, But Its Old Problems Remain
JCPenney emerged from Chapter 11 bankruptcy in December after a seven-month reorganization. Simon and Brookfield Asset Management, two large mall owners that held many of Penney’s leases, bought the firm out of bankruptcy, joined by Authentic Brands as a “strategic partner.”
JCPenney reportedly hasn’t turned a profit since 2010, and its annual sales have fallen every year since 2016.
