J.C. Penney ditches home appliances to focus on apparel

Feb 6 (Reuters) - J.C. Penney Co Inc said on Wednesday it would stop selling major appliances, including fridges and washing machines, and revamp the layout of its stores in a bid to focus on apparel to boost profits.

The company also plans to largely halt selling furniture, which will now only be available in select stores in Puerto Rico and on J.C. Penney websites.

All moves will happen at the end of February, the department store chain said.

"Optimizing the allocation of store space will enable us to prioritize and focus on the company's legacy strengths in apparel and soft home furnishings, which represent higher margin opportunities," the Plano, Texas-based company said in a statement.  

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Every retailer who filed for bankruptcy in 2018

A'gaci

Women's apparel and accessories retailer A'Gaci filed for Chapter 11 bankruptcy in January. 

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Kiko USA

Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January.

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Tops Markets

Tops Markets operates 174 supermarkets — called Tops Friendly Markets. The company filed for bankruptcy protection in February.

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The Bon-Ton Stores

The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers. The company filed for bankruptcy in February.

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Remington Outdoor

Remington filed for Chapter 11 bankruptcy protection in March.

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The Walking Company

The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.

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Claire's

The jewelry chain Claire's filed for bankruptcy in March.

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Southeastern Grocers

Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys and Bi-Lo, filed for Chapter 11 bankruptcy protection in March.

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Nine West

Nine West Holdings filed for bankruptcy in April.

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Bertucci's

Italian casual-dining chain Bertucci's filed for Chapter 11 bankruptcy protection in April.

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Rockport

The footwear brand filed for Chapter 11 bankruptcy protection in May.

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National Stores

The owner of the Fallas chain of discount stores filed for bankruptcy in August.

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Brookstone

Brookstone filed for Chapter 11 bankruptcy protection in August.

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Samuels Jewelers

Samuels Jewelers filed for Chapter 11 with an agreement for bankruptcy financing in August.

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Toys R Us

Toys R Us filed for bankruptcy in September.

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Mattress Firm

Mattress Firm filed for bankruptcy in October.

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Sears

Sears filed for bankruptcy in October.

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The retailer had said in November that appliances, a big-ticket category in home products, had performed badly in the third quarter.

The company like other brick-and-mortar stores has been battling falling sales as shoppers move online. J.C. Penny, trying to stay afloat, has shut locations around the country, cut jobs and renovated stores as part of a multi-year turnaround plan that sped up under newly-installed Chief Executive Officer Jill Soltau.

Shares of the company, which have slid 63 percent in the past 12 months, were down about 2.2 percent at $1.32 on Wednesday morning. (Reporting by Soundarya J in Bengaluru; Editing by Sai Sachin Ravikumar)

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