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.

Marvin Ellison was poached by home-improvement retailer Lowe’s, a surprise exit that sent J.C. Penney’s stock down to historic lows.

Geoffroy van Raemdonck, who becomes chief executive officer next month, is taking over a retailer facing heavy losses, an industrywide traffic slowdown and nearly $5 billion in debt.

Partnerships with Opening Ceremony and other brands have pushed the workwear stalwart to the centre of America’s fashion conversation — just in time for it to be scooped up by a massive clothing conglomerate.