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.

The company's stock drop followed its prediction of losses in the third quarter, renewing the sense that department stores are losing ground to e-commerce.

Fossil Group Inc. rose as much as 18 percent in late trading after the watchmaker’s fourth-quarter sales topped analysts’ estimates, helped by new brands and investments in its digital operations.

Department store operator J.C. Penney Co Inc said it is pursuing a potential sale and partial leaseback of its headquarters in Texas to reduce debt and costs.

The Navajo Nation is seeking potentially millions of dollars from Urban Outfitters Inc. over clothing, jewellery and other merchandise bearing the tribe's name that the popular retailer has sold.