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Jill Soltau was hired to save JCPenney. Two years later, her company was sold out of bankruptcy and she's been shown the exit.

This isn't the ending JCPenney had in mind for Soltau when she was brought on in October 2018 -- at least not quite this soon. Few expected JCPenney to avoid bankruptcy entirely with its enormous pile of debt coming due in the next several years. But the pandemic pushed JCPenney to the brink a lot faster than anyone had imagined.
On January 1, Stanley Shashoua, Simon Property Group's chief investment Officer, will become JCPenney's interim CEO, the company's fourth in six years.
When Soltau took over JCPenney, the store was a mess. The previous CEO, Marvin Ellison, had introduced appliances to the store to get former Sears customers to venture across the mall to JCPenney, from one bankrupt department store to soon-to-be another. The gambit failed, Ellison left for Lowe's, and Soltau was hired to clean things up.



This post was written by a member of the DRaysBay community and does not necessarily express the views or opinions of DRaysBay staff.