J.C. Penney has announced that they will be pulling the plug on their clothing subscription service, a move with a focus on more-profitable apparel sales. The company has struggled to keep sales up as consumers move to shopping in the online space, and has shut some stores across the country as well as cut jobs.
J.C. Penney announced in December their plan to collaborate with Bombfell.com, offering a Penney private label and national men’s clothing brands to people who subscribed.
However, J.C. Penney and Bombfell have decided not to move forward with the partnership.
According to CNBC, J.C. Penney’s share price has collapsed 70 percent in the last year, and briefly sank below the $1 mark and the end of last year. As of this week, it is valued at $1.25.
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