J.C. Penney is getting out of the appliance business
J.C. Penney Co. Inc. said in a Wednesday blog post that it will stop selling major appliances, effective Feb. 28. The struggling retailer is also pulling back on furniture, making that merchandise available online and in select stores in Puerto Rico. Mattresses will be available at more than 450 stores and online. J.C. Penney stores are revamping their layout to emphasize what the company calls "legacy strengths" in clothing and home furnishings, which are "higher margin opportunities." Under its previous chief executive, Marvin Ellison, J.C. Penney added a number of merchandise categories, including appliances. Shoppers can purchase appliances in stores and online through Feb. 28 and get free basic delivery and installation on new models priced above $299. J.C. Penney is scheduled to report its fourth-quarter earnings on Feb. 28 as well. J.C. Penney stock is lost 63.1% over the past year, while the S&P 500 index has gained 1.5% over the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.