J.C. Penney on Friday will end a clothing subscription service venture, the retailer said this week, a move toward sharpening its focus on more-profitable apparel sales and exiting lines like major appliances.
In December 2017, the department store chain announced a new service through a partnership with Bombfell.com that offered Penney private label and national men's clothing brands to people who signed up for regular apparel shipments. Bombfell sends customers five clothing items handpicked by a stylist for them to try on in the comfort of their own home. Penney shoppers then have seven days to decide which items they wanted to buy and which they will send back.
Penney has generated a quarterly profit just three times since 2012 and analysts expect it to report another net loss in the fourth quarter. The 116-year-old company is struggling with the same problems that sent longtime rival Sears into bankruptcy. Penney's interest coverage ratio, measuring ability to pay interest on its nearly $4.
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