J.C. Penney unveils new logo
Plano, Texas — J.C. Penny Co. said Tuesday it has introduced a new logo, designed to symbolize the retailer’s transformation to a more updated and relevant destination. Click here to see the new logo.
The new logo emphasizes a new, lowercase “jcp” by positioning it slightly off-centered in a red box while still featuring the company’s signature red color. It was designed by Luke Langhus, a third-year graphic design student at the University of Cincinnati.
The new logo will debut with the retailer’s spring marketing campaign as the exclusive retail sponsor of the Academy Awards on Feb. 27. While advertising and direct mail will begin featuring the new logo at the end of this month, J.C. Penney expects to replace all packaging and customer collateral over the next year, with external store signage transitioning over the next three years.
"We’ve made significant progress transforming our company over the last several years by infusing great style into our assortments, delivering world-class customer service, and introducing new and innovative retail technologies that have made J.C. Penny a retail leader in the digital age," said company chairman and CEO Myron E. (Mike) Ullman, III. "Our new logo reflects the modern retailer we’ve become while continuing to honor our rich legacy."
Barnes & Noble profit drops 25% in Q3
New York City — Barnes & Noble reported Tuesday that net income for the quarter ended Jan. 29 decreased 24.7% to $60.6 million, from $80.4 million a year earlier. Although the chain returned to profitability after three straight quarters in the red, its increase in revenue was lower than expected.
Overall sales were up 6.9% to $2.3 billion. Same-store sales at its namesake stores rose 7.3%; same-store sales at its college bookstore chain dropped 2.2%.
Barnes & Noble said it is suspending its dividend to preserve cash and declined to give a sales forecast for the final quarter of its fiscal year because of last week’s bankruptcy of Borders Group.
Save-A-Lot to open five Chicagoland stores
St. Louis — Discount grocer Save-A-Lot said Monday it will open five new stores in Chicago’s South Side neighborhoods, nearly doubling its store counts in the area.
The subsidiary of Supervalu said the new stores will open on Feb. 24. The additions will give Save-A-Lot 13 Chicagoland stores. The grocer said it expects to open five more locations in the greater Chicago area by February 2012.