JCPenney confirms the sale of three private jets in cost-cutting drive
US-based retailer JCPenney is selling three private jets as it looks to cut costs across its business.
In a statement issued to Corporate Jet Investor a JCPenney spokesperson confirmed the sale of three Gulfstream private jets as part of the company’s cost-cutting measures.
The aircraft the company will sell are 2001-build Gulfstream IVSP MSN 1451 / N244J, 2009-build Gulfstream G450 MSN 4159 / N451C and 2010-build Gulfstream G450 MSN 4192 / N1902P.
All aircraft were delivered new to JCPenney by Gulfstream. Together, the last letter of the aircraft spell JCP, with the registration of G450 N1902P referring to the year that the company was formed.
The three aircraft will be put up for sale with immediate effect.
A spokesperson for the company told Corporate Jet Investor that; “JCPenney is pursuing the sale of its corporate aircraft as part of an ongoing Company effort to manage expenses across all aspects of the business. The potential sales are an opportunity to further streamline operations by eliminating aviation-related ownership and maintenance costs.”
JCPenney’s CEO Marvin Ellison resigned suddenly from the company in May 2018 to lead Lowe’s, the home-improvement and appliance retailer.
Ellison had joined JCPenney in 2014 and became its CEO a year later. His first task was to introduce a turnaround plan for the company, which in 2013 had an operating loss of $1.42 billion and debts close to $5 billion.
During his time with JCPenney Ellison had stabilised the company’s sales, but it remains just over $4 billion in debt.