JCPenney’s vast kitty of real estate holdings may be the financially embattled company’s saving grace, Bloomberg Businessweek reported.
The last year has been a miserable one for the once-revered retailer, with sales declining 25 percent and the stock price plummeting 50 percent. And on Monday, the company’s chief executive officer Ron Johnson was ousted. But through the turmoil, the company has managed to hold a large amount of prime real estate at an extremely low cost, due to its advantageous leases. [more]