Report: J.C. Penney drops plans for downtown Seattle store

New York City -- J.C. Penney has dropped its plans to open a store in the Kress Building downtown Seattle, according to The Seattle Times.



The chain signed a lease last May for two-thirds of the building, but the space is now being shopped around for sublease, the report said.



"This had nothing to do with Seattle or the location. The timing just did not match up with their new CEO," Seattle Pacific Realty broker Elizabeth Best, who is representing J.C. Penney in its search for a sublease tenant, said in the report.