JCPenney plans further cuts for '09

PLANO, Texas JCPenney announced that as part of its "Bridge Plan" it will reduce its capital expenditures for 2009 even further. The company said its plans now call for a reduction to approximately $650 million, versus $1 billion expected for 2008.

“We have just completed our strategic planning process for the coming year, a period that we expect to remain very challenging for the American consumer,” said Myron Ullman, III, chairman and ceo. “In light of this, we are taking additional steps under our Bridge Plan to effectively balance support of the merchandise and marketing initiatives that differentiate JCPenney with the goal of maintaining a strong financial position. To this end, we will further reduce new store openings and renovations from 2008 levels and continue to focus on rigorously controlling inventory levels and operating expenses.”