JCPenney clears up misconception of unprofitable stores

JCPenney's soon to be CEO Marvin Ellison assured a group of executives and analysts that the retailer's reputation for having a lot of unprofitable stores is actually a "misconception." At the Piper Jaffray Annual Consumer Conference, Ellison said that while JCPenney closed 40 locations this year, the ones that are left, often in rural towns, are the most profitable. In fact, he said leveraging these stores is key in the company's online strategy. Story