
J.C. Penney is getting out of the appliance business, marking the first major change by new CEO, Jill Soltau, since she joined the company late last year.
Former CEO Marvin Ellison brought back appliances in 2016 after the department store had spent more than three decades focusing primarily on soft goods like apparel.
Penney said in a blog post on Wednesday it will no longer sell major appliances in its stores starting Feb. 28 “in order to better meet customer expectations, improve financial performance and drive profitable growth.”
Penney shares were last down more than 2 percent on the news, bringing the stock to around $1.30.
This is a developing story. Please check back for updates.