Myron Ullman, J.C. Penney’s CEO and chairman, sees a tough retail environment that could lead to more bankruptcies, according to this Dallas Morning News article. There could be 10 to 20 chains that could fall victim, especially regional outfits, he said speaking recently at a Lehman Brothers conference.
Ullman says the stimulus checks that many taxpayers have started receiving might help retailers but concedes that high gas prices might have already sucked up those funds. He also says he is “cautiously optimistic” about the holiday season for his company.
Continue reading ‘Penney Chief Forecasts More Bankruptcies’
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