J.C. Penney looking at possible HQ sale and partial leaseback

February 5, 2016 at 10:13 p.m. | Updated February 6, 2016 at 4:14 a.m.

by Associated Press

In this June 19, 2012 file photo, a sign at a JC Penney store is pictured in Oklahoma City. J.C. Penney is looking to potentially sell and partially leaseback its headquarters to help lower debt and create long-term savings. The department store operator said Friday, Feb. 5, 2016 that it has a surplus of square footage available in the Plano, Texas office building, with favorable market conditions making it a good time for such a real estate transaction.
In this June 19, 2012 file photo, a sign at a JC Penney store is pictured in Oklahoma City. J.C. Penney is looking to potentially sell and partially leaseback its headquarters to help lower debt and create long-term savings. The department store operator said Friday, Feb. 5, 2016 that it has a surplus of square footage available in the Plano, Texas office building, with favorable market conditions making it a good time for such a real estate transaction.

NEW YORK-J.C. Penney is considering selling and partially leasing back its headquarters to help lower debt and create long-term
savings.

The department store operator said Friday that it has a surplus of square footage available in the Plano, Texas office building, with favorable market conditions making it a good time for such a real estate transaction.

J.C. Penney Co. has been in the three-story building
since 1992.

The company had a strong holiday season. A key
sales metric rose 3.9 percent as shoppers picked up home goods and other gifts. Earlier this month it started selling refrigerators, washing machines and other appliances at some of its stores for the first time in more than 30 years.

J.C. Penney shares edged up 8 cents to $7.44 in morning trading Friday. Its shares are down more than 4 percent over the
past year.

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