The Texas economy is one of the most robust in the world. Wildly profitable companies and ingenious entrepreneurs call this state home, and what happens here influences businesses around the nation. Here’s a slice of the profits, losses, big deals, and backroom decisions happening across Texas this week.
It’s been a tough week for J.C. Penney: On Tuesday the Plano-based retailer reported a $163 million first-quarter loss and announced it will no longer pay its quarterly dividend to investors. The company’s stock has dropped by more than twenty percent since the report. And on Thursday, Standard & Poor’s downgraded the retailer’s credit rating for the second time in three months in anticipation of poor performance throughout the year.
The Dallas Business Journal reports reports that analysts are blaming the slump on Penney’s new pricing strategy, which eliminated sales and special promotions in favor of maintaining lower