J.C. Penney Sets 'Bridge Plan' for 2009

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In an effort to cope with a weakened economy and recession-conscious consumers, J.C. Penney today revealed a “bridge plan” that involves significantly cutting its expenditures.

The department store retailer, based in Plano, Texas, said it has pared down its capital expenditures budget for 2009 to $650 million, which is drastically below an estimated $1 billion for 2008 and $1.2 billion in 2007.

“We have just completed our strategic planning process for the coming year, a period that we expect to remain very challenging for the American consumer,” Myron Ullman, chairman and CEO, said in a statement.

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