Big Texas-based department-store chain seeks new leader: must be willing to tackle sluggish sales, failed fashion and $4 billion in long-term debt.J.C. Penney Co., once again, is searching for a new CEO after Marvin Ellison was poached by home-improvement retailer Lowe’s Cos. on Tuesday, a surprise exit that sent J.C. Penney’s stock down to historic lows.Whoever takes the job will need to do more than fix J.C. Penney’s clothing offerings. Ellison, who became CEO in 2015, tried many initiatives to revive the department-store chain, including improving the online experience, adding big-ticket items like appliances and signing brand partnerships with celebrities. The moves failed to dramatically improve results, and, like his predecessors, Ellison had to slash prices to clear out inventory.
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