By  on May 19, 2017
Marvin Ellison

PLANO, Tex. — Given J.C. Penney’s poor performance in the first quarter and the stock’s plunge to historic lows, chairman and chief executive officer Marvin Ellison emphasized Friday that the company is working to slash debt and boost revenues.

“When investors look at the retail sector, companies with the highest debt tend to have the least confidence,” Ellison noted at the retailer's annual general meeting. “As we continue to pay down debt we continue to put ourselves in a better position, and that’s why we’re so focused on debt reduction.”

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