Move Comes After Company CEO Steps Down

JCPenney will be selling off its fleet of three business jets in an effort to contain costs at the legacy retailer.

Business Insider reports that the that the sale was announced in a court filing released Thursday. The planes are listed as a 2001 Gulfstream IV-SP, a 2009 Gulfstream 450, and a 2010 Gulfstream 450, according to the Dallas News.

The filing indicates that the operating costs of the aircraft are between $5 and $10 million per year. The company is showing a long-term debt of $4.1 billion, making the planes unaffordable.

A company spokesman told Business Insider that the sale is part of an "ongoing company effort to manage expenses across all aspects of the business."

The court filing indicates that the company expects to realize about $20 million from the sale.

Company CEO Marvin Ellison stepped down from his position in May. He had put a turnaround plan in place at the retail chain, but it is far from complete, according to a business analyst. He has reportedly accepted a position with home improvement chain Lowes.

(Image from file)

FMI: Original report