JCPenney To Sell Three Business Jets | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-06.23.25

Airborne-NextGen-06.24.25

AirborneUnlimited-06.25.25

Airborne-AffordableFlyers-06.26.25

AirborneUnlimited-06.27.25

Tue, Jun 19, 2018

JCPenney To Sell Three Business Jets

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

Advertisement

More News

NTSB Prelim: Piper PA-23

Pilot Also Reported That Due To A Fuel Leak, The Auxiliary Fuel Tanks Were Not Used On June 4, 2025, at 13:41 eastern daylight time, a Piper PA-23, N2109P, was substantially damage>[...]

ANN FAQ: Submit a News Story!

Have A Story That NEEDS To Be Featured On Aero-News? Here’s How To Submit A Story To Our Team Some of the greatest new stories ANN has ever covered have been submitted by our>[...]

Classic Aero-TV: One Man’s Vietnam

From 2023 (YouTube Edition): Reflections on War’s Collective Lessons and Cyclical Nature The exigencies of war ought be colorblind. Inane social-constructs the likes of racis>[...]

ANN's Daily Aero-Linx (07.03.25)

Aero Linx: Colorado Pilots Association (CPA) Colorado Pilots Association was incorporated as a Colorado Nonprofit Corporation in 1972. It is a statewide organization with over 700 >[...]

ANN's Daily Aero-Term (07.03.25): High Speed Taxiway

High Speed Taxiway A long radius taxiway designed and provided with lighting or marking to define the path of aircraft, traveling at high speed (up to 60 knots), from the runway ce>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2025 Web Development & Design by Pauli Systems, LC