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-07.07.25

Airborne-NextGen-07.08.25

AirborneUnlimited-07.09.25

Airborne-FlightTraining-07.10.25

AirborneUnlimited-07.11.25

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

Classic Aero-TV: Up Close And Personal - The Aeroshell Aerobatic Team at Oshkosh

From 2014 (YouTube Version): One Of The Airshow World's Pre-Eminent Formation Teams Chats About The State Of The Industry At EAA AirVenture 2014, ANN News Editor Tom Patton gets th>[...]

ANN's Daily Aero-Term (07.13.25): Tactical Air Navigation (TACAN)

Tactical Air Navigation (TACAN) An ultra-high frequency electronic rho-theta air navigation aid which provides suitably equipped aircraft a continuous indication of bearing and dis>[...]

ANN's Daily Aero-Linx (07.13.25)

Aero Linx: Doobert Hi, we're Chris & Rachael Roy, founders and owners of Doobert. Chris is a technology guy in his “day” job and used his experience to create Doobe>[...]

NTSB Prelim: Pitts S2

The Airplane Was Spinning In A Nose-Down Attitude Before It Impacted Terrain On June 20, 2025, at 0900 eastern daylight time, a Pitts Aerobatics S-2B, N79AV, was destroyed when it >[...]

Airborne 07.09.25: B-17 Sentimental Journey, Airport Scandal, NORAD Intercepts

Also: United Elite Sues, Newark ATC Transitions, Discovery Moves?, Textron @ KOSH The Commemorative Air Force Airbase Arizona is taking its “Flying Legends of Victory Tour&rd>[...]

blog comments powered by Disqus



Change Display

Headlines Only | Headlines w/ Teasers | View Everything

Advertisement

Top Videos

Airborne-NextGen 07.15.25: Jetson One Rescues, X-Plane, Sat Refueling

Airborne 07.14.25: Air India Prelim, NBAA v Eco Nuts, Sonex Highwing

Airborne 07.11.25: New FAA Bos, New NASA Boss (Kinda), WB57s Over TX

See All

Advertisement

Podcasts

Advertisement

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