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

ANN's Daily Aero-Term (06.30.25): Ground Stop (GS)

Ground Stop (GS) The GS is a process that requires aircraft that meet a specific criteria to remain on the ground. The criteria may be airport specific, airspace specific, or equip>[...]

ANN's Daily Aero-Linx (06.30.25)

Aero Linx: Australian Transport Safety Bureau (ATSB) The Australian Transport Safety Bureau (ATSB) improves safety and public confidence in aviation, marine and rail transport thro>[...]

Aero-News: Quote of the Day (06.30.25)

“The Palo Alto stopover confirmed—yet again—that flight schools and aero-clubs are no longer just curious about electric training; they are ready to buy. In just >[...]

NTSB Final Report: ICON A5

Pilot’s Failure To Maintain Clearance From The Water While Flying At A Low Altitude Analysis: The flight of two airplanes was in cruise flight on a north heading about 50 ft >[...]

Airborne Affordable Flyers 06.26.25: PA18 Upgrades, ‘Delta Force’, Rhinebeck

Also: 48th Annual Air Race Classic, Hot Air Balloon Fire, FAA v Banning 100LL, Complete Remote Pilot The news Piper PA-18 Super Cub owners have been waiting for has finally arrived>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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