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-05.19.25

Airborne-NextGen-05.20.25

AirborneUnlimited-05.21.25

Airborne-AffordableFlyers-05.22.25

AirborneUnlimited-05.23.25

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 (05.29.25): Terminal Radar Service Area

Terminal Radar Service Area Airspace surrounding designated airports wherein ATC provides radar vectoring, sequencing, and separation on a full-time basis for all IFR and participa>[...]

ANN's Daily Aero-Term (05.30.25): Very High Frequency (VHF)

Very High Frequency (VHF) The frequency band between 30 and 300 MHz. Portions of this band, 108 to 118 MHz, are used for certain NAVAIDs; 118 to 136 MHz are used for civil air/grou>[...]

Aero-News: Quote of the Day (05.30.25)

“From approximately November 2021 through January 2022, Britton-Harr, acting on behalf of AeroVanti, entered into lease-purchase agreements for five Piaggio-manufactured airc>[...]

Airborne 05.23.25: Global 8000, Qatar B747 Accepted, Aviation Merit Badge

Also: Virtual FLRAA Prototype, IFR-Capable Autonomous A/C, NS-32 Crew, Golden Dome Missile Defense Bombardier announced that the first production Global 8000 successfully completed>[...]

ANN's Daily Aero-Linx (05.30.25)

Aero Linx: The 1-26 Association (Schweizer) The Association’s goal is to foster the helpfulness, the camaraderie, and the opportunity for head-to-head competition that is fou>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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