J.C. Penney & Co. (NYSE:JCP): Current price $13.21
Allen Schwartz’s Allen B. apparel company has ended its exclusive supplier arrangement with J.C. Penney Co. after five years, with Schwartz saying that he has not so far seen a sales rebound at the historic retailer. The founder, owner and creative director of ABS by Allen Schwartz, commented in a telephone interview Thursday that he sees “no signs of improvement. It’s not going to happen overnight.”
Schwartz had licensed his Allen B. women’s sportswear and dress brand to Penney’s in an arrangement where his firm designed and sourced the merchandise, while the latter took care of manufacturing. But the company did not renew because Schwartz thought J.C. Penney management was “indecisive” on their future plans for the brand even after it got back the former Chief Executive Mike Ullman to replace Ron Johnson in April.