J.C. Penney Banks On Towels, Luggage To Stem Losses

J.C. Penney Company, Inc. (NYSE:JCP) plans to devote more floor space to towels, cooking utensils and luggage to stem its falling fortunes. Yesterday, the retailer released its earnings report for the three months ended June, revealing it lost $2.66 per share. However, silver linings were seen in the company’s better than expected gross margin. The retailer was expected to lose $1.14 in the quarter on revenue of $2.8 billion. New CEO reorients strategy J.C. Penney Company, Inc. (NYSE:JCP)’s former CEO Ron Johnson was betting big on initiatives such as a more upscale home department selling designer goods such as $60 toasters…