Penney has 1Q loss as new pricing repels shoppers

J.C. Penney Co.

J.C. Penney Co. reported a loss of $87 million in the fourth-quarter due in part to costs related to its bold new pricing strategy that involves ditching blockbuster sales for everyday low prices.In recent ...

Loblaw Companies Ltd.’s blockbuster offer to buy Shoppers Drug Mart Co. for $12.4-billion shows Canadian grocers are hungry for pharmacy companies. It’s a match that makes sense, and investors certainly think so. Shares in Shoppers Drug Mart were up 26.53% just after 11:00 a.m. on Monday, a gain of $12.84, to $61.24. The Loblaw-Shoppers deal is the biggest retail acquisition in Canadian history.

ByRetail Maven: What has occurred at J.C. Penney

Welcome to the Counterparties email. The sign-up page is here, it’s just a matter of checking a box if you’re already registered on the Reuters website. Send suggestions, story tips and complaints to Counterparties.Reuters@gmail.com.

By Adam Levine-Weinberg:As they say, what goes up must come down (although Apple (AAPL) might be an exception to the rule). In late January and early February, shares of J.C. Penney (