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Penney to review options
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May 16, 2000: 8:51 a.m. ET
Nation's No. 5 retailer will explore strategic alternatives to boost stock
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NEW YORK (CNNfn) - J.C. Penney Co., the nation's No. 5 retailer, said Tuesday it intends to explore strategic alternatives to help the troubled company focus on its core business and boost its share price.
James Oesterreicher, the retailer's outgoing chairman and CEO, said in the company's first-quarter earnings statement that the "exploration of strategic alternatives is a logical continuation of our ongoing efforts to focus on our core businesses while at the same time taking actions to unlock value for our stockholders which is not being recognized in our share price."
Oesterreicher did not detail what options the Plano, Texas-based retailer is considering, and a phone call to company officials was not immediately returned.
Penney has fallen on hard times recently, its market share dwindling under stiff competition from Old Navy, Kohl's and other apparel retailers. Earlier this year, Penney said it will close 40 department stores and 289 of its Eckerd drugstores.
The company also has said it might sell its direct-marketing-services unit to focus on its core retail business and get a cash infusion.
J.C. Penney (JCP: Research, Estimates) shares fell 1/8 to close at 18-3/4 Monday. 
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