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J.C. Penney losses narrow

NEW YORK (AP) — J.C. Penney, in the throes of yet another reinvention, offered some rare hope during the third quarter.

The troubled department store chain raised its annual profit forecast Friday after reporting narrowed losses. It still anticipates a sharp sales decline for the year, however.

Jill Soltau, the chief executive brought in just over a year ago to right the ailing chain, laid out the challenges ahead in a conference call with industry analysts.

“We are not simply running a business. We are rebuilding a business,” Soltau said. “This company has a rich history, and I am confident it has a brighter future.’

Department stores are trying to make themselves relevant in an era when Americans are buying more online or from discounters like T.J. Maxx for clothing. But J.C. Penney Co. is still trying claw its way back after a disastrous reinvention plan in 2012 by former CEO Ron Johnson, who dramatically cut back on promotions and brought in new brands with hopes of attracting younger shoppers. Penney’s sales went into a freefall and many longtime customers walked away and have not returned.

FDA issues warning to Dollar Tree

WASHINGTON (AP) — Government regulators have again warned Dollar Tree’s parent company about importing drugs and cosmetics that could be tainted due to improper product testing during manufacturing.

The Food and Drug Administration said that Greenbrier International also did not properly perform its own lab analyses as required before releasing certain products, including an anti-dandruff shampoo and an acne face wash. The products were also mislabeled by the Chinese manufacturers.

The FDA told Greenbrier about violations at the Chinese companies as early as 2017. The FDA’s Nov. 6 warning to Greenbrier International says that the company continued to receive products from companies on “import alert,” even after Greenbrier International agreed not to.

A spokesman for the Chesapeake, Virginia-based Dollar Tree said the company is cooperating with the FDA.

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