Update, May 15, 2013: Well, that didn't last long. J.C. Penney has apparently updated its logo yet again, for the fourth time in four years. Goodbye, squares; hello, simplicity. Check out the benighted retailer's latest rebranding attempt here: J.C. Penney's New Logo: Will Its Fourth in Four Years Be the Charm?
Struggling department store operator J.C. Penney (JCP), which last month said it would shutter five department stores, 19 outlet stores and two call centers in an effort to cut costs, unveiled the most substantial change to its logo in four decades as it tries to boost sales by pitching itself as a more modern retailer.
The company is using an all lower-case logo, instead of capitalizing the "JCP," while using a two-tone backdrop to emphasize the new "jcp." The new logo was designed by University of Cincinnati design student Luke Langhus, who beat out more than 200 other entrants, J.C. Penney said in a statement Monday.
"Our new logo reflects the modern retailer we've become while continuing to honor our rich legacy," said J.C. Penney CEO Myron E. "Mike" Ullman III, in the statement.
The Plano, Texas-based company is looking to rebound after announcing last month that it would close stores and bring on activist investor William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors. J.C. Penney said in November that fiscal third-quarter comparable-store sales rose 1.9% from a year earlier.
The new logo will officially debut on Feb. 27 with the Academy Awards broadcast. J.C. Penney is the Oscars' exclusive retail sponsor.