Friday, May 24, 2019

Former JC Penney CEO: China trade deal needed by end of year or retail’s ‘got a real problem’

The U.S. needs to work out a trade deal with China by the end of the year or the retail sector will be in big trouble, former J.C. Penney CEO Allen Questrom said Thursday.

Questrom, who served as chairman and CEO at the department store chain from September 2000 to December 2004, said he expects President Donald Trump and Chinese President Xi Jinping will come to an agreement soon because “nobody benefits the longer this goes on” and they “don’t want to see a disaster.”. . . more