JCPenney shares were up 0.45% premarket Friday following a New York Post report that the company will enter the hotel business, selling bed sheets, towels, curtains and mattresses to the lodging industry. CEO Marvin Ellison identified hospitality as a $200 billion a year industry.
JCPenney has been diversifying its portfolio of products beyond apparel in recent years. The company reentered the appliance market last year.
The company said that hotels were already ordering some of these items and JCPenney is simply formalizing the process by expanding the sales team dedicated to the lodging industry.
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