J.C. Penney to exit pricey SoHo building

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

J.C. Penney (JCP) has worked out an arrangement to rid itself of a pricey office building in the SoHo neighborhood of New York City, according to the New York Post.

The warehouse and retail space, which was a pet project of former CEO Ron Johnson, was piling up some serious renovation costs.

The decision to exit the trendy building falls in line with current management's back-to-the-basics principals.