The department store operator sells apparel, footwear, accessories and beauty products at its locations and online.
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That's 20% of Lord and Taylor's stores.
Hobson has served on Starbucks's board of directors since 2005.
Penney's shares head to all-time lows.
It cut its profit forecast, unnerving Wall Street and sending shares down almost 15% in premarket.
Smaller stores are retail's path forward, as Kohl's shows.
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The retail giant fell 0.8% on Friday
It was its first drop in 10 quarters.