In its second-largest acquisition, Amazon buys the company for $970 million.
The retailer will close CladMen.com and GiftingGrace.com.
J.C. Penney Co Inc. says it will close CladMen.com, a men’s apparel e-retail site, and GiftingGrace.com, a specialty gift site, on April 27 so the retailer can focus its efforts on revitalizing the J.C. Penney brand, says a spokeswoman for the chain. J.C. Penney CEO Ron Johnson last week said the retailer will introduce new pricing, start rehabbing stores and revise its marketing approach for J.C. Penney on Feb. 1.
J.C. Penney is No. 20 in Internet Retailer’s Top 500 Guide.
CladMen.com and GiftingGrace.com both launched in November with magazine publisher Hearst Corp. serving as a marketing and promotion partner.
CladMen.com is integrated with Esquire Magazine and aimed at men between the ages of 25 to 54. GiftingGrace.com is integrated with Good Housekeeping, Redbook and O, The Oprah Magazine, and is meant to appeal to women between 30 and 54, according to Hearst Corp.
The companies have a revenue share arrangement, but the e-commerce sites are wholly owned by J.C. Penney’s Growth Brands Division. J.C. Penney Co. Inc. launched the division, which operates separately from the J.C. Penney brand, in late 2010 to capitalize on digital and e-commerce opportunities. A Hearst Corp. spokesman referred press inquiries to J.C. Penney.