JC Penney is foraying into the second-hand clothing business in partnership with online consignment store ThredUp Inc as a part of its effort to rebuild the waning brand into a profitable business. Thirty of the brand’s stores will begin selling used clothing through a partnership with the resale site, which stocks brands from Gap to Gucci. The selection will rotate weekly in order to surprise frequent shoppers.
This isn't ThredUp's first foray into brick-and-mortar retail. Macy's recently announced a similar partnership with the company. The partnership will bolster ThredUp's visibility.
The retailer reported a net loss of $48 million for the second quarter, and nearly 9.2 per cent decrease in sales compared to the same quarter a year ago. It sells name-brand clothing for up to 90 per cent off retail prices and has resold nearly 100 million pre-owned garments.
