Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Good news on the JCP front: Their major investment and advisory firm Blackstone Group has not dropped them after Mike Ullman took over for Ron Johnson. Step one for the retailer's immediate future is, according to WWD, to "reassure jittery vendors, investors and lenders about the company's financial health." And step too is to raise a ton of money—like $1 billion—to offset the $900 million burned under Johnson's tenure. [WWD]