"Look, it's become clear that corporations paying the minimum wage can now afford to pay more. It's not more complicated than that," said Rep. George Miller, D-Martinez, who introduced the Fair Minimum Wage Act of 2013 on Tuesday.Last I checked, JC Penney was in no shape to pay higher wages to its employees.
Miller's bill, co-written by Sen. Tom Harkin, D-Iowa, would raise the federal minimum wage, in stages, from $7.25 an hour to $10.10 an hour, and link increases beyond that to the cost of living. It would also raise the guaranteed minimum for tipped workers (primarily in restaurants) from $2.13 an hour - where it's stood for the past 20 years - to 70 percent of the standard minimum wage.
After a year of re-branding efforts and sinking sales, JCPenney's quarterly numbers plummeted in its most recent earnings report. Nationally, JCPenney's revenue dropped 28.4% the last quarter, a larger loss than analysts projected.Sounds like a good way to kill a company that's been around for 100 years, or whatever it is.
Bakersfield JCPenney representatives aren't releasing their sales numbers, but they say the store isn't in line with the large loss.
JCPenney store leader George Cruz said, "I cannot disclose that information, I can tell you that we did a better than the company did for the fourth quarter."
A drop in sales has left many critics questioning the future of the 1,100 JCPenney department stores.