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The good news is J C Penney management has taken a major step towards resolving that thorny issue as the company announced on Friday it was reducing its $5 billion pension obligations by around a third through a lump-sum offer to participants and a new deal with Prudential to...

J.C. Penney reported a narrower loss in its second quarter on stronger-than-expected sales as the department store chain continues to turn its business around.

To that end, the company on Wednesday also said it agreed to sell property in Brooklyn to real-estate developer Tishman Speyer for $175 million. Under the joint venture, Macy’s plans to begin selling in China in late 2015 through an e-commerce presence on Alibaba Group...