J.C. Penney marks up prices to make room for discounts

In this photo from Wednesday, July 15, 2009, the main entrance of the new JC Penney flagship store at Manhattan Mall is shown. (AP Photo/Mary Altaffer)

January 30, 2014 4:32:09 AM PST
In an effort to increase revenue now and create some deep discounts later, sources say J.C. Penney is raising its current prices.

The New York Post reported the cash-strapped department store is changing the prices on everything from clothes and shoes to big ticket items like jewelry and appliances.

"They had us up all night changing the prices on everything," a jewelry sales associate told the Post.

One source says that price tags are going up an average of 40 percent. This means that in some instances, the price difference is significantly more.

A diamond ring sold on discount in mid-December for $996 is now listed for $1,999.98. The original price before the December discount was $1,245.

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