Allen Questrom, JC Penney's former chairman and chief executive, is to officially retire from the retailer it was announced yesterday.

Questrom, who was succeeded as chairman and chief executive officer by Myron Ullman on 1 December, has been working with Ullman to allow a smooth leadership transition.

Ullman said that Questrom had headed a "remarkable turnaround" at the chain, and had left it "well positioned for the future".

JC Penney operates approximately 1,021 JC Penney department stores throughout the US and Puerto Rico, and 59 Renner department stores in Brazil.