Maybe Ron Johnson Was Right About J.C. Penney After All [The Motley Fool]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: The Motley Fool
Maybe Ron Johnson Was Right About J.C. Penney After All Although investors rallied behind J.C. Penney ( NYSE:JCP free-cash-flow-positive Sears Holdings predicament Because both Macy's Kohl's A Nike boutique inside of J.C. Penney. Image source: J.C. Penney. History is written by the winners It has become retail lore that Johnson's brief tenure at J.C. Penney was a disaster. Brought on to modernize the stodgy chain, he is instead seen as having lit a match to it, nearly burning the business to the ground. He did away with popular "doorbuster" sales, which he called "fake prices," in favor of a strategy referred to as everyday low pricing. He brought in more national name brands and eliminated many in-house brands. He introduced more technology into the store. (OK, eliminating cash registers in favor of roaming employees with iPads to check out customers may have been a bit much). The results were disastrous. Sales that had been falling before he came aboard dramatically plunged, as the
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