The lesson is that every company in the world is no more than 5 bad decisions away from insolvency.
1. CEO without a plan or turnaround strategy.
2. Discontinuing coupons in a time where folks need to save money
3. Re-designing stores - was the "new JCP" a necessary investment
4. Losing touch with customer base by promoting pro-homosexual ads and not identifying with core customers in ads.
5. Strategy of "pens" win a prize to get people in the store....gimmicks
Everyone should watch this CNBC interview with a JCP board member. He's so far off base, even the hosts can't believe what they are hearing. Probably explains why the board keeps Johnson in place.