Posted on 04/08/2013 2:09:12 PM PDT by abb
J.C. Penney Co. shares jumped 11% in after hours on Monday as CNBC, citing an unidentified source, said Chief Executive Ron Johnson is no longer head of the company.
(Excerpt) Read more at marketwatch.com ...
That’s a very accurate summation. Take away sales - the only reason anyone stil shopped there - and you have a dead brand.
What took JC Penney so long LOL!
I haven’t been in a store since they got rid of coupons they used in LA Liars or Red Plum inserts
If Ellen is still in...... I’m still out
Same here
I haven’t been inside JC Penney since they stopping doing that offering coupons mostly in LA Liars newspaper on Sunday LOL!
I doubt the company can be salvaged
Pfah.
Haven’t bothered shopping at JCP since they took guns and ammo out of their stores/catalogs. I think that was in the late 80’s.
When I was a kid, you could order M1 Carbines through any of the “big three” catalog retailers - Wards, Sears and JCP.
Now Wards is dead, Sears is on the downhill slide, and JCP is circling the drain.
No it’s not a kneww jerk reaction....I work at Penneys...
The news is true...Ron Johnson was fired this afternoon.
We are rejoicing!
As for sales.....we have marathone employees right now getting things ready for the sales and coupons you will see in the very near future.....
I am very glad about this.....
T the helm now is Mr. Ullman, who served 7 years until 2011....a good move by the board IMO....
So it’s going to get really interesting to see how th is goes now.....
Yep, and I work at Penneys....
His leaving is great news....and yes coupons are comming back...sales...etc...now if they just get rid of Ellen G...I’d feel much better.
Our employees are very happy about Johnson leaving.....but Penneys hasn’t gone so far it can’t be turned around...but it was surely getting close!
J.C. Penny’s “Ron Johnson”, not to be confused with Wisconsin U. S. Senator Ron Johnson (R)
J.C. Penny’s “Ron Johnson”, not to be confused with Wisconsin U. S. Senator Ron Johnson (R)
Ceo Johnson and Ackman, who brought Johnson in, were basically calling the shots......they had a tight grip on the decisions....as you know several key people at the top began leaving.....you have to communicate with people and Johnson was a ‘my way or the highway type’ of guy.
This will change with Ullman leading, even if he holds this position only until they determine who will be the Ceo on a more permanat basis.
I noticed, though, that when they announced that the former CEO would step in again as CEO, the stock went down again. I have no idea what to make of it.
Well when you have a grand exdus of leadership from the top...you get the idea somethings wrong....haa!
Coupons will be back shortly, as will sales...already our store is working at getting ready for it.
You can’t imagine how happy employees are over this news!
Yes, well at this point it might be better to sell the physical assets and open an eBay store.
OH GOODY if they do bring back coupons I may go to JC Penney more often
All those new departments and name brand shops are going to be a problem. Their pricing was dependent upon the new supply method and delay to charge the company.
Now what to do about all the lost suppliers and downgrade of quality? Returning customers will notice it right away.
The BRAND is badly damaged.
2 mommies and 2 daddies catalogs and Ellen? What will happen to the Martha brand in the courts?
I won’t go back!
I was reading a blog a while back that talked about Penney’s brand problem. What exactly is their brand? What do you think of when you think Penney’s? Nothing.
The queer thing was big on Free Republic but was actually trivial.
The real problem was abandoning the heard learned rules of retail.
Sadly for JCP employees, the demographic for the store is gone.
No firearms sales.
No catalog sales.
Weak online sales.
No coupon sales.
No in-store sales.
JCP is just a middleman. JCP doesnt make the clothes that they sale, they just retail clothes that are available elsewhere.
That business model, when combined with pricey retail brickmortar locations, just isnt viable.
If you want to see a model that works, look at Old Navy on the low end and Neiman Marcus on the high end.
The “Penny” in JCP was supposed to be about sales and value. Anchoring mid-market shopping malls without delivering on either sales or value wont cut it.
JCP is burning through its cash and eating up its own equity. It is in a death spiral.
Expensive leases with tiny retail incomes dont mix well and arent sustainable.
JCP dies with a whimper, not a bang, and it wont take long.
Johnson injected $50 Million of his own money to guess at a way to save JCP, which was already on death’s door.
If you work there, get your resume up to date. JCP wont be open much longer.
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