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 ...
No it won't be a problem as far as pricing goes.....it washes when all is said and done.
So far there are no “lost suppliers”..and in fact most are more than willing to hang in there thru these transitions.
However, the “stores within a store” concept makes Penny's something it's not. People don't go to Penney's looking for these “new Brands” they're promoting in this mini-mall climate....they want to go where dresses are..or shirts.. or the mens ‘dept’ or womans ‘dept’...Penney's is a DEPARTMENT store...but Johnson's been trying to make it a mini-mall with-in the Malls...that is not going to work.
That is going to be a problem to restructure in the days ahead..but certainly not impossible.
As for Brand...some of the former Brands are being brought back in....a good move...it remains to be seen how the so called new lines do.
So suppliers aren't the problem...more-so.. how to get their base customers to return back to the store....which they have lost..and evident to all.
It's going to be a challenge...but hardly impossible...not only did the stock-market move at Johnson's departure...but the employees were thrilled...this naturally passes to the customer base who loved Penney's so much I think they will come back in time. I couldn't say that had they not fired Johnson.
Go on line...there’s a 20% off coupon already to print...I saw one today...the woman came in BECAUSE she wants to be able to once again tell her husband how much money she saved....it’s important to many women they are seen as thrifty and wise with money....when they took coupons away they took the fun and joy woman get out of “saving” money and telling others about the great deal they got.
JC Penney Shares Implode After Company Says They’ll Bring Back Old CEO
Sam Ro | Apr. 8, 2013, 5:30 PM | 3,261 | 1
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Shares of JC Penney have gone on a wild ride in after-hours trading on news of turmoil in the executive suite.
At around 5:00 PM ET, CNBC reported that Ron Johnson was out as CEO of JC Penney.
As soon as the headline crossed, shares of JCP spiked by more than 10 percent.
JC Penney had hired Ron Johnson from Apple to revamp its stores in an effort to boost sales. However, his actions were actually followed by plummeting sales. In its most recently completed quarter, same-store sales fell by 32 percent.
Those after-hour gains slowly slipped and then tanked at around 5:30 PM ET, which was when management announced that former CEO Mike Ullman would return as interim CEO.
Here’s a look at the gut-wrenching swing in the after-hours session via MarketWatch:
Read more: http://www.businessinsider.com/jc-penney-shares-explode-higher-2013-4#ixzz2PvGBT8cw
A retarded monkey could have succeeded at Apple.
..”If you work there, get your resume up to date.”....
Oh I’ve done that already. But I will always work in retail stores...I love the business.
And though the press touts box stores are a thing of the past...it’s simply not so...our store was amazingly busy...now they may have to close some along the way...many businesses condensing things because of the shifts happening...but woman will always..”go shopping”...and it won’t be just for “name brands”.
I think I hearing Martha Stewart was suing JC Penney for something she still in court yeah how about that
Sweet I am so there on JC Penney site LOL!
I think you’re right, except I think the end will be longer and more drawn out. There is a lot of history in that brand, they’ll fight hard to keep it alive rather than shutter it right now, like might be the prudent way to go. Someone would have to come up with a serious transformation to give it hope, but in the end, it will likely be for naught. Time has simply passed them by, and to the extent they could have adapted and survived, they screwed up the chance.
Still, it’s the board the brought the wonder boy to run the place. Seen it before elsewhere. A lucky stiff wins a lottery at one company and is declared a genius, who can run any other big company. Instead, as I’ve seen more than once, the stiff runs the next company into the ground.
And what was that about? Even Nordstrom has sales, and Penney’s is and never will be in Nordstrom’s class, competing instead against Sears and Target, which nowadays eats everybody’s lunch!
The fact that Johnson is "out" is nothing more than a pseudo reason for the high speed trading systems to drive the stock up to draw investors back in... only to drop after those same high speed traders take their profits a short distance down the road.
Well, bringing back the old CEO is kind of like putting the sour milk back in the fridge, in hopes it will be ok tomorrow.
Stock absolutely dove when JCP announced that they were bringing back the old CEO on an interim basis. The board is a bit of a joke now.
Exactly. If I were a shareholder my confidence in the board would be diminished. They are going to have to move very quickly to do something on that front.
Alright!
I am excited things ‘might’ turn around.......still, it is hard to know what the store will end up like in it’s merchandise....some of which is trying to attract the younger generations who aren’t yet familiar.
IMO they could have remodeled the stores without all this mini-mall store inside stores.......the new CEO will surely have his work more than cut out for him ! And so will us employees.
We’ve had so many changes in how they do their pricing it’s not even funny. But I do think the coupons are going to be very helpful an the public surely loves them...me too!
Alright!
I am excited things ‘might’ turn around.......still, it is hard to know what the store will end up like in it’s merchandise....some of which is trying to attract the younger generations who aren’t yet familiar.
IMO they could have remodeled the stores without all this mini-mall store inside stores.......the new CEO will surely have his work more than cut out for him ! And so will us employees.
We’ve had so many changes in how they do their pricing it’s not even funny. But I do think the coupons are going to be very helpful an the public surely loves them...me too!
I loved the St John’s Bay and also ladies hosiery... which they discontinued offering. Other than the shoes they carry my Hubby likes, no reason to shop there.
JCP was my main store for many years. If they start carrying the right products at the right value I will go there again. Never really did like Kohl’s in the same way.
The new CEO has got to come in like gangbusters with guns blaring if they want to bring some life back to this company.
Full-on media blitz, as if your life depended on it- because it does for JCP
New direction, FIRE Degenerate, beg for a chik-fil-a response
I’ve been to Kohl’s a few times, only because I had a gift card from there. But it took months before I finally bought anything....just wasn’t the right price or the right product.
I think we all have favorite stores that seem to suite our tastes well. One thing that kept Penny’s going for so many years is it’s been a mid-range store. No matter what the economy did Penney’s drew customers from both sides when it changed.
But I don’t think most would argue... it definately needed remodeling.....these guys just went about it in the wrong way entirely...never gave the customer opportunity to adapt.
Just came in and changed everything that made the customer comfortable shopping there.
HEck in our store they moved out an entire four register cash area, leaving no cashout at the inside court MAll Entrance. We still hear complaints about that though we’ve carried those complaints all the way to the top.
Johnson apparently didn’t care what the customer wanted....
I sure hope Penny’s can turn around. I liked having an alternative to Walmart. Costs a little more, but better quality. The sales and coupons are nice, but don’t forget the quality.
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