J.C. Penney jumps after CEO (Ron Johnson) said to be out

Marketwatch ^ | April 8, 2013 | Staff

[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.

[abb]

This just in.

[fwdude]

He’s “out” - as in, the closet?

[abb]

http://www.thestreet.com/story/11889950/1/jc-penney-jumps-as-ceo-johnson-ousted.html?cm_ven=GOOGLEN

[Resolute Conservative]

Too little, too late unless they totally re-brand in the next week or so and go back to the family friendly store they were.

[NoLibZone]

They chose the gays.

Let the gays support them they have a huge population- right?

[South40]

Too late. The brand has been tainted and thus the company is toast.

[Revolting cat!]

What, Apple’s no discounts, no sales brilliant concept didn’t work out at Penney’s? Surprise!

[fwdude]

This is just an initial knee jerk reaction. Now, we'll find out if the homo-ification of the retailer is the real culprit when store sales flounder after they restore sales and mark-downs as before.

[null and void]

Too late. The brand has been tainted and thus the company is toast.

Nothing a name change and a good PR campaign can't fix.

[rstrahan]

Since JCP is headquartered here, we get some info that doesn’t go nationally. He got drawn and quartered by the Board, and has been rapidly rebranding, restoring coupons, bringing back favorite brands, such as St. Johns Bay for women. But it was not his idea, and he never moved here, never accepted the “culture” of the shopper of JCP, was commuting by private jet every week.

Enough was enough.

[dsrtsage]

Once people are gone, there would have to be a very very good reason for them to come back. Unless they pull off some kind of miracle, JC is toast.

[fieldmarshaldj]

Ellen Degeneres is also out as the spokesperson. She will be replaced by Richard Simmons.

[cicero2k]

Well the board should not be held harmless. What were they thinking? That Apple’s coolness translated to JCP dry goods? When he would not move there, they should have canned him.

The board should have hired a Macy, Nordstrom or Neiman Marcus ace. JCP could now become the next Radio Shack. All over, but weak.

[Kevmo]

I think the saying in industry goes something like this: “If the stock price goes up after you leave, take it personal”.

[ntnychik]

Enough was enough the first week. Why did he last so long?

[InterceptPoint]

Too late. The brand has been tainted and thus the company is toast.

Say it isn't so. Where will I buy my white socks and underwear? Woe is me. What will I do?

[Vendome]

So they are admitting their culture is Gaycee Penny....

But hey, dude wants to be out. Ain’t nothing wrong with that...

[Drew68]

Now, we'll find out if the homo-ification of the retailer is the real culprit when store sales flounder after they restore sales and mark-downs as before.

Amazon is airing ads for their new Kindle featuring a man and his "husband". How's Amazon doing these days?

[arderkrag]

Since JCP is headquartered here, we get some info that doesn’t go nationally. He got drawn and quartered by the Board, and has been rapidly rebranding, restoring coupons, bringing back favorite brands, such as St. Johns Bay for women. But it was not his idea, and he never moved here, never accepted the “culture” of the shopper of JCP, was commuting by private jet every week.

It's this, entirely.

Most of the ex-JCP-shoppers I know don't shop at stores that don't have sales. My mother, mother-in-law and wife - not to mention many others I know - stopped shopping there when they ended sales.

[Bubba Ho-Tep]

The problem is that JC Penney has been circling the drain for 20 years. The model just doesn't work. They've had their lunch eaten by Walmart and Target on one side and Macy's on the other. Johnson at least had a vision of doing something different, but it was only an attempt to rearrange chairs on the Titanic.

Penney's will go the way of Montgomery Ward in a few years, and Sears probably isn't far behind them.