Posted on 04/08/2013 4:14:28 PM PDT by PittsburghAfterDark
NEW YORK — J.C. Penney's board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops.
In a statement issued late Monday, the department store chain said that it has rehired Johnson's predecessor Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011.
The announcement comes as a growing chorus of critics including a former Penney CEO Allen Questrom called for his resignation as they lost faith in turnaround strategy.
Penney reported dismal fourth-quarter results in late February that capped the first full year of a transformation plan where Penney amassed nearly a billion dollars in losses and its revenue tumbled almost 25 percent to $12.98 billion.
(Excerpt) Read more at seattletimes.com ...
This was wayyyyyyy overdue. Not sure Penney’s will ever recover now.
That type of retail is like the newspaper business.
There will be some survivors, but not likely that Penney, Sears, or K-Mart will be in the group still alive.
They can use whomever they want to advertise their business. But they have to realize that sometimes they can turn off twice as many people as they turn on. Their business. I don’t shop there any longer.
Businesses must take a clear and unbiased look at their customer’s expectations. It is important to know who your customer base really is, how they shop and what they buy.
There will always exist a need for clothing that is conservative and quality-made from natural fibers.
Anyone know what his severance package was?
I’ll bet it was huge — these days it pays more to run a company into the ground than lead it to success.
*slow clap*
Bravo JCP Board. You got something right. If they make a complete about-face on the homosexual bullshit, I might go back to their menswear department for dress shirts.
As far as your comment, nascar, I agree fundamentally on Sears, and by proxy K-Mart since they bought Sears a few years ago. Sears' brand has taken a nose dive. Craftsman used to be a go-to tool brand, but it's cheap Chinese crap nowadays. I've gone over almost exclusively to de Walt and Lowe's Kobalt tools.
Also add Best (Worst) Buy and possibly Target to this mix. Best Buy's been circling the drain for a while now, and Target's become a complete joke. Wal Mart takes a lot of grief and gets poked fun of a lot as catering to white trash, but they've got some of the best prices on food items, toiletries, and clothes.
Didn’t they specifically target homosexuals and wealthy single “20 somethings” as their primary customer base?
And their sales of generic stuff-that-can-be-bought-cheaper-everywhere-else declined?
Gee, go figure...
Too little too late. Companys history.
They’re toast ,, the CEO was a turd but the board hired him and OK’d his marketing plan ... JCP at one time was a powerhouse ... those days are gone for Wards , Sears and the others... they’ve driven their customer base away ... they’ve found other places to shop and are unlikely to come back.
Now they need to come out against Gay marriage.
Back to your bathhouse boys & girls, Ronnie. It’s going to take a long time to fix that worse-than-tarnished JCP image and turn it around. A thorough house-cleaning of all execs is also in order, ASAP.
Best Buy just announced that they will convert part of their stores to “Apple” type boutiques for Samsung, which is a strong company. That might save them for a while.
I don’t follow Target too much, but their stock price trend looks very good. If you think that’s bogus based on what you see in the stores, you might consider shorting it or buying puts.
Yep The Board that hired him and OK’d his plans are still there and will likely hire a similar guy to replace this fool
I think it was mentioned in another thread
Would it be fair to look upon this as a major setback for the queer agenda?
Folks just don’t like that stuff shoved in their face. Period.
“Sears’ brand has taken a nose dive.”
Definitely. And since the Sears/Land’s End union, Land’s End products are much lower in quality. Basically, almost everything is crap now.
His boss referred to him as a disaster the other day. In public. If the chairman of the board refers to your term as a disaster...it might be a bad sign.
Used to go there a lot, but not since the changes. Messed with the prices and clothes. Like Ellen so don’t care they hired her, but do mind having gay couples thrown at me in their ads.
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