What ails JC Penny..?
#1 Sep 7, 2013
A recession that hit the middle class and down very hard, the core of JCP shoppers, very high US cotton prices which hit the retailer causing abnormal higher prices on clothing and things like homeware, example sheets. These are now offered in a mixture of cotton and microfiber, or 100 percent microfiber, more then ever before, to bring down cost, or keep the profit margin with the same price, maybe you haven't noticed the packaging. I was unaware of that cotton problem until I happened to go shopping for all cotton sheets and couldn't find them, and when i did I got sticker shock.. This is just JCPenny bashing with your eyes closed. Getting "Ron Johnsoned" didn't help, that accounts for 18 months of those five years. Having Ronnie and his buddies live like rock stars including Ron touring Europe for two months on a fact finding mission at JCP's expense before his 4 day a week fly in to home office(now you know why you see Bodum, Ordning & Reda in JCP). Guess he needed a vacation. What ails JCP? A billion burned thru, nothing to show for it, unaccountability at the board level, uncontrolled egos. Shows you you can destroy in 18 months a 100 year old company that had plenty of cash on hand. It is kind of like one of the Mafiosi take overs of a business like in Good Fellows, you know, take it over, milk it for all it is worth, put it in debt, then burn it for the insurance, in JCPs case sell off the real estate. Ackman didn't hang around for that, wonder what he knows?
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