J C Penney: Not doing so well

J C Penney: Not doing so well

Posted in the Minneapolis Forum

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DSM Local

Ankeny, IA

#1 Jan 28, 2013
J.C. Penney: What just happened?

Steven R. Thompson
Associate Editor-
Dallas Business Journal
Jan. 25: Ron Johnson outlines his plans to transform the company, kicking off a new three–tiered pricing strategy, a store design, logo and introducing Ellen DeGeneres as spokesperson.

February: After backlash from conservative groups and customers, Johnson defends his decision to hire DeGeneres.

March: Standard & Poor’s Ratings Services reduces the department store chain’s corporate credit rating to BB from BB+. This is the first of several cuts. Johnson also continues to round out his management team, hiring more executives from Target Corp. and Apple Inc.

April: The local workforce takes a hit at the beginning of the month, when J.C. Penney cuts more than 600 headquarters positions.

May: The company reports a first-quarter net loss of $163 million, compared with a profit of $64 million in the same quarter of the prior year. COO Michael Kramer says the company underestimated the power of coupons. Two days later, analyst Howard Davidowitz says Johnson did “incalculable damage” to the department store. S&P cuts J.C. Penney’s credit rating to BB-. Ken Hannah is hired as CFO. By the end of the month, J.C. Penney is adding a few more retail promotions, including a Memorial Day weekend sale.

June: The company’s marketing efforts again gain attention after running an advertisement with real-life same-sex parents. Because of a disagreement about marketing, Michael Francis is fired from his post as president. Johnson assumes oversight of marketing functions.

July: The company continues to cut costs, laying off 350 people from the corporate Plano office July 10. A few days later, S&P cuts the company’s credit rating for the third time. In the same week, J.C. Penney faces another hurdle when a judge grants a preliminary injunction on Martha Stewart Living Onmimedia Inc.’s plan to put stores inside J.C. Penney. Macy’s says it violates an exclusivity agreement. The next week, Johnson reveals plans for mobile checkout and RFID in stores. At the end of July, J.C. Penney debuts the first shops in its stores, but it also alters its pricing strategy, eliminating month-long values and marking a third of its merchandise 20 percent to 29 percent lower.

August 10: J.C. Penney reports a $147 million net loss. CFO Ken Hannah emphasizes the company’s balance sheet, which includes $888 million in cash.

http://www.bizjournals.com/dallas/print-editi...
DSM Local

Ankeny, IA

#2 Jan 28, 2013
the leftist business route will kill this company
Miss Piggy

Minneapolis, MN

#3 Jan 28, 2013
Playing politics and pandering to a small special interest group is never a good idea. The ads with Ellen were just boring and they stopped showing them shortly after they first aired.
DSM Local

Ankeny, IA

#4 Jan 28, 2013
Miss Piggy wrote:
Playing politics and pandering to a small special interest group is never a good idea. The ads with Ellen were just boring and they stopped showing them shortly after they first aired.
they may have been better off by just donating to the obama campaign or a liberal super-pac
Amused Slew

Seattle, WA

#7 Jan 28, 2013
Poor fake Slew, TROUBLE'S coming, for you...
CRASSUS

Green Bay, WI

#8 Jan 28, 2013
Amused slew wrote:
OMG they can't shut down. They are the only place that sells Garanimals clothing. You match the different animals up to create matching outfits. What will I do?
They don't seem to have any Garanimals for the Jigger kids. Can't they come up with a little monkey suit or something?
http://etsmnews.files.wordpress.com/2012/04/o...
redeemer

Saint Paul, MN

#9 Jan 28, 2013
CRASSUS wrote:
<quoted text>They don't seem to have any Garanimals for the Jigger kids. Can't they come up with a little monkey suit or something?
http://etsmnews.files.wordpress.com/2012/04/o...
You got a monkey face and your mama got a elephant ass.
Amused Slew

Seattle, WA

#10 Jan 28, 2013
You mean another ass, besides crass ??? LMAO !
Lawton

Minneapolis, MN

#11 Jan 28, 2013
A barber told me he can't take a position on issues like Gayism. He simply said there is no upside to voiceing his opinion on issues.

Those who agree keep using him to cut hair.

Those who don't agree with him might go elsewhere.

The J. C. Penny CEO needs a haircut from my barber.
Amused Slew

Seattle, WA

#12 Jan 28, 2013
"voicing" ??

Yep, ignorant teabagger....
Amused Slew

Minneapolis, MN

#13 Jan 28, 2013
Amused Slew wrote:
Poor fake Slew, TROUBLE'S coming, for you...
The fake Slew is the gay one in Seattle. The real Slew was a horse from Kentucky.
Amused Slew

Seattle, WA

#14 Jan 28, 2013
Looks like someone changed monikers, to begin a new litany of lies.. LMaorotfu~! Slew from Mn is spamming her lies... Good "job", teabagger...
Lawton

Minneapolis, MN

#15 Jan 28, 2013
Amused Slew wrote:
"voicing" ??
Yep, ignorant teabagger....
Tanks so much for the spellcheecking.

sumday they will invent a puter to do that..

your swell, don't care what anyone says!!!
Amused Slew

Minneapolis, MN

#16 Jan 28, 2013
Amused Slew wrote:
Looks like someone changed monikers, to begin a new litany of lies.. LMaorotfu~! Slew from Mn is spamming her lies... Good "job", teabagger...
The fake Slew is the gay one in Seattle. The real Slew was a horse from Kentucky.
Amused Slew

Seattle, WA

#17 Jan 29, 2013
Looks like someone changed monikers, to begin a new litany of lies.. LMaorotfu~! Slew from Mn is spamming her lies... Good "job", teabagger...
Lawton

Minneapolis, MN

#18 Jan 29, 2013
I'll bet Ron Johnson is gay.

He thinks because he's gay everyone should be gay.

Suprise there a bunch of normal people out here and they arn't buying degenerate stuff.
Amused Slew

Seattle, WA

#19 Jan 29, 2013
I bet you're bi-curious, most bi-curious folks spell poorly, because they're distracted by other people's bedrooms...
Lawton

Minneapolis, MN

#20 Jan 29, 2013
JC Penny would make it except there arn't enough gays.
Amused Slew

Seattle, WA

#21 Jan 29, 2013
Poor dummy, it's aren't and you're bi-curious, given your obsession...
Amused Slew

Seattle, WA

#22 Jan 29, 2013
When you get to the men`s room, you will see a sign that says, "Gentlemen." Pay no heed to it. Go right on in. LMAOROTFU~!

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