This is what happens when you stop stocking the old part of the store with staff and merchandise so you can jack up the figures of how well those mini shops were doing by comparing to it to areas you are deliberately starving, anyone remember that 20%
bragging of Ron's. It is called creative accounting. Ackman can't be that stupid. You would think reporters wouldn't be. It was clear to me what he was doing, he was bragging about those mini shops back last year, "just in time for school", oh how well they were received, I still remember that smiling idiot, his hands going, the BS. Well, investors should have done what I did, walked into a JCP during the holidays. I still remember the Tuesday Morning look and feel while looking for a waffle iron. Those home mini stores will be the down fall of JCPenny.
Isn't it odd now that this part of the store is being given some attention they are seeing more customers. Yes, I know, I work in a JCPenny, I like the new minimalistic offerings, what is it 160 items in that Graves display, of course you do, very little work but to stand around.
I am rather shocked if anyone didn't think there wasn't going to be another heavy loss. My guess, the directors knew it weeks ago, the reason Ronnie was let go early. You could easily predict it. Ullman's only chance is if they can hang on and stock the store for the Christmas season, a big if, a lot of months in front of that. If Chritmas doesn't t pan out expect heavy selling off high valued property, my guess 1/3. Under no circumstance should anymore of those sq foot eating mini stores should be put in. Those home mini stores are going to be a financial albatross around JCPenny's neck. If I want a choice of one item in a toaster, crockpot, coffee pot, I will go to Brookstone or Sharper Image, personally I find Michael Graves designs annoying, a little of that over priced junk goes a long way.