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"After the closing bell, the department-store operator announced President Michael Francis was leaving, effective today, after only eight months on the job. Shares dropped 6.5% in after-hours trading to $22.75 in after-hours trading. The stock is down nearly 50% since early February.
J.C. Penney said CEO Ron Johnson, a former Apple and Target executive, would oversee the company’s marketing and merchandising functions.
Francis was Target’s top marketing executive for 10 years before he left last fall to take the position with J.C. Penney. He was one of Johnson’s first picks to help him run the company, and was with him on stage in January when the two unveiled Penney’s new sales pitch.
“The sudden nature of the departure underscores, in our opinion, the big-time mistakes JC Penney has made in articulating [its] new image,” said Brian Sozzi, an analyst at NBG Productions.
Much has changed in a short amount of time. Last month, J.C. Penney dropped a tape bomb by reporting a quarterly loss, suspending its dividend to save cash and predicting it wouldn’t meet its previous annual earnings targets."
If i recall corerectly his move to change merchdiaisng drop store to store sales even compared to the drop that was already experienced with the recssion.
If i recall corerectly his move to change merchdiaisng drop store to store sales even compared to the drop that was already experienced with the recssion.
Is he also the one behind all the gay ads? Two gay dads for Father's Day ads?
Is he also the one behind all the gay ads? Two gay dads for Father's Day ads?
Yes. He was brought in to woo younger buyers. They even changed their store name on that advert to "JCP". I had received that in the mail and wondered if that was a new store.."JCP".
In the end, the gay dads just didn't bring in the buyers.
Stockholders do and folks who have their money in 401K's probably do. Of course they are just all evil rich people most likely. **** on em right??
I don't have any stock in JC Penny and most people I know, don't care about these chain retailers and their new "image". The junk sold there can be purchased at any of their clones. Their executives, including the one who left, are well padded, either way.
I don't have any stock in JC Penny and most people I know, don't care about these chain retailers and their new "image". The junk sold there can be purchased at any of their clones. Their executives, including the one who left, are well padded, either way.
I used to like Penneys. One time all I wanted was an all cotton sweater made in the USA. You wouldn't think that would have been all that hard to find but in the entire mall, no store had that except Penneys.
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