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Old 06-18-2012, 07:53 PM
 
29,419 posts, read 18,738,345 times
Reputation: 5437

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Hmmmm what a shocker.

"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."


J.C. Penney Executive Departs After Eight Months on Job - MarketBeat - WSJ
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Old 06-18-2012, 07:56 PM
 
48,516 posts, read 83,966,925 times
Reputation: 18050
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.
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Old 06-18-2012, 08:00 PM
 
47,573 posts, read 60,658,925 times
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Quote:
Originally Posted by texdav View Post
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?
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Old 06-18-2012, 08:14 PM
 
Location: Great State of Texas
86,093 posts, read 72,534,315 times
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Quote:
Originally Posted by malamute View Post
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.
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Old 06-18-2012, 08:17 PM
 
5,532 posts, read 5,979,759 times
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So what, who cares?
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Old 06-18-2012, 08:18 PM
 
29,419 posts, read 18,738,345 times
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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??
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Old 06-18-2012, 08:29 PM
 
5,532 posts, read 5,979,759 times
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Quote:
Originally Posted by KUchief25 View Post
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.
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Old 06-18-2012, 08:31 PM
 
Location: The D-M-V area
13,694 posts, read 15,645,483 times
Reputation: 9520
He just got that job and didn't last a year.

Here's more rumblings inside.

JCPenney adds latest pieces to transformation puzzle
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Old 06-18-2012, 08:32 PM
 
21,483 posts, read 13,696,391 times
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People voted with their wallets. Million moms won.
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Old 06-18-2012, 08:32 PM
 
47,573 posts, read 60,658,925 times
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Quote:
Originally Posted by oberon_1 View Post
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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