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I wouldn't go to Walmart to buy nice clothes, but Walmart ain't going to the graveyard like JCP, Sears, Kmart, and Best Buy.
There's a reason for that. Wal-Mart hires illegal aliens, and JCP doesn't. Wal-Mart also cuts employees' hours in order to artificially maintain the company's stock value. Wal-Mart has a lot of tricks up its sleeve the public doesn't know about, unless they know someone who works there.
"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."
I could have told you several months ago JC Penny was in trouble. I used to shop there before their big change in philosophy. I could always find clothes my size at a great price. The big change turned out to be a big scam with higher prices across the board and fewer selections. Francis thought he could fool customers into thinking they were actually getting better deals simply by changing up the look of the stores and saying prices had dropped. The problem is not that the company hasn't articulated its "new image." The problem IS the image. They had a loyal customer base that has decided the new image was only an image and not real. Not only did they not draw new customers in, they have lost a big chunk of the customers they had, including me. And I am really sad about that because Penny's was my favorite store.
Penney's is a dinosaur; it hasn't found a way to differentiate itself from Sears, Wal-Mart, or Target, or any of the other cheap clothing vendors. Clothing stores are like fast food restaurants. The competition is brutal. There aren't that many spots on top.
[quote=Savoir Faire;24806499]Your title says that the stock drops after he left the company, which you stated was today.
/quote]
The title said nothing of the sort. Did you not read the title either. C'mon savoir at least read the damn title. I know reading the article the thread is about is beyond your capabilities but the title?
I could have told you several months ago JC Penny was in trouble. I used to shop there before their big change in philosophy. I could always find clothes my size at a great price. The big change turned out to be a big scam with higher prices across the board and fewer selections. Francis thought he could fool customers into thinking they were actually getting better deals simply by changing up the look of the stores and saying prices had dropped. The problem is not that the company hasn't articulated its "new image." The problem IS the image. They had a loyal customer base that has decided the new image was only an image and not real. Not only did they not draw new customers in, they have lost a big chunk of the customers they had, including me. And I am really sad about that because Penny's was my favorite store.
I used to buy my polo type shirts and slacks there for work. The only one close to me was in a big mall though and I got tired of all the traffic and the hike to get there. I just go to Kohls now for that type of stuff. Havn't been in one for a while. My wife used to like em too a while back but stopped going and started going to Kohls too.
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