Posted on 02/28/2013 7:07:50 AM PST by jimbo123
Deferring payments to suppliers only works until suppliers decide to defer shipments. It usually doesn’t take them long.
Worked for a retail chain many years ago in my youth.
First whiff we had that the company was in trouble was when the Pepsi driver pulled up and would not unload until we had paid him in cash.
Penney's used to be a great company. James Cash Penney's motto was the Golden Rule and he had it displayed in all his stores. We shopped there for school clothes because they carried our Catholic School uniforms, we bought ALL of our BSA uniforms and paraphenalia at Penney's, and we were always treated with respect. Contrast that with their current CEO who said on squackbox a few months ago that he didn't care if Penney's traditional customers didn't like the direction he was taking the company because they were no longer his target demographic! James Cash Penney must be spinning in his grave!
The business networks are not mentioning one explanation for the precipitous collapse of this once-great company. No one took it seriously when Christians with biblical values, who were offended by jcp’s overtly-homosexual advertising, vowed not to shop there.
Ron Johnson, CEO of the almost bankrupt company, is not laughing now.
Christmas sales for JCP were down by almost 40%. And that’s the most important time of year for them in terms of sales volume. And now they’re expecting their vendors to ship them projects and let them have 6 months to pay? Any vendor that agrees to those terms deserve to get screwed when JCP files for bankruptcy.
I too remember jcp as the go to place for back to school shopping, I followed my Mom’s example with my own kids. And don’t forget the catalogs that would arrive in the fall and spring along with the special Christmas issue. I miss the America of my youth.
For years I have asked myself “Who still goes to JCP” I now have an answer...Almost no one!!!!!
The two JCP stores in our area have drastically reduced the amount of merchandise on their floors. It looks like a ghost town in both stores. Racks spaced far apart and lots of room between them. Their men’s suits and sports coat area went from a large area to almost nothing over night. I told my wife it did not look good that they had so much empty store space, that something was up.
And what are the directors all doing as the CEO drives this company over the cliff?
If I were a supplier, I would drop them first!
Hmmmm. Guess the two-daddy/two-mommy “families” turned out to be not so lucrative after-all. Seems like a very limited market to me anyway. Are they still paying Ellen DeGenerates big bucks?
The problems with JCP is huge, and glaringly evident. The SSS indicates that their recent marketing changes have driven off the core base of consumers. The inventory sell-down is troubling (I'm sure the holders of their credit facilities have taken note). And the cash burn is astronomical, all the while not buying inventory. Another huge issue is that they don't own their stores (for the most part). At least SHLD is a giant real estate holding company and there is some underlying value in the dirt, but JCP is an empty bag. Flush this puppy, it's toast!
I especially miss the Sears catalog.
I tried to shop for our kids’ school clothes at JCP but the only year we ever found anything was when the store had everything on sale during a major remodel. I finally gave up on them when we found Kohl’s which beats any store on dirt cheap prices and their large selection makes it a one stop shopping day and you’re done.
me oh my....
My only problem with Kohls is that they are one of the employers who just cut all of their part-timers to 29 hours or less.
And Herb Kohl voted FOR Obamacare in the Senate.
The directors are preparing to boot Johnson, but they started paying attention too late.
” The 25% employee discount is near worthless to us because they no longer carry much that we want to buy.”
This is THE real reason JCP is going under!
It wasn’t like we didn’t try to tell them they would be flushed for appealing(bending over) to the 4% of gays that make up the population.
I worked at Penney’s part-time right out of college, and the store was THE place for families to shop. The store was tastefully decorated, and employees were knowledgeable about their specific product area. We ALL wore suits or coat & tie for men, dresses or pantsuits and jackets for women. It was a place customers knew to trust.
I went about a year ago, and the store was full of slouching teenagers wearing polo shirts and baggy pants, piercings and tats, spiked colored hair and general slovenliness. Everything is “cash wrap” centered now, with no employees on the sales floor to offer advice or help with selection - they are all just cashiers now. Even the suit section is devoid of salesmen.
It’s no wonder that the sodomites overran these stores. They were on the downhill slide to begin with.
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