Skip to comments.JCPenney filing reveals a surprising 43,000 job cuts
Posted on 03/21/2013 10:24:05 AM PDT by jimbo123
However youre counting the numbers, they hurt.
JCPenney revealed in a regulatory filing yesterday that it finished its fiscal year ended Feb. 2 with 116,000 employees a whopping 43,000 less than a year earlier.
Thats a slashing of 27 percent even steeper than the companys disastrous revenue decline of 24.8 percent for the same period.
Its also more than twice the figure of 19,000 job cuts that Chief Executive Ron Johnson testified to under oath earlier this month, when asked during the companys trial with Macys and Martha Stewart how many Penney employees had lost their jobs on his watch.
(Excerpt) Read more at nypost.com ...
In before “Unexpected!”
Yes: They are hanging on to Degenerate.
Maybe next year when they have 50% less than a year ago they will wake up/
Cue the “it’s because of the lesbian not the ridiculous pricing scheme and Ron Johnson being a moron” people......
They need gay stimulus monies.
JC Pennys is having problems? Who knew? (rolling eyes)
Of course it’s ‘unexpected’.
If we had a Republican president, it would be ‘expected’.
Not truly unexpected. For Johnson to cut 27% of his people on a 25% drop in sales, it means HE FORECASTED IN ADVANCE that sales would drop at least 20% so he starting cutting knowing that number. Problem is that he needed to cut around 40% if he wanted to make his numbers with such a large sales decline.
Any business supporting the fag-marriage agenda can go to blazes. I hope each and every one of them goes bankrupt.
“Cue the its because of the lesbian not the ridiculous pricing scheme and Ron Johnson being a moron people......”
ALL of the above.
We cancelled our credit card and do not even look at their advertisements. I hope they fail as 2-3% of the population is not worth losing the business of the majority who have just too many choices to knowingly support LGBT.
In addition to all of this, I found the quality of Penny’s merchandise to go way down.
Back when our 5 kids were growing up, I bought a lot of those clothes there. I don’t think I would do that today.
It could easily be both. :-)
JCP following in the footsteps of Monky Ward?
JCP stock is down over 4% today.
-— and sears is not far behind!
Okay... Sure Ellen might have turned off some people but a boatload like her. She’s a non-event on the financial performance. Ron Johnson is the single largest problem. He is trying to completely change the retail model and that plan is failing miserably. They are trying to stay ahead of it by slashing costs (thus the headcount decline).
Despite that the Board is behind Johnson. From a recent analyst report where they were initiating coverage at a “Buy” and a $22/sh price target
JCP has two important projects on the table in the near term: the rollout of 21 new shops and the turnaround in their home goods strategy. The home goods refocus is an emblem of JCPs attempt to recapture their traditional core customer the dispute over Martha Stewarts role in that refocus underlines this. A successful launch of the new offerings would represent a reassuring milestone for The Shops, especially if the revenue per square foot metric in that aspect of the strategy holds. The home goods refocus is an important part of any strategy to regain market share: this category has declined from 19% of their revenue mix in 2009 to 10% in 2012, even as the larger topline number declined. Any updates on these aspects of JCPs strategy will be significant the market is looking for any material signs that the turnaround strategy is either improving or further decompensating. One prospect, much discussed in the financial and popular press, is the potential for change in management. On March 12th, the board reaffirmed its confidence in the current executive, but even if the board were to see numbers that they felt compelled them from a fiduciary perspective to make a change, the impact would likely be a curtailment in heavy capital spending while maintaining the cost savings initiatives.
Meanwhile Robert W. Baird analysts have the following to allow:
Solid concept. JCPenney offers a combination of private and exclusive brands and well-known national brands at attractive prices, which management is working to enhance. Sephora inside JCPenney shops (~308 currently; 500+ store opportunity) and recent merchandising additions (Liz Claiborne, MNG by Mango, ALDO Call it Spring) have attracted customers and increased productivity.
Turnaround in progress. In January, JCP unveiled an ambitious plan to transform the company over the next four years. Key changes include a new “Fair & Square” pricing strategy (eliminating layered and frequent discounts), updated merchandise (adding brands, eliminating nonproductive brands, and enhancing owned brands), marketing (including spokeswoman Ellen Degeneres), a new store prototype (to be announced in 2013), and in-store presentation (100 unique shop-in-shops). Management is simultaneously seeking to cut SG&A by over $900 million annually.
Correlation is not necessarily causation...
Yeah - need to add another panel onto the graphic: $15.50 today as I type this....oops, $15.49.
It could be but it’s not. JCP has fundamental problems with their strategy rollout.
Can BK be far behind?
Sure, it’s just coincidence that stock values fell right after a company that was founded on traditional Christian values went off the deep end by promoting a radical social agenda. Johnson’s failed leadership is to credit also. But I believe anyone who discounts the gay ads is not being realistic.
You’re right, the quality has dropped quite a bit.
I stopped by my local JCP last week (first time in a long time). The store used to be filled with people, but it was like a graveyard...probably five people at most.
I mentioned the poor quality and lack of any available merchandise to a teenaged clerk. Poor girl, I could tell she wanted to agree with me, but she kept repeating “Well, we just need to move forward” over and over, like a robot. Clearly that’s the phrase employees have been told to use on unhappy customers....like it would make a difference somehow.
weird how they went all out for the pro homosexual agenda and then this, yes they were dipping but they went into free fall after their outing and support.
Like Ford who was on the bottom , not selling and then they kept their mouths shut about the queer agenda and sales went up and thta was before the buy out of GM
Ford learned the hard way too and back tracked, all of this we all suport their agenda is pure B/S
I seriously wonder whether JCPenny could stop its slide into receivership by being overtly straight, family oriented, and patriotic.
That story is based on the words of a JCP spokesman, one “Joey Thomas.”
Do you think Mr. Thomas reports to the JCP Board? That’s not what the story says. It says he’s “a spokesman for the Plano, Texas-based company.”
I would imagine that “Joey Thomas” or his boss reports to Ron Johnson.
In any event, I’ve never heard of a company stating publicly that they’re going to sh**-can their CEO while keeping him around to screw things up.
Maybe JCP’s “different.” You know, like Apple. “Think Different.”
I had gone into JC Penny last week to buy some sheets. Even though I despise -Ellen- I bought my last sheets from there, so I returned to get some new ones.
Upon going in the store, what I noticed is that it was mostly empty around 3-4 pm on a weekday, but more importantly it seems geared almost entirely to young people.
All the mannequins are small in stature, and they are dressed like young people.
Sporting a t-shirt with something written on it, an un buttoned long sleeve shirt with the sleeves rolled up, a baseball cap and sunglasses.
The lady mannequins were also dressed in young clothes being of thinner fabrics and form fitting designs, with pants legs that stop at the top of the calf and such.
I saw nothing directed at older shoppers anywhere in the store. So I thought to myself, in all the time that I have known of JC penny, one thing that I have never considered them to be is -cool- which is what you have to be if you want to sell clothes to the younger crowd.
Of course, -cool- is just a synonym for stupid, which is what I think of various stores that I see when I stroll through the mall. These stores have all sorts of pizzazz everywhere, flashing lights, loud music...essentially all sorts of signals that hey we are cool and we want to sell to you cool people. And I see young people in there shopping.
I think what has happened is that JC Penny tried to increase the size of its tent, offended and/ or ran out all of the members of its old tent, and no one new came to the new tent. GOP please notice as you are about to do the exact same thing.
Long story short, JC Penny forgot who its base is, or simply rejected them.
I think this Joey Thomas spokesman for JCP will be earning his paycheck over the next several months (if he keeps his job). He’s going to be really busy.
Haven’t been to JCP in years....cut up the card long ago, however last month I wanted to get a pair of walking shoes and on-line saw that JC Penney had the particular style New Balance shoes I wanted. So, I drove to the local mall and parked right by the front door (should have been a clue there) and went into the shoe department to purchase a pair. I saw the exact shoes I was looking for and tried them on, however they were too tight so I looked for a half size larger or wider. After several minutes of fumbling through the boxes, I asked an older man wearing a JCP name tag standing around in the area if he could help me find the size I was looking for. He said, “We are out of that size!” and I asked when they would be getting in another pair and he said, “I don’t know.”
Without offering to order me a pair, calling another store to see if they had them in stock or suggesting I buy them on-line, I thanked him and wandered around the mall until I found the shoes I was seeking. After my purchase, I walked back through a near-empty Penney’s to get to my car and glanced over and saw the associate (he was no Al Bundy) still standing around the shoe department and I thought to myself, it’s amazing that this store is even still open.
I had almost exactly the same experience. The only difference is I pushed to see if they would please order a pair of shoes in my size. The clerk replied that they would only order the shoes if I paid for them in advance and asked for my credit card. —My response to that request was “frosty”.
So many here are too desperate to blame the "gay agenda" on JCP's failing rather than Ron Johnson's radical shift in pricing, branding and the rest that they'll post silly things like you just did.
The fact is JCP was not healthy when Johnson was hired to "save" the company. "Traditional families" were not keeping JCP solid ground.
Johnson's failure is trying to do too much, to shift the brand into a market segment that it really had no credibility with. He's chasing the customers he knew from his time at Target and Apple. They don't seem to be a good fit for growing traditional brick-and-mortar dept stores.
I have to say, I look at some of these JPC threads and see a watered down version of Westboro Baptist's rationale. It's silly and a shame.
Not only that...they had rabid anti-Bush liberal Kenny Mayne from ESPN as their shirt spokesperson. I am happy the company is going bankrupt but I feel those employees losing their jobs. And that faggot catalogue didn;t help either.
I know I will never again shop because of the gay ads. And I am fairly certain I am not alone.
Is Woolworth still around?
I thought ‘Degenerate’ was added around 2010? Elections must have screwed up my timetable :p
where are all the fat lesbians going to shop?
He is probably one of their few customers ;)
Shame, such a good company (Christian owner and creator), has fallen to the disgusting level it is at now.
He is definitely rolling in his grave :/
Btw, sadly link didn’t work from my PC.. it took me straight to a Japanese Google search (clean).. :/