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Keyword: jcpenney

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  • Retail Apocalypse? Major Chains Closing Hundreds Of Stores

    02/11/2014 10:49:47 AM PST · by Para-Ord.45 · 101 replies
    http://newswatch.us ^ | February 11 2014 | D. Jennings
    Hundreds of stores across the nation are closing as some of America’s most famous retailers struggle to stay in business. The country is facing what CNBC has labeled a tsunami of store closings and blogger Michael Snyder has called a retail apocalypse. JC Penney, which lost $586 million in three months in 2013, is planning to close 33 stores in 19 states and lay off 2,000 people. JC Penney’s stock has lost 84 percent of its value since February 2012. Sears has decided to shut down its flagship store in Downtown Chicago, and it has closed 300 stores in the...
  • A 'tsunami' of store closings expected to hit retail

    01/22/2014 1:59:17 PM PST · by EBH · 99 replies
    CNBC ^ | 1/22/2014 | Krystina Gustafson
    Get ready for the next era in retail—one that will be characterized by far fewer shops and smaller stores. On Tuesday, Sears said that it will shutter its flagship store in downtown Chicago in April. It's the latest of about 300 store closures in the U.S. that Sears has made since 2010. The news follows announcements earlier this month of multiple store closings from major department stores J.C. Penney and Macy's. Further signs of cuts in the industry came Wednesday, when Target said that it will eliminate 475 jobs worldwide, including some at its Minnesota headquarters, and not fill 700...
  • Here’s The List Of JCPenney Stores To Be Closed

    01/16/2014 11:35:39 AM PST · by SMGFan · 76 replies
    Consumerist ^ | January 16, 2014
    Yesterday afternoon, JCPenney announced it would be laying off around 2,500 employees and shuttering 33 underperforming stores around the country. Want to know if your local JCP made the cut?
  • "Had Mitt and I Won, This Would Not Be Necessary"

    01/15/2014 7:21:15 PM PST · by SkyPilot · 383 replies
    Slate ^ | 15 Jan 14 | David Weigel
    The feedback continues, with a bunch of military veterans and family members asking me how I could defend the callous COLA cuts to military pensions by way of explaining why Congress is trying to undo them. Another reader email: I strenuously object to being asked to sacrifice any more! I risked my life in two deployments to war zones, sacrificed my health (I'm also a disabled veteran), and jeopardized my relationship with my family for my country. I find Congress' latest demand a kick in the gut. We veterans and retirees have sacrificed enough without having to endure the...
  • J.C. Penney cutting 2,000 jobs, closing 33 stores

    01/15/2014 2:54:54 PM PST · by Zakeet · 85 replies
    CNN ^ | January 15, 2014
    The bad news continues at J.C. Penney. The ailing retailer announced Wednesday that it was cutting 2,000 jobs and closing 33 "underperforming" stores in an effort to rein in expenses. The store closings -- listed here -- are likely to be complete by early May. J.C. Penney said it expected the moves to generate $65 million in annual cost savings.
  • JCPENNEY TO CUT 2,000 JOBS, CLOSE 33 STORES

    01/15/2014 1:52:48 PM PST · by Red in Blue PA · 94 replies
    JCPenney is cutting 2,000 jobs and closing 33 stores as the battered department store seeks to revive revenue growth, the company announced Wednesday. The move will save about $65 million annually beginning in 2014, the company said. JCPenney, which has about 1,100 stores, has struggled to turn a profit since former CEO Ron Johnson was fired in April.
  • Retailers brace for a tough holiday season

    11/11/2013 7:57:32 PM PST · by SunkenCiv · 60 replies
    CNN Money ^ | Monday, Veteran's Day, November 11, 2013 | Hibah Yousuf
    Sales growth during the fourth quarter is shaping up to be the weakest since 2008, according to predictions from Morgan Stanley. Same-store sales, a key metric that measures sales at store locations open at least a year, are expected to grow a mere 1.6% from a year ago during the fourth quarter, Morgan Stanley estimates. Last year's holiday sales were up 3.5% from the fourth quarter of 2011. The 1.6% figure excludes sales at troubled J.C. Penney (JCP, Fortune 500). That's because J.C. Penney is expected to offer deep discounts to try and get back on track after a disastrous...
  • Is the end near for J.C. Penney?

    09/27/2013 8:48:31 AM PDT · by SoFloFreeper · 90 replies
    WTVR-TV ^ | 9/25/13
    J.C. Penney’s stock hit a 13-year low Wednesday as investors grow increasingly concerned about the future of the 112 year old iconic American retailer. Shares plunged more than 15% at one point and briefly dipped below $10 a share — a level they have not touched since November 2000. Several analysts are predicting that J.C. Penney did not have a good back to school shopping season, and that sales continued to plummet in late August and early September. Investors had already been spooked by reports that J.C. Penney might be seeking to raise more cash through the sale of new...
  • Ackman Moves to Dump Entire Stake in J.C. Penney

    08/27/2013 7:20:04 AM PDT · by Rodamala · 24 replies
    The Wall Street Journal ^ | August 26, 2013 | Emily Glazer, Matt Jaremsky and Suzanna Kapner
    Citigroup Agrees to Sell Hedge Fund's Shares to New Buyers at $12.90 Each.Hedge-fund manager Bill Ackman moved to dump his entire stake in J.C. Penney Co., ending a failed bet on the retailer that cost his fund more than $600 million, resulted in the loss of thousands of jobs and left the 1,100-store chain still struggling to right itself.
  • Does JCPenney's Back-to-School Ad Really Promote Bullying?

    08/15/2013 9:29:31 AM PDT · by rightwingintelligentsia · 56 replies
    Yahoo! Shine ^ | August 14, 2013
    A JCPenney back-to-school ad that implies kids will be friendless unless they wear the right clothing is promoting bullying, charged a flurry of critics on social media this week. “Your ad about cool kids wearing JCPenney clothes, showing a child sitting alone at lunch is despicable,” fired off one Facebook user. Another added, “How clueless are you? What a horrible bully-promoting commercial.” Twitter users have called it “tone deaf” and “more self-immolation” for the company. The ad, posted online by the retailer in late July and aired as part of a TV campaign earlier this summer, includes a shot of...
  • JCPenney Default Risk Hits All-Time High

    08/05/2013 11:01:17 AM PDT · by Perdogg · 59 replies
    It would appear that in the order of who knows what when, in the case of JCPenney, it is C-level executives first, credit markets second (was Goldman's line a pre-DIP?), and equity shareholders (Ackamn included) last. With the torrent of executve departures in the last year, credit market investors led the equity over the past two weeks as credit lines were (allegedly) pulled. Today's 50bps rise in JCP's 5Y CDS pushes the company's risk of bankruptcy to its highest ever (arguably higher than 65% over the next few years given the secured assets). JCP's stock is down 2% on the...
  • 160 million credit cards later, 'cutting edge' hacking ring cracked

    07/25/2013 1:59:48 PM PDT · by Jim Robinson · 24 replies
    NBC News ^ | By Bob Sullivan
    For nearly a decade, a band of cybercriminals rampaged through the servers of a global business who's who: Among the victims were 7-Eleven, Dow Jones, Nasdaq, JetBlue and JC Penney. Prosecutors say the hackers stole "conservatively" 160 million credit card numbers, and the dollar value of the crimes they helped facilitate is enormous — just four of the victims are out $300 million. The suffering caused to identity theft victims was "immeasurable," say prosecutors. On Thursday, five of the gang's members were indicted. One is in custody in the U.S., a second is awaiting extradition in the Netherlands, and three...
  • Is This the Future of J.C. Penney?

    06/17/2013 7:45:49 AM PDT · by Carbonsteel · 54 replies
    The Motley Fool ^ | 06/17/2013 | Kaitlyn Tokay
    The apology from J.C. Penney's (NYSE: JCP) in the "We're Listening" campaign seems to be working, at least for now. Customers have been returning to stores in the wake of J.C. Penney re-opening celebrations. During the tenure of a rough year riddled with mistakes and hard-learned lessons, J.C. Penney found that the soul of their customer was driven by super low sale prices and an enthusiasm for home and back to school shopping.
  • Another massive loss for J.C. Penney

    05/19/2013 1:15:55 AM PDT · by South40 · 79 replies
    Money.CNN.Com ^ | May 17, 2013 | James O'Toole
    There's one great thing about J.C. Penney's last quarter: It's over. The struggling retailer lost a whopping $289 million for the three months ended on May 4, with sales plunging 16.4% versus a year prior.
  • J.C. Penney Warns of Steeper Sales Decline

    05/07/2013 4:13:39 PM PDT · by South40 · 51 replies
    WSJ.ocm ^ | 5/7/2013 | MIA LAMAR And KAREN TALLEY
    J.C. Penney Co. (JCP -3.07%) forecast a sharper-than-expected decline in fiscal first-quarter sales, citing the effect of former Chief Executive Ron Johnson's strategies to turn around the struggling department-store operator. For the quarter ended Saturday, the company said it expects to post sales of roughly $2.64 billion, a 16% drop from the prior year. Analysts polled by Thomson Reuters expect sales of $2.74 billion, or a 13% decline. Same-store sales were estimated to be down 16.6%, after falling 18.9% a year earlier.
  • Incredible New JCPenney Ad: We Screwed Up

    05/01/2013 9:18:30 PM PDT · by Olog-hai · 75 replies
    Business Insider ^ | May 1, 2013, 12:25 PM | Ashley Lutz
    JCPenney lost nearly a third of its customers in 2012. Now, in an unprecedented move, the company is admitting it totally screwed up. … Failed CEO Ron Johnson’s plan included ditching the company’s popular promotions program. Ideally, the strategy was meant to revamp JCPenney’s image and appeal to young people. In reality, it alienated long-time customers, while failing to draw in new ones. …
  • With J.C. Penney Struggling to Write Itself, Enter Soros (Another reason to boycott)

    04/25/2013 2:12:57 PM PDT · by Marathoner · 45 replies
    Forbes ^ | 4-25-13 | Forbes
    Legendary investor George Soros‘ Soros Fund Management has taken a 7.9% stake in the retailer, according to an SEC filing Thursday. The news sent J.C. Penney shares higher after-hours, up 6.6% to $16.25. At that price, Soros’ holdings are worth $283 million.Soros, who famously “broke the Bank of England” in 1992 as part of a group that heavily shorted the British pound, owns just under 17.4 million shares of J.C. Penney, according to the filing. His stake puts him among the retailer’s five largest shareholders.
  • J.C. Penney fires CEO after plummeting sales following gay ad campaign

    04/11/2013 2:01:23 PM PDT · by Morgana · 82 replies
    Life News ^ | Family Research Center
    April 11, 2013 (Family Research Council) - Plenty of companies have argued that natural marriage is "bad for business"--but they'll have a tough time persuading J.C. Penney. After a series of radical decisions, the retailer is struggling to survive a 25 percent drop in sales. It started in 2011 when the company hired Ellen DeGeneres, a vocal proponent of same-sex "marriage" as its spokesperson. The choice drew fire from organizations like the American Family Association (AFA) because it was a departure from the store's longstanding values. When AFA's One Million Moms complained, J.C. Penney's new CEO, Ron Johnson, stubbornly dug...
  • Ex-Apple execs exit JCPenney

    04/10/2013 4:52:44 PM PDT · by jimbo123 · 38 replies
    NY Post ^ | 4/10/13 | JAMES COVERT
    It’s official: Apple is out of fashion at JCPenney. Three top proteges of former Penney CEO Ron Johnson — all of whom boasted stints at Apple on their resumes — exited the retailer today, The Post has learned. Chief Operating Officer Mike Kramer, Chief Talent Officer Daniel Walker and Chief Creative Officer Mike Fisher kicked off an exodus of high-profile Johnson hires that is expected to continue in the wake of his ouster, sources said. Kramer — who said publicly earlier this year that he “hated the culture” at Penney — resigned as interim CEO Mike Ullman this week began...
  • J.C. Penney jumps after CEO (Ron Johnson) said to be out

    04/08/2013 2:09:12 PM PDT · by abb · 79 replies
    Marketwatch ^ | April 8, 2013 | Staff
    J.C. Penney Co. shares jumped 11% in after hours on Monday as CNBC, citing an unidentified source, said Chief Executive Ron Johnson is no longer head of the company.
  • Memories of You, Ron Johnson (JCPenney soon-to-be-ex-CEO...)

    04/03/2013 6:10:54 AM PDT · by jimbo123 · 12 replies
    NY Observer ^ | 4/2/13 | Duff McDonald
    It seemed like a good idea at the time. When J. C. Penney hired former Apple retail chief Ron Johnson in late 2011, pretty much everyone agreed that things could only get better for the struggling department store chain. The man’s track record spoke for itself—he worked for Apple, for God’s sake! What could go wrong? -snip- There’s a common logic to the guilty verdicts: instead of doing what he should have, which was ask Penney customers what they wanted, his Apple-borne arrogance made him think he could simply tell them what that was. And there’s been a kind of enhanced...
  • J.C. Penney CEO's Total Compensation Plunged 96% Last Year

    04/03/2013 5:56:54 AM PDT · by jimbo123 · 20 replies
    Fox Business ^ | Fox Business
    J.C. Penney Co. (JCP) Chief Executive Ron Johnson saw the value of his compensation plunge 96% last year, as he received little more than his straight salary after getting rich stock awards when he joined the retailer in 2011. The executive's performance has been under intense scrutiny lately, as his vision for reviving the department-store chain--by filling it with boutiques and forsaking perpetual clearances--has failed to stem sliding sales. Members of J.C. Penney's board would consider ousting Mr. Johnson or selling the company if sales declines don't reverse, The Wall Street Journal reported last month.
  • JCPenney CEO flip-flops again on prices (Will he flip-flop on Lesbian Ads for Mothers Day?)

    03/27/2013 9:38:11 AM PDT · by jimbo123 · 25 replies
    NY Posts ^ | 3/27/13 | JAMES COVERT
    JCPenney CEO Ron Johnson has quietly begun to hike prices across the company’s stores, The Post has learned. It’s a humiliating about-face as the former Apple exec scrambles to restore the traditional sales events he ditched last year. The increases are significant, as prices return broadly to previous levels before Johnson slashed them in his “fair and square” initiative. The push permanently lowered prices while eliminating sales events and coupons in February 2012, sources said. A pair of Nike swimming trunks priced at $25, for example, has been raised to $45, according to data reviewed by The Post. A bikini...
  • A Truly Depressing Visit to JCPenney

    03/02/2013 7:34:55 AM PST · by Sir Napsalot · 80 replies
    Slate ^ | 3-1-2013 | Matthew Yglesias
    .... Fourth-quarter earnings results came out on Wednesday and they were terrible. The bad news starts with a quarterly loss of $427 million, but it doesn’t end there. Comparable store sales—meaning stores that were open this past quarter and also open in the same quarter of the previous year—fell by a mind-boggling 32 percent. Henry Blodget says it may have been the worst quarter posted by any retailer ever. It wasn’t supposed to be this way. JCPenney made a big splash in the retail world by hiring Ron Johnson, mastermind of Apple’s retail operations, as CEO. He immediately set about...
  • A Truly Depressing Visit to JCPenney (No Discounts, No Coupons, No Business)

    03/01/2013 4:44:33 PM PST · by PJ-Comix · 90 replies
    Slate ^ | March 1, 2013 | Matthew Yglesias
    JCPenney, the storied if unglamorous retailer, is in trouble. Big trouble. Fourth-quarter earnings results came out on Wednesday and they were terrible. The bad news starts with a quarterly loss of $427 million, but it doesn’t end there. Comparable store sales—meaning stores that were open this past quarter and also open in the same quarter of the previous year—fell by a mind-boggling 32 percent. Henry Blodget says it may have been the worst quarter posted by any retailer ever.    It wasn’t supposed to be this way. JCPenney made a big splash in the retail world by hiring Ron Johnson,...
  • ANALYST: It Looks Like JC Penney Is Deferring Payments To Suppliers To Shore Up Cash

    02/28/2013 7:07:50 AM PST · by jimbo123 · 20 replies
    Business Insider ^ | 2/28/13 | Joe Weisenthal
    JC Penney shares are plummeting today after a big earnings whiff yesterday. One bright spot was how much cash the company accumulated. But even that is dubious. Morgan Stanley's Kimberly Greenberger notes that it looks like JC Penney is defering payments to vendors.
  • Ron’s ‘coke’ head (JCPenney CEO hires marketing exec responsible for New Coke fiasco)

    02/28/2013 5:16:32 AM PST · by jimbo123 · 33 replies
    NY Post ^ | 2/28/13 | JAMES COVERT
    This news may be hard for JCPenney investors to swallow. After the flailing retailer reported abysmal year-end results yesterday, CEO Ron Johnson revealed that Penney’s spring ad campaign is being masterminded by Sergio Zyman — the marketing exec behind Coca-Cola’s infamous New Coke blunder in 1984. Johnson, who said he has been working with Zyman since last fall, didn’t mention the New Coke connection in a call with analysts.
  • Penney’s on the dollar (Record losses expected to be announced by JCPenney CEO)

    02/24/2013 5:36:48 AM PST · by jimbo123 · 33 replies
    NY Post ^ | 2/24/13 | JAMES COVERT
    After a dismal winter, spring is nearly upon us, and everything is coming up roses at JCPenney. That, at least, is the message some investors expect to hear from CEO Ron Johnson Wednesday — despite forecasts that the flailing retailer will report a fourth-quarter loss on what could be the worst sales drop in its history. When Penney reports its results, Wall Street analysts forecast a loss, with sales down 24 percent to $4.1 billion, but many industry watchers estimate Penney’s comparable sales will plunge by upward of 30 percent.
  • America’s malls seek a life beyond retail

    02/09/2013 7:54:56 PM PST · by 2ndDivisionVet · 34 replies
    The Financial Times ^ | February 8, 2013 | Barney Jopson in New York
    The winter sunlight barely touches the depths of the abandoned store, where wires dangle from the ceiling, wood shavings scatter the floor, a King Lear shelf marker lies on the stairs, and a Led Zeppelin poster hangs spurned in a rack. The standalone building in Danbury, Connecticut, still bears the name of the Borders book chain that collapsed in 2011, and strewn on its cash register are fire-sale price lists for its fixtures and fittings. But nobody wanted them either. Instead its 8ft book cases stand bare and upright in the gloom, like the ruins of a bygone age. In...
  • Penney’s Johnson seen slashing jobs (JC Penney's meltdown continues...)

    02/06/2013 5:32:39 AM PST · by jimbo123 · 49 replies
    NY Post ^ | 2/6/13 | JAMES COVERT
    JCPenney CEO Ron Johnson is getting ready to break more hearts at headquarters — a few hundred more. In what some Penney insiders are calling the “St. Valentine’s Day Massacre,” the former Apple exec plans this month to fire at least 10 percent of the remaining 3,000 employees at the retailer’s home offices in Plano, Texas, sources told The Post. While the bloodbath was originally targeted for last month, sources said Johnson opted to delay it until after the flailing company’s fiscal year ended last week. “They wanted to throw the severance costs into this year because last year was...
  • They're back: J. C. Penney adds sales

    01/29/2013 1:05:40 AM PST · by rawhide · 37 replies
    ajc.com ^ | 1-28-13 | By ANNE D'INNOCENZIO
    J.C. Penney is bringing back sales. The struggling department store chain this week will begin adding back some of the hundreds of sales it ditched last year in hopes of luring shoppers who were turned off when the discounts disappeared, CEO Ron Johnson told The Associated Press. Penney also plans to add price tags or signs for more than half of its merchandise to show customers how much they're saving by shopping at the chain — a strategy used by a few other retailers. For store-branded items such as Arizona, Penney will show comparison prices from competitors. The reversal comes...
  • Man raises questions after carrying rifle into JC Penney

    01/18/2013 8:28:55 AM PST · by Daffynition · 125 replies
    KSL.com ^ | January 17th, 2013 | y Paul Nelson and Andrew Wittenberg
    RIVERDALE — Pictures of a man carrying a rifle inside a big box store in Riverdale are raising a lot of eyebrows. The woman who took them tells KSL the man had no business bringing the gun where he did. It was supposed to be just a regular trip to the JC Penney. Wednesday night, Cindy Yorgason was in line to return something when she saw a man with some pretty heavy fire power. "He had the assault rifle over his shoulder," Yorgason said. "He had a handgun on the right side of his belt along with at least one...
  • JCPenney stock plunges after bad holiday

    01/12/2013 5:36:33 AM PST · by oh8eleven · 70 replies
    New York Post ^ | 12 January 2013 | James Covert
    "Penney’s sales at stores open at least a year plummeted more than 30 percent through most of the crucial holiday season, sources close to the company told The Post this week."
  • J.C. Penney shares slide as UBS sees worse holiday sales (Ellen Christmas advertising flops?)

    01/11/2013 10:46:54 AM PST · by jimbo123 · 51 replies
    Reuters ^ | 1/11/13 | Phil Wahba
    J.C. Penney Co Inc (JCP.N) slid as much as 8 percent on Friday after UBS published a research note saying holiday quarter sales have likely been worse than expected and questioned the retailer's ability to roll out its new shops on schedule. -snip- UBS analyst Michael Binetti lowered his forecast for Penney's fiscal fourth quarter, which is still underway and includes the holiday period, and expects same-store sales to decline 28 percent, from an earlier projection of a 20 percent decline.
  • For Four Retailers, Do or Die

    12/27/2012 8:46:58 AM PST · by MinorityRepublican · 118 replies
    The Wall Street Journal ^ | December 27, 2012 | ANN ZIMMERMAN And DANA MATTIOLI
    While 2013 will be a tough year for retailers due to the tepid economic recovery, a few in particular face a critical 12 months. Their experiences highlight the challenges facing store chains, from increasingly cautious consumers to fierce online competition. These unlucky retailers are going into the New Year with extra woes: slipping sales, questionable strategies and tight finances—which is why they are the ones to watch, and not in a good way. Best Buy Co. BBY -1.22% has been plagued by the retail phenomenon called "showrooming," where shoppers examine products in its stores but buy online through rivals. A...
  • Ellen DeGeneres Christmas commercial upsets One Million Moms (JCPenney is at it again...)

    12/06/2012 11:02:41 AM PST · by jimbo123 · 46 replies
    NBC ^ | 12/6/12 | Gael Fashingbauer Cooper
    The commercial itself is hardly controversial. Comedian and talk-show host Ellen DeGeneres, wearing holiday-themed gloves and hat, sits at a diner table with three of Santa's elves. She asks them to make more toys for a JC Penney contest, and ends up accidentally insulting the tiny little helpers with a bunch of clumsy short jokes.
  • J.C. Penney reveals new Black Friday and Cyber Monday deals (Free Ellen Degenerate tickets...)

    11/12/2012 6:14:44 PM PST · by jimbo123 · 29 replies
    wxyz detroit ^ | 11/12/12 | wxyz detroit
    Instead of mailing out coupons J.C. Penney will be handing out buttons for this year's holiday deals. -snip- Each button has a code on the back which you enter on the J.C. Penney website to reveal if you won a prize. Prizes include a trip to Disneyland, tickets to Ellen Degeneres' show
  • Media Feature: The Beginning of the End for Ron Johnson at JCPenney

    08/23/2012 8:27:28 AM PDT · by george76 · 21 replies
    MarketWatch ^ | Aug. 22, 2012 | JON C. OGG
    the poor turnaround that Ron Johnson has engineered at JCPenney Co. Inc. (NYSE: JCP). Our take is that this is the beginning of the end and is a prelude to Ron Johnson's termination. Shares have gone from $60 five years ago to under $25 again, and the 52-week range is $19.06 to $43.18. Johnson has been on the job now for just under a year ... Perhaps chimpanzees could have done as well. Howard Davidowitz, of the retail consulting firm Davidowitz & Associates, said on Bloomberg TV that Ron Johnson will "be a goner" in another nine months if this...
  • Chick-fil-A, Papa John’s and In-N-Out Burger: Spare us your fast-food righteousness

    08/13/2012 8:28:39 PM PDT · by 2ndDivisionVet · 68 replies
    The Washington Post's Post Local ^ | August 13, 2012 | Petula Dvorak
    Since when does serving up junk food give someone a license to preach? Politics and all things fried, fatty and fast are becoming intertwined to the point of absurdity. We’ve got the Papa John’s pizza guys weighing in on the health-care debate, while the burger slingers out west at In-N-Out can’t serve up a cheeseburger without a Bible verse. The craziness of fast-food commentary on social issues became obvious to me when I stumbled into a totally earnest discussion at a party last week by a bunch of Washingtonians who personally support the right to same-sex marriage, but are also...
  • J.C. Penney's Latest Leap: Retailer to Ditch Cash Registers, Cashiers

    07/23/2012 12:17:42 PM PDT · by kevcol · 56 replies
    Daily Finance ^ | July 23, 2012 | Barbara Thau
    J.C. Penney (JCP) will say farewell to cash registers, checkout counters and cashiers by 2014, said Ron Johnson, the chain's CEO, during the Fortune Brainstorm Tech conference, reports Time. . . "Think of a physical store without a cash wrap," Johnson told the audience, according to Time. "About 10% of all the money we spend, half a billion dollars a year, goes to [checkout] transactions." The money saved by replacing checkout stations with new technology could be invested in improving customer service, he said.
  • J.C. Penney stock crashes with news of gay marriage support

    07/19/2012 3:25:37 PM PDT · by NYer · 240 replies
    afa ^ | July 17, 2012
    Simply put, people are not shopping at J.C. Penney. AFA and OneMillionMoms are showing success in the effort to educate people to Penney's aggressive national campaign to promote "gay" marriage. The company is going downhill fast. Since February, the company stock has lost more than half its value, and Standard & Poor's Ratings Services lowered its credit rating on J.C. Penney Co. further into "junk" status.Snapshot of J.C. Penney under same-sex marriage crusade February 2012 May 2012 June 2012 July 2012 JCP announces Ellen DeGeneres as their new spokesperson. JCP launches catalog ad featuring two "gay" moms. JCP launches catalog...
  • Retailers See Gay Population as Next Audience to Court

    07/16/2012 8:12:42 AM PDT · by kevcol · 61 replies
    WSJ ^ | July 9, 2012 | Karen Talley
    Retailers are becoming a lot less closeted. They are turning their attention to gays and lesbians, a group that wields substantial buying power but isn't fully integrated into mainstream advertising. Similar to other moves to attract different minority groups, the push comes with risks, as it could threaten the retailers' relationships with some of their longtime shoppers. Nonetheless, from J.C. Penney Co.'s (JCP) high-profile hiring of openly gay television personality Ellen DeGeneres as its spokeswoman to Target Corp.'s (TGT) selling of same-sex greeting cards, retailers are testing ways to cozy up to a community that by one estimate is as...
  • J.C. Penney Lays Off 350 Workers at Texas Headquarters

    07/10/2012 2:42:06 PM PDT · by tcrlaf · 36 replies
    NBC5-Dallas ^ | 7-10-12 | By ANNE D'INNOCENZIO
    J.C. Penney Co. says it is laying off 350 more workers at its headquarters in Plano as the department store struggles to transform its business under a new CEO. The cuts, announced Tuesday, follow the company's move in April to eliminate 600 workers at its headquarters.
  • NYC Pride March Celebrates 1st Anniversary of Same Sex Marriage

    06/24/2012 5:28:05 AM PDT · by the invisib1e hand · 9 replies
    Wnyc | 062412 | Richard Hake
    Since 1970, the annual march down the lavender line painted along Fifth Avenue blah blah blah
  • A Penny Saved Is a J.C. Penney Spurned [Penney's woes are warning to family-unfriendly companies]

    06/21/2012 4:38:11 PM PDT · by rhema · 37 replies
    J.C. Penney has lost its way--and in the process, its profits! "Is J.C. Penney trying to become GayC Penney?" ABC News is asking--and so are customers. In the last several months, the company once known for its Christian roots has undergone a radical transformation. It started last year, when J.C. Penney hired Ellen DeGeneres, a vocal proponent of same-sex "marriage," as its spokesperson. The choice drew fire from several people who thought DeGeneres was a departure from the store's longstanding values. When organizations like American Family Association's One Million Moms complained, J.C. Penney's new president, Michael Francis, stubbornly dug in...
  • Penney marketing chief steps down as ads disappoint

    06/20/2012 9:07:48 PM PDT · by WilliamIII · 34 replies
    Reuter ^ | Jun 19, 2012 | Phil Wahba
    J.C. Penney Co Inc (JCP.N) said on Monday that Michael Francis, a key member of the "dream team" the retailer assembled to carry out its transformation of everything from pricing to merchandising, was leaving the company, just months after he was lured from Target Corp (TGT.N). The move, announced in a brief statement, comes weeks after the department store operator said it had a worse-than-expected 18.9 percent drop in same-store sales for the first quarter as it tried to wean consumers off of coupons and frequent discounts as it adopted everyday prices. Francis, 49, was president and responsible for marketing...
  • J.C. Penney says President Francis is leaving

    06/19/2012 8:13:51 AM PDT · by ponygirl · 51 replies
    Fox News ^ | 6/18/2012 | AP
    In the latest sign of turbulent times at J.C. Penney Co., the mid-price department store chain said Michael Francis, the former Target Corp. executive brought in to help redefine the brand, is leaving the company. In a terse statement issued late Monday, the department store operator gave no reason for the abrupt departure of Francis, who had been on the job for a little over eight months. As president, Francis was responsible for the marketing of a controversial new pricing plan that aims to get rid of hundreds of sales events. He was also oversaw merchandising and product development. Shares...
  • J.C. Penney Executive Departs After Eight Months on Job (Fired for failure of gay ads)

    06/18/2012 5:52:05 PM PDT · by jimbo123 · 130 replies
    Wall Street Journal ^ | 6/18/12 | Steven Russolillo
    Something’s up at J.C. Penney. 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.
  • Macy's teams with HRC for Gay Pride Month

    06/05/2012 12:45:30 PM PDT · by kevcol · 40 replies
    Examiner.com ^ | June 1, 2012 | Hank Plante
    June is Gay Pride Month all across America, and retailer Macy’s is celebrating the month by featuring merchandise in its stores from the Human Rights Campaign. The HRC is the largest LGBT civil rights organization in the country, and Macy’s will sell HRC merchandise during June in its stores in San Francisco, Los Angeles, Minneapolis, Boston, Columbus and St. Louis. The merchandise includes “Vote Equality” t-shirts and other items with the HRC’s famous blue-and-gold “equal sign” logo. 100% of the proceeds from sales will go to HRC’s fight for gay, lesbian, bisexual and transgender equality . . He added, “During...
  • J.C. Penney's legacy betrayed by corporate promoters of homosexuality who violate the Golden Rule

    06/02/2012 7:58:27 AM PDT · by cleghornboy · 25 replies
    La Salette Journey ^ | June 2, 2012 | Paul Melanson
    LifeSiteNews is reporting that J.C. Penney's is promoting sodomy. See here. The company is running Fathers Day ads featuring two "gay" dads. James Cash Penney's legacy is under assault. He most assuredly would not approve of his chain of department stores being used to advance the sodomite agenda. J.C. Penney's father was a Baptist preacher and farmer who raised his family with strict discipline in the Christian faith. Victor Parachin, writing for Mature Living magazine, notes how, "The influence of Penney's godly parents became evident with the growth of his business. He described his chain as 'The Golden Rule Store,'...