Skip to comments.Cramer says departure of Penney's CEO means company is doomed
Posted on 05/22/2018 11:14:15 AM PDT by tcrlaf
Marvin Ellison's exit as CEO of J.C. Penney means the struggling department store chain can't be turned around, CNBC's Jim Cramer said Tuesday.
J.C. Penney shares plunged Tuesday after Lowe's announced it is naming Ellison president and CEO, effective July 2. J.C. Penney, which has struggled to compete within the quickly changing retail landscape, told CNBC that it was informed by Ellison a couple days ago of the move.
"If there was any chance [of a turnaround], I think you would stay," Cramer said on "Squawk on the Street." "Because it would obviously be such a kick in the face of J.C. Penney to move over."
Cramer, who also said Ellison's move is "fabulous" for Lowe's, added he would not say that Marvin Ellison "failed" the department store chain because "who would not fail there."
(Excerpt) Read more at msn.com ...
I was done spending with GayC Penney when the CEO decided to kick the customers to the curb and go queer. So were millions of others, I am sure.
My family, including my formerly teen daughter, have not spent one thin dime in there since.
this was the idiot CEO who went full fag with those catalogs, right?
It’s a shame. That guy was kicked out and the “all gay” and “gay approved” themes were taken down. Sales were reinstituted too. It’s back to what it was, lost customers notwithstanding. My wife loves that place. But it’s sort of a ghost town usually. Anyway the main alternative is Amazon and that’s certainly not better politically.
I quit Penney’s years ago. Their gay thing didn’t bring me back. They won’t be missed.
Mongomery Ward is gone. Sears is heading to the door. In five years it’ll all be Amazon, Amazon, Amazon.
I’ve been hearing about that policy change going back about 10 years. They must have never revised it.
The fact that JC Penny’s is swirling down the sink is unfortunately old news. It didn’t have to be that way.
Or Wal-Mart, Wal-Mart, Wal-Mart.
I will do without!
True, but they’ll do something more to screw themselves up. I remember the good o’ days at K-Mart...about 1965...seemed you could get anything you were looking for. Not around here anymore.
Well I don’t understand what’s going on. My spouse has returned to shopping at Penney’s, but I don’t know how people, or analysts, can say that online is killing retail. Some retail? Maybe, but unless you can always and consistently buy stuff off the rack, I can’t imagine how people buy assorted clothes online at, say, Amazon.
My personal sense is that Penny’s, like Sears and others, got great deals when malls were booming and at that time signed long-term lease agreements that are now killing them.
Huge stores in high rent and now low volume malls would kill anybody. If they weren’t tied to these leases you would think that these types of retailers would move out of malls and create smaller, boutique stores in anyone of the millions of lower cost strip malls.
Sears, K-Mart, Boston Store, Penney’s, Macy’s, all these formerly big mall-centric retailers are going the way of newspapers.
We have bought stuff on line and absolutely nothing was worth it. I miss the take it back to the store days. Plus what you get is PURE CRAP! And your screwed because they don’t pay for return shipping. Not worth all the hassle.
Cramer’s a carnival sideshow.
What about TG&Y? I bought a Dan Wesson .357 on installments at one in Waveland MS in 1980. LOL!
Haven’t bought anything from them for years.
or eBay, eBay, eBay
frankly those are my main go to’s.... I give a crap about what they say for me it’s selection, price, and quality and I pick and choose appropriately.
[[I was done spending with GayC Penney when the CEO decided to kick the customers to the curb and go queer.]]
So were aq lot of people=- Back then, the peopel actually got involved and boycotted companies like pennys that did crap like that- today we don’t organize in large enough numbers to affect the profits of large companies unfortunately
I buy my husband’s dress clothes through JC Penney online and I’ll miss them when they’re gone. Their shirts are the best.
What a shame. Stock went from over $10/share in January 2017 to $2.36/share today. In 2017 they had ~98,000 employees. That’s a lot of people losing their jobs if the company goes belly up. In addition to the political fallout that hurt them, Dept. stores in general just don’t seem like a viable concept anymore.
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