J.C. Penney's (JCP) stock got clobbered yesterday after the company announced the sudden departure of its president, Michael Francis.
Yesterday's drop only added to the woes of J.C. Penney's shareholders, who have seen the value of the company nearly cut in half over the last three months. The stock has also hit the lowest level it has seen since Apple's former retailing guru, Ron Johnson, joined the company last fall.
A day after Francis's departure, Ron Johnson is publicly throwing him under the bus, blaming him for the failure of J.C. Penney's marketing message to connect with consumers. Johnson is now taking over responsibility for that marketing message himself.
At the same time, Johnson is standing behind his larger strategy for J.C. Penney, which is to offer "everyday low prices" instead of constant sales and discounts and other gimmicks designed to get cost-conscious customers into the stores.
And believe it or not, according to MorningstarRead More »from Believe It Or Not J.C. Penney’s Strategy Is Working, Says Analyst