They probably won't...at least in the form of JCP as we know it today. These are drastic times for JCP and any solution(s) will call for equally drastic measures. Either Ullman will be up to the task or he won't.
1. Ullman needs to close many of the under-performing stores
2. Finish the store revamps currently underway and put a hiatus on any new store redesigns
3. Win back the customers which will require an extensive advertising/PR and promotional campaign effort
4. Build on-line, Internet business into a strong revenue source
5. Be candidly honest in communications with Wall Street and the business press. No more hiding behind "No Comment" shield.
6. Bring back employee sales commissions. Build internal morale
7. Instill across-the-board respect for the customer...they don't need, or want, to be retrained.
8. Take the time and make the effort to pre-test and research new concepts before charging full speed ahead
Awesome post (again). The problem with RJ was not his idea itself, but the blindness, speed, and heedless, untested totality with which it was forced upon the company. The idea did not kill (and it might have been a good idea). How it was implemented, killed.
Respect for customers begins with respect for employees and the customer relationships they then create. By now, though, I don't know if the BOD and investor-level people have enough respect for anyone who isn't rich to make the required changes. Certainly they recently found it very easy to show very openly just how much contempt they had for the customers and the people who served them.
I have no position in the shares but I suspect it is too late. The momentum to disaster is too great and the tools with which to make a rapid turn, if ever available, would have been intentionally thrown away.