This is a company that lost well over a $billion last year.
It has proven it can increase sales by selling merchandise at price points that ensure they keep losing money. What it hasn't proven is whoever is buying the $6 jeans will now start paying $35-$40.
It's not going to happen. They haven't gotten the old customer back, they simply attracted the people who buy the lowest possible price. The old customer isn't coming back. If they were, they would have responded to the apology and the giant ad campaign launched in the spring/summer.
Ullman is days away from announcing a giant cost reduction with many store closings. He should have done it before wasting all of this money. Stock goes to $3, then it's a buy below that.