Hatred? I don't hate JC Penney. I don't think most shorts hate JC Penney. My first charge card was with JC Penney. My kitchen curtains are from JC Penney. There's just a realization that JC Penney is in serious trouble and that what's being done isn't solving the problem. Putting labels on the other side doesn't solve your balance sheet problems. JC Penney was in a steady decline before Ron Johnson ever graced the JCP boardroom. Pretending that message board chatter is hurting JCP won't save this company.
I don't care whether or not JCP longs hold onto their shares - I'm not here to save anybody from themselves. Yes, JCP is collapsing under its own weight but I ♥♥♥ provide ring side commentary on it. It's just unbelievable to me that JCP has allowed itself to fall into this situation. You don't get to see a WT Grant bankruptcy or FW Woolworth shutdown everyday. JC Penney's failure is very sad but not talking about won't slow it down.
I think that the losings report Wednesday will make it clear that JC Penney struggled to keep comps in positive territory and that margins suffered. Keep in mind that Mike Ullman, in his previous tenure with JCP, oversaw a slow but steady shrinking of same store sales. Even with the horrific plunge in comps under Ron Johnson, he has not been able to reverse that trend.
JCP losings report will be devastating Wednesday. They gave away the stores trying to keep comp sales in positive territory. While I don't think we'll see sub-dollar this week, JCP will drop below $5.00 for quite a while. JCP longs get ready - you're going to get reamed out this week. ☺☺☺
Do I feel lucky? Well, do ya, punk?
I want to know how he/she pulled off the 'nne' and part of the 'y' off the building's exterior without getting spotted by that security camera just above the sign. I guess, too, that some 'careless' employee must have less their markdown stickers out so that he/she was able to create a fake multiple markdown. Yes, it's amazing what lengths some people will go to in building a 'false' case against a such a 'fine' retailer as JC Penney.
Actually, it is all about the numbers. If JC Penney doesn't find a way to grow its sales and margins, even Goldman Sachs will eventually stop lending to JCP. A company with no capital is bankrupt.
So they brought in Ron Johnson. Ron Johnson made things a lot worse so they brought back Mike Ullman. Does anyone really think that going back to JC Penney's old ways will rescue the company? Albert Einstein once said "The definition of insanity is doing the same thing over and over again and expecting different results".