They think that JC Penney's 'icon' status exempts it from evolving and staying relevant to its customers. Apparently they've never heard of Montgomery Ward, Woolworth, WT Grant, or Circuit City.
JCP bashes itself all day, all night, and all weekends and it doesn't take time off for the holidays. I keep hearing about 'paid bashers' and I wonder, "Where do I sign up for this gravy train?" You don't have to make stuff up or outright lie like the JCP pumpers do. The facts about JC Penney are bad enough as they are. If anyone knows how I can get PAID for reporting the facts, please let me know.
It sure will SUCK to have your money tied up in this JCP P.O.S. for the near future. IT'S GOING BANKRUPT VERY SOON!!!
I have it on good authority that the pictures were taken by jcpenneyman. Apparently, he's become a double agent.
I like my retailers a little on the TRASHY side!
JCP's cash burn is incredible. You can be sure that JCP"s cash burn accelerated during the extremely competitive holiday selling season. Bankruptcy protection has to look very alluring to JCP management right now. Vendor's reluctance to ship without payment guarantees for the next holiday shopping season could also be a precipitating factor.
No. I simply believe that Ron Johnson dug way too big of a financial hole for JC Penney to climb out of. They lost 31.7% of their customers in the fourth quarter of 2012 without any significant gain of the younger, more affluent customer Ron Johnson had sought. Shopping patterns become established and entrenched very quickly and the shoppers who left JCP in 2012 have found lots to love about their new-found retailers. In addition to chasing away their best shoppers, JCP also allowed itself to get typecast as 'the store where your grandma shops." This is anathema to any retailer. While senior women do spend money, they are not forming new households or starting careers like younger women. The name JC Penney is an extreme liability. One could put up JC Penney signs on all existing Wal*Marts without changing anything inside and Wal*Mart would likely be bankrupt in two to three years. JC Penney is a retailer without a profitable niche. Mike Ullman has returned JC Penney to its old racket of artificially inflating prices just to mark them down with sales and coupons. He's obviously doing better than Ron Johnson did but JC Penney is likely back to the old stagnation or slow decline that caused the JCP board to seek his replacement several years ago. The difference now is that JC Penney has tons of debt that it didn't have before. JC Penney will find itself forced to seek bankruptcy protection to reorganize and jettison unwanted leases. This will wipe out current JCP shareholders.