J.C. Penney Shares Bounce on New Discounts
January 29, 2013 - 10:38am
When former Apple (NASDAQ: AAPL) COO Ron Johnson took over as CEO at J.C. Penney (NYSE: JCP), the struggling U.S. retailer, he laid out a five-year plan to turn the retailer around. However, years into the plan, shareholders have seen little in the way of returns from this plan.
One key tenet of the plan was erase discounts from the stores and to sell products at full retail as much as possible, in order to maximize margins. However, this strategy has failed so far and the company is now set to reverse on its position and begin discounting once again.
CEO Johnson announced in an interview with the Associated Press that the company will now restart targeted discounts during certain times of ...
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