| Submit your comments on this article |
| Economy |
| Finally, we get to hear J.C. Penney's mea culpa. |
| 2013-05-02 |
| [MONEY.CNN] In an ad appearing on Penney's YouTube channel, the retailer cops to making mistakes and pleads with customers to come back. "It's no secret: Recently J.C. Penney (JCP, Fortune 500) changed. Some changes you liked, and some you didn't," the ad states. "But what matters with mistakes is what we learn." The ad goes on to say it listened to what customers want and need. "Come back to J.C. Penney," it urges. "We heard you. Now we'd love to see you." The 30-second spot, titled "It's No Secret," comes just a month after the company ousted CEO Ron Johnson, a former Apple retail chief. "Pack your spit and get out!" Johnson had tried to implement many changes in the stores -- from overhauling prices to ditching older brands -- to no avail. "What's the diffo between selling computers and general merchandise?" "We thought you knew that when we hired you. This is a fine time to learn." The retailer is desperate to get customers back to stores, since shares of the company tumbled 50% during Johnson's tenure and it bled $427 million in the fourth quarter alone. "I thought you'd give me more time to figure out the diffo between selling computers and general merchandise!" "Have you seen what you did to our share price? Get out now!" This ad is a signal to customers that the company will get rid of many of the Johnson-era changes, since it ends with a tweaked version of the J.C. Penney logo he put in place. Johnson had attempted to rebrand the store with just a simple "jcp." The ad ends with "jcpenney." J.C. Penney said that the ad will air Wednesday and Thursday on national television, as well as on its social media platforms. |
| Posted by:Fred |
| #7 Peter principle? |
| Posted by: Ebbang Uluque6305 2013-05-02 18:10 |
| #6 They also got rid of a lot of front-line managers. If only the FBI had such practices. |
| Posted by: Procopius2k 2013-05-02 12:30 |
| #5 Wife works for JCPenney (sales associate - aka - sales lady) and she knew right off that getting rid of the Coupons and sales was a bad idea. She noticed right off that some of the repeat customers she would see every 'sales weekend' simply weren't coming around any more. Sometimes she would come home and notice that 'there weren't many customers today.' (and this is at a Mall). They also got rid of a lot of front-line managers. |
| Posted by: CrazyFool 2013-05-02 10:28 |
| #4 Hedge fund big shots have started to move into JCPenny. George Soros now owns about 8%. William Ackman (Pershing Capital) owns about 5%. |
| Posted by: lord garth 2013-05-02 10:20 |
| #3 I see a great future for him in re-rigging the NY Times business plan. Go to it, Ron |
| Posted by: Frank G 2013-05-02 09:57 |
#2  Je pourrais acheter à JCPenny s'ils devaient commencer le stockage de marchandises, que je trouve attrayant et utile pour moi et mes amis. I might shop at JCPenny if they were to start stocking merchandise , which I find to be appealing and useful to me and my friends. |
| Posted by: Fontaine de jouvence 2013-05-02 09:38 |
| #1 ...after the company ousted CEO Ron Johnson, a former Apple retail chief. Done behind closed conference doors by professional board members. No board members were hurt during this event. Do not attempt at home. Any people involved in the hiring getting pink slips too? Does the board even understand what business they're in? Has any of them even shopped in their stores? Have any of them practiced Tom Peters 'management by walking around'? [not that we haven't seen that updated in Undercover Boss] |
| Posted by: Procopius2k 2013-05-02 08:54 |