It will take a lot more than that to save them:
"J.C. Penney’s board of directors has ousted chief executive Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops. Once-loyal customers have strayed from the 1,100-store chain. It hasn’t been able to attract new shoppers to replace them."
Related:
"Day’s big loser is J.C. Penney" Associated Press, March 01, 2013
NEW YORK — J.C. Penney Co. was the biggest loser Thursday. Its shares plunged a day after the department-store chain posted its fourth consecutive quarterly loss — one that was larger than expected....
Chief executive Ron Johnson unveiled a plan to ditch hundreds of sales in favor of everyday low prices. Thursday’s fall is the latest sign Johnson’s strategy may fail. ‘‘I fear it will be much worse, as consumers continue to walk away from J.C. Penney and its financial health continues to deteriorate,’’ said Walter Loeb, an independent consultant in New York....
It's okay if they walk away; they just need to have something in a bag.
--more--"
All that during an economic recovery.
NEXT DAY UPDATE:
"The overarching question is whether the century-old company can be saved at all. Very few retailers have recovered from a 25 percent sales drop in a single year, like that suffered by Penney under Johnson’s watch. Ullman also will have to find ways to boost employee morale amid severe cuts that have slashed the workforce by nearly 30 percent."
A Penney isn't worth as much as it used to be.
UPDATE: Judge aids J.C. Penney in Martha Stewart case
