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Argentina, Brazil, and Canada. Walmart's investments outside North America have had mixed results: its operations in the United Kingdom, South ...
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An Awful Start for JCPenney's New CEO - 24/7 Wall St.
Former Apple (NASDAQ: AAPL) retail chief Ron Johnson, hired to achieve a turnaround at JCPenney (NYSE: JCP), is off to a terrible start. The wobbly department store company may not recover for a long time from the initial trouble during his tenure.
Several media reports say that Johnson will lay off several thousand workers. The cuts make sense from a financial standpoint, but their announcement should have been handled better. Press leaks made it appear that JCPenney is desperate to cut costs, which is probably true. There is no need to telegraph the retailer’s problems, though. It could have shown the need to carefully cut costs as part of a broader strategy.
JCPenney set a deal to distribute Martha Stewart Omnimedia (NYSE: MSO) products in its stores. It took a 16.6% equity position in the media company for which it paid $38.5 million. Rival Macy’s (NYSE: M) says it has an exclusive arrangement for Stewart products that dates from 2007. JCPenney management, which includes Johnson, must have known of the risk of a Macy’s action. And Martha Stewart’s brand is aged. Her company is in trouble, which probably would have accelerated without the JCPenney infusion. Now, JCPenney has the distraction of a legal battle that involves its larger and more successful rival....
Fixing J.C. Penney Will Take Time - Barrons.com
'S midtown Manhattan store abruptly changed several days ago, the clearance signage replaced by a cryptic photograph of the numbers "2.1.12" soaring above clouds that look like two fat white thumbprints. A security guard was mystified. The sales associates were perplexed, too. Rumors flew that their employer plans a redesign and a new pricing strategy, and they fretted about their jobs. There's reason to worry. Traffic was sparse, compared with that at
All that will change if Ron Johnson's coming makeover of J.C. Penney—plans for which he'll unveil at investor meetings this week, starting Wednesday, and that will kick in on Feb. 1, or 2.1.12—is a success. Investors already are betting that it will be. Profit expectations for the retailer's fiscal year ending Jan. 30 have been slashed, to $1.25 a share, from the company's own initial forecast of $2.10. Nonetheless, the stock (JCP), now around $35, is up 12% since Johnson joined Penney in November. But a turnaround takes time. There will be plenty of chances to buy the stock at a lower level before shoppers issue a verdict on the CEO's vision.
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