Big, big mistake!
Look for policy changes...
First a little background:
NEW YORK -- In the latest sign of turbulent times at J.C. Penney Co., the mid-price department store chain said Michael Francis, the former Target Corp. executive brought in to help redefine the brand, is leaving the company.
In a terse statement issued late Monday, the department store operator gave no reason for the abrupt departure of Francis, who had been on the job for a little over eight months. As president, Francis was responsible for the marketing of a controversial new pricing plan that aims to get rid of hundreds of sales events. He also oversaw merchandising and product development.
Shares fell nearly 6 percent in after-hours trading.
Penney said that Ron Johnson, the former Apple executive and new CEO, will assume direct responsibility and oversight of the company's marketing and merchandising functions.
The surprise move comes as the department store chain is scrambling to reverse a sharp drop in customer counts and plummeting sales after Johnson's new pricing strategy ended up turning off customers, who are accustomed to coupons and big markdowns. The plan was implemented Feb. 1. - Source
Francis left a month ago: “It’s not us, it’s you” was the underlying sentiment felt as the news broke that President of Marketing for JC Penney Michael Francis was leaving the company this past Monday. Francis, a former Target Corp. executive, was recruited eight months prior to head JC Penney’s rebranding effort in order to turn around troubling times. - Source
J.C. Penney stock crashes with news of gay marriage support
Stock rated "junk" status, loses 50% since February, 350 layoffs at home officeJuly 17, 2012
Simply put, people are not shopping at J.C. Penney. AFA and OneMillionMoms are showing success in the effort to educate people to Penney's aggressive national campaign to promote "gay" marriage.
The company is going downhill fast. Since February, the company stock has lost more than half its value, and Standard & Poor's Ratings Services lowered its credit rating on J.C. Penney Co. further into "junk" status.Snapshot of J.C. Penney under same-sex marriage crusade
February 2012 May 2012 June 2012 July 2012 JCP announces Ellen DeGeneres as their new spokesperson. JCP launches catalog ad featuring two "gay" moms. JCP launches catalog ad featuring two "gay" dads. JCP stock rated "junk" by S&P. JCP fires marketing exec. Stock price:
Stock price falls to $35.67 Stock price falls to $25.83 Stock price falls to $20.02First-year CEO Ron Johnson's decisions have led to disastrous results for the company. Rather than build on the faith-based traditions of founder James Cash Penney, Johnson has abandoned family values and taken the company into a financial tailspin by embracing social activism.Families are the backbone of Penney's existence. As long as it pushes homosexual marriage, families will go elsewhere. - Source
Wow! Now I'm thinking boycotts really do work! Watch your back Target! General Mills, are you paying attention?
H/T Ray at Stella