By  on May 19, 2008

PLANO, Tex. — Myron E. "Mike" Ullman 3rd, chairman and chief executive officer of J.C. Penney Co. Inc., told shareholders Friday the retailer was positioned to cope with the economic downturn — a day after Penney's reported first-quarter net profits fell 49.6 percent to $120 million.

Lundgren Maps Out Macy’s New Route

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