By and  on November 23, 2010

NEW YORK — “Life as we know it has changed,” said Peter McGrath, executive vice president and director of product development and sourcing at J.C. Penney Co. Inc.

McGrath told an audience at the annual Textile & Apparel Importers Trade & Transportation Conference last week to forget about the past 20 years, notable for product deflation. Addressing rising prices for cotton, which he called “white gold,” McGrath said Americans will be impacted by them as the “recession lingers.

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