By  on August 12, 2012

Mistakes were made and maybe he’s a little misunderstood. But Ron Johnson, chairman and chief executive of J.C. Penney Co. Inc., isn’t about to back away from his reinvention strategy for the store.

Johnson’s program is under more scrutiny, particularly the everyday low pricing piece, after Penney’s on Friday posted poor results for the second quarter. Moody’s downgraded the business to Ba3 from Ba1 because it believes Penney’s will face double-digit sales declines for the remainder of 2012 until it anniversaries its new pricing and gross margin pressure in the third quarter as it clears second-quarter excess inventory.

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