By  on May 21, 2012

PLANO, Tex. — J.C. Penney Co. Inc. is going to be “in the wilderness” for about a year as it reinvents its identity in a bid to capture market share, chief executive officer Ron Johnson told shareholders at the company’s annual meeting here Friday.

“We are in the middle of a very important and a very challenging year of transformation,” he told the small audience at company headquarters. “It is not easy. It’s been a really hard time for all of us here.”

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