JC Penney reported a loss of $348 million for its first quarter, compared to $163 million comp last year amid a 16% decline in revenue. The retailer is struggeling to recover from the business plans former CEO Ron Johnson had put in place.
JCP’s new CEO Mike Ullman said that reconnecting with customer will take time and that they “recognized the magnitude of the challenges that we face, and we belive we can put JC Penney back on a pathway to profitable growth”. One of the strategies to put them back on track is to emphasize thier private brands.
Source: Marianne Wilson, Retailingtoday.com
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