JCPenney closing 33 stores, slashing 2,000 jobs

Started by walkstall, January 15, 2014, 03:08:26 PM

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Solar

Quote from: actionblock on January 20, 2014, 02:14:47 PM
t's tough to keep up with the times in retailing because the times they are a changing all the time. Johnson was just the gasoline dumped on glowing embers. Should have done better research or PM'ed you for your thoughts. If so, I would not have clicked the "Confirm Order" button.
I worked at Monkey Wards in the 70s when they were going through serious restructuring, and the one thing that probably sunk them the most was the union, they tried to work with them, all the while bleeding money.
In the end, they kicked the union to the curb, but it was to late.
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supsalemgr

Quote from: Solar on January 20, 2014, 01:40:29 PM
It was hemorrhaging money long before Ron took on the job. It's standard practice to spin the firing of the last CEO to try and make the company appear as if they are on the mend.
Bottom line, Penney didn't keep up with the times, they lost relevance back in the late 90s to other stores like Target, even Walmart cut into their bottom-line.
Remember Sears, Wards? The biggest stores in the country at one time, Wards is gone, and Sears is struggling to stay relevant.

Sears was where America shopped in the 50's, 60's and 70's. Their appliances and hard lines were considered top of the line. Then they lost focus and tried to beef up their soft lines and was a dismal failure at it. However, the biggest thing that I saw was they got rid of their full time sales people who worked on commission and went to part timers and this reduced the shopping experience for the customer base. They also failed at diversification when they bought Coldwell Banker and Dean Witter. People didn't want to buy stocks and houses at the Sears store. At the same time Allstate was out performing Sears and Wall Street demanded they spin it off as the tail was wagging the dog. Once that cash cow was gone they could not compete with Walmart.
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