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(LA Times)   JC Penney boosts confidence in its investors by saying there is "absolutely no assurance" they will be able to turn things around with the company   (latimes.com) divider line 22
    More: Fail, J.C. Penney, Macy's Inc., boosting, investors  
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919 clicks; posted to Business » on 21 Mar 2013 at 12:06 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



22 Comments   (+0 »)
   
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2013-03-21 12:30:16 PM  
Considering they're selling Store Brand goods at upper medium retail pricing they shouldn't be hurting so bad. But hey, they make 2XLT shirts, I'm good with that. No one else does that isn't aiming at black basketball players.
 
2013-03-21 12:39:24 PM  
Sell, Mortimer, sell!!!!
 
2013-03-21 12:39:25 PM  
the turnaround "may take longer than expected" and that the results "may be materially less than planned."
...
"There is no assurance that we will be able to successfully implement our strategic initiatives," J.C. Penney wrote in the report.
...
The chain has suffered a "prolonged decline in sales," substantially fluctuating stock price and several credit rating downgrades as it implemented "changes in our pricing strategy, corporate branding, marketing, store layout and merchandise assortments," according to the report.


"Let's be honest here... we're pretty much farked.  We could switch our spokesperson from Ellen Degeneres to Jon Hamm's penis and we'd still be shiat out of luck."
 
2013-03-21 01:05:52 PM  
When a company is that blunt about failing, you know they're farked.
 
2013-03-21 01:10:19 PM  
I thought annual reports were supposed to be somewhat pessimistic so that investors couldn't sue for being sold false promises.
 
2013-03-21 01:46:23 PM  
Honest people can't be trusted. You never know what they might say.
 
2013-03-21 02:26:44 PM  
I know I'm not a Wharton Business School MBA that grew up surrounded by my fathers CEO friends, but what did people expect?

Are there any example where a retailer as large as JCP has turned around years of decline in under a year?  What case studies should one read for the tremendous success of a large retail company restructuring itself in the midst of a lackluster economy and doing better after a year?  I don't know if JCP can be turned around of it will go the way of Montgomery Wards or others, I just wonder if anyone has reasonable expectations for any change of great magnitude to happen.
 
2013-03-21 03:31:58 PM  
From what I understand, JCP has done well historically, up until Captain Clusterfark took over and tried to turn it in an Apple-esque "experience."

What shoppers care about: Stores with sales, coupons and merchandise.
What shoppers don't care about: Clerks with iPads instead of registers, stores-within-stores, CAT6 cabling instead of CAT5 cabling.

Guess what he's been dumping all of the company's money into?
 
2013-03-21 03:36:00 PM  
JC Penney boosts confidence in its investors by saying there is "absolutely no assurance" they will be able to turn things around with the company

Better than being prosecuted by the SEC and/or sued by your shareholders for making misleading statements. If things turn out better than you said, everybody's happy. If things turn out worse, you'll have a mob with pitchforks headed for your office. May as well default to telling the world the wheels could come off at any moment and take the (one hopes short-term) hit to the stock price.
 
2013-03-21 04:02:58 PM  
Why not go all in and stick gay-marriage in the ads. Got me to stop shopping there.
 
2013-03-21 04:07:30 PM  
The last time I went to a Penney's, their inventory was horribly managed.  Entire sections of the store empty, and what they did have in stock was missing some pretty common sizes.  If people try to shop at your store but can't, you're doing something wrong.
 
2013-03-21 04:20:17 PM  
Sounds like JC Penny is trying to short sell its own stock.

No, really.
 
2013-03-21 05:06:02 PM  
It's a shame. JCP has had some good men's wear at great prices for the last 1-2 years.
 
2013-03-21 05:14:15 PM  

aspAddict: From what I understand, JCP has done well historically, up until Captain Clusterfark took over and tried to turn it in an Apple-esque "experience."

What shoppers care about: Stores with sales, coupons and merchandise.
What shoppers don't care about: Clerks with iPads instead of registers, stores-within-stores, CAT6 cabling instead of CAT5 cabling.

Guess what he's been dumping all of the company's money into?


JCP's customer base was slowly dying off. Malls are all bankrupt.

Target & Kohl's was grabbing the younger market.

JCP had to try something.
 
2013-03-21 06:42:47 PM  

wingnut396: I know I'm not a Wharton Business School MBA that grew up surrounded by my fathers CEO friends, but what did people expect?

Are there any example where a retailer as large as JCP has turned around years of decline in under a year?  What case studies should one read for the tremendous success of a large retail company restructuring itself in the midst of a lackluster economy and doing better after a year?  I don't know if JCP can be turned around of it will go the way of Montgomery Wards or others, I just wonder if anyone has reasonable expectations for any change of great magnitude to happen.


I don't remember the specifics, but didn't Target completely revamp themselves about a decade ago, to some success?
 
2013-03-21 09:38:28 PM  
This story has been blown out of proportion by the media. It's standard Risk Factors boilerplate in any 10K. Hell, here's some stuff from Apple's latest 10K:


"There can be no assurance the Company will be able to continue to provide products and services that compete effectively."


"There can be no assurance the Company will be able to detect and fix all defects in the hardware, software and services it sells. "


Holy shiat! Apple's products are not only defective, they are admitting they may not be able to compete against HTC, Samsung, or even ZTE! Everybody sell Apple now, they're circling the drain!
 
2013-03-21 10:41:49 PM  
Wait, you're telling me building a marketing campaign around their refusal to offer any coupons or discounts to a customer base that focuses almost exclusively on coupons and discounts didn't work out?
 
2013-03-21 10:47:23 PM  

c152atn67: This story has been blown out of proportion by the media. It's standard Risk Factors boilerplate in any 10K. Hell, here's some stuff from Apple's latest 10K:


"There can be no assurance the Company will be able to continue to provide products and services that compete effectively."


"There can be no assurance the Company will be able to detect and fix all defects in the hardware, software and services it sells. "


Holy shiat! Apple's products are not only defective, they are admitting they may not be able to compete against HTC, Samsung, or even ZTE! Everybody sell Apple now, they're circling the drain!


This. It's not an annual report.

That said, JCP is indeed in trouble. They're not simply taking a long time to turn around; they're continuing to get worse.
 
2013-03-22 02:47:48 AM  

TheSelphie: When a company is that blunt about failing, you know they're farked.


Every publicly traded company puts that shiat in. This software may not sell, etc. It's cya stuff
 
2013-03-22 08:35:40 AM  

mediablitz: TheSelphie: When a company is that blunt about failing, you know they're farked.

Every publicly traded company puts that shiat in. This software may not sell, etc. It's cya stuff


It's true, but it's still fun how doom and gloom it all is.
 
2013-03-24 02:53:43 PM  

Boxcutta: Wait, you're telling me building a marketing campaign around their refusal to offer any coupons or discounts to a customer base that focuses almost exclusively on coupons and discounts didn't work out?


The liberals thought having a few gay couples in their ads would fix everything.
 
2013-03-24 09:25:18 PM  

Nemo's Brother: Boxcutta: Wait, you're telling me building a marketing campaign around their refusal to offer any coupons or discounts to a customer base that focuses almost exclusively on coupons and discounts didn't work out?

The liberals thought having a few gay couples in their ads would fix everything.


Oh, those liberals.  Always ruining everything for everyone.
 
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