Boston, MA 12/17/2013 (wallstreetpr) – Former J.C. Penney Company, Inc. (NYSE:JCP) CEO Ron Johnson has remained nearly silent since April when he was forced out as CEO of the company. And Ron is not going to say anything big about the company or his tenure there, at least in the near future.
Ron was the CEO who led an aborted attempt to revitalize the company. A lot of cash was burnt during this transformation attempt but at the end, there was very little to show for it, except declining sales and growing losses. And when the board sensed that things were spinning out of control, Ron was ousted and Mike Ullman recalled.
Since the ouster, Ron has chosen not to talk publicly about the retail chain. He says this is because he doesn’t want to impact on the company’s turnaround efforts which are underway. However, he is wishing the company the best under Ullman and the team working with him at J.C. Penney Company, Inc. (NYSE:JCP).
The ongoing rebound effort at J.C. Penney Company, Inc. (NYSE:JCP) is to connect the retailer with its core customers. The company is experiencing low sales and reduced customer traffic. It is currently running discount offers and refreshing its shelves and stores countrywide to entice shoppers. In the months of October and November, the company reported sales growth which confirmed that it was right on course to stability.
Even though sales have started showing improvement as revealed by October and November sales data, JCP is still expecting losses in the current quarter. However, the loss is expected to be lower than the corresponding quarter last year.
In addition to attracting customers to its brick and mortar stores, the retailer is also trying to win customers through its online portal. During the Thanksgiving holiday, J.C. Penney Company, Inc. (NYSE:JCP) reported improved sales through both the local and online stores. This is good as it shows that the company’s multipronged approach towards revitalization is paying off.