NOTE: In honor of Le Fly’s upcoming 42nd bday, we’re doing free trials for Exodus this week. Email me at Flybroker at gmail dot com for access.
About 6 years ago, Bill Ackman and Ron Johnson, former guru from Apple, ventured on the quest to turn JC Penney into a chic retailer, one without coupons filled with elderly people in search of deals. That plan ended in disaster, placing the once legendary retailer in the grips of a debilitating financial crisis.
Look at the revenue and earnings collapse during the Ackman-Johnson era at JCP.
This morning the stock is spiraling lower again, heading towards the $1s, on news that its CEO is leaving for Lowes.
The home improvement retailer announced Tuesday it is naming Ellison president and CEO, effective July 2. Ellison will take over for Robert A. Niblock, who previously announced his intention to retire.
Ellison is chairman and CEO of J. C. Penney, which he has attempted to steer through a turnaround.
Prior to J.C. Penney, Ellison worked at Lowe’s rival Home Depot.
Shares of J.C. Penney were down 6 percent, while shares of Lowe’s were up 2 percent in pre-market trading.
The highly leveraged retailer has struggled to find its place in the evolving retail landscape, hamstrung with by its ability to properly buy clothes shopper want and unprofitable stores.
The retailer has taken a number of efforts to help steward a turnaround, including in March the elimination of 230 positions and the departure of executive vice president of Penney’s omnichannel business, Mike Amend,
Question: When SHLD and JCP go away, what will happen to all of that empty space at the mall?If you enjoy the content at iBankCoin, please follow us on Twitter