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J.C. Penney (JCP +3.6%) is in worse shape than three months ago, Gilford says in a caustic note...

J.C. Penney (JCP +3.6%) is in worse shape than three months ago, Gilford says in a caustic note to clients today. Firm sees no reason for bullishness: "No work was being done to prepare for new shops in stores we visited in January and yesterday... Is Valentine's Day coming? One wouldn't know it at JCP."
Comments (21)
  • Macy's is killing them.
    5 Feb 2013, 02:26 PM Reply Like
  • 'Is in worse shape than three months ago', and stock price shoot up more than 5% today.

     

    Something definitely is not right in this picture. Wondering which one...
    5 Feb 2013, 03:04 PM Reply Like
  • BTW, who is this Gilford dude anyway?
    5 Feb 2013, 03:05 PM Reply Like
  • Looking at JCP stock today nobody knows and nobody cares.
    5 Feb 2013, 03:35 PM Reply Like
  • What a bunch of horses**t. Stores have done nothing to prepare for the new shops? Some of the new shops are already in. This kind of senseless negative stuff seems to have been done from a spaceship far from the reality of JCP. Nothing being done for Valentine's Day? Let's see; the management of JCP forgot about Valentine's Day...
    Really?
    5 Feb 2013, 03:49 PM Reply Like
  • The quote was "No work was being done to prepare for new shops in stores we visited in January and yesterday... Is Valentine's Day coming? One wouldn't know it at JCP."

     

    In stores they visited, your mileage may differ.
    5 Feb 2013, 04:58 PM Reply Like
  • Nobody at JCP knows anything about merchandising any longer.....a rudderless ship taking on water!
    5 Feb 2013, 04:38 PM Reply Like
  • Where are you seeing up 5%? It's only up 2.43% today in after hours trading per Morningstar.
    5 Feb 2013, 04:56 PM Reply Like
  • It's true that no new work has been done to convert the stores. And that the Feb shipment of merchandize isn't exactly exploding off the website or in the stores. With Martha Stewart's line in a coma --

     

    -- why is the remainder of the store also in freeze mode?
    5 Feb 2013, 05:57 PM Reply Like
  • Exactly. Our store was promised a remodel..didn't happen.
    We were promised 5 trucks of merchandise...didn't happen.
    Our shelves are bare. If one more customer says, "..are you closing?" I'll scream.

     

    Happy Valentines Day----just a continuation of the Christmas season to us............
    5 Feb 2013, 06:05 PM Reply Like
  • A: There is nobody left that knows retailing or merchandising to address the points you mention.
    B: They are rapidly running out of money!

     

    Recent articles concerning possible default on bonds and price fixing with suppliers goes to show there is nobody home keeping the stores operating. The board needs to get rid of Ron Johnson immediately and begin hiring some folks that understand retailing....and for heavens sake get rid of whoever is responsible for their horrible Internet presence!
    6 Feb 2013, 11:44 AM Reply Like
  • The man responsible for the Apple store, which has the highest sales per square foot next to Tiffany, doesn't know anything about retail?
    6 Feb 2013, 11:57 AM Reply Like
  • Exactly. He sold a product at Apple that, let's face it, sold itself. He may think he had the magic but he knows absolutely nothing about retail.

     

    Employees know it, Wall Street knows it and if we can convince the board of it perhaps, God willing, we can save our dear company.

     

    Either way Johnson has made his millions.
    7 Feb 2013, 10:02 AM Reply Like
  • Retailgirl: Do you think your building is one that is on a list of being closed then? Have you had contractors measuring these past months? Why would they be bringing in new product in truckloads when the Home area is going to be under construction for at least a month or longer? I know they keep pushing back the start of the remodel at our store, but I certainly was not expecting it to start in January. We have always been told the remodel would start in February at the earliest.

     

    Our home area is part of the store, not a separate building like you have previously noted. You have mentioned earlier also that your customer traffic has been reduced to nearly nothing. What if anything is your store leader telling you guys? Our home area also looks empty but the rest of our store doesn't to balance that out.

     

    I think it is too early to give up hope that your store is going to get that remodel and truckloads of new merchandise unless you really think they are going to be closing the independent Home stores this year. There must be some signs there that shows the remodel is coming. If not, I think I would worry too. We are not around any independent Home stores so I have never heard any rumors or anything about the plans for those. If you building does get that remodel, I can only imagine how fantastic it will look with all the space available. Here's keeping my fingers crossed for your store. You have hung in there this long - you deserve the best outcome if that is what is going to happen.
    5 Feb 2013, 06:28 PM Reply Like
  • We are all hoping for the best, we love JCP and have worked hard for years.

     

    But this is not the old JCP. We fear our dedication and hard work is going to get us all a pink slip.
    7 Feb 2013, 10:04 AM Reply Like
  • I hope that Fair and Square is dropped. Come on guys...you WILL do better than that. This will be an important and special year for you. You are ready and up to it...keep going!
    5 Feb 2013, 07:24 PM Reply Like
  • I worked for the J C Penney for over 40 years. I retired in January 2012. When working for J C Penney the company had its ups and downs. They are trying to be like the high end stores. Ain't going to happen. Penney's used to be known as the family friendly store!
    Customers are used to shopping at stores who want their business.
    When I was in the store 1943-0 there were not many customers shopping. That should give the Associates and managers something to think about. What are we doing wrong? Listen up to your few customers you have, who are trying to tell you need to go back to some of the ways we used to be. I hope that the CEO and the managers realize that they are hurting a good company.
    6 Feb 2013, 02:06 AM Reply Like
  • That's just IT...as an employee I can tell you no one cares what the customers are saying and no one dares report what they say above them for fear of being terminated. It is crazy.
    7 Feb 2013, 10:08 AM Reply Like
  • retailgirl: I have always felt free to share comments I hear from customers. Last year, we even had a store meeting with all employees to get feedback as to what the customers were saying and everything was written down and given to higher ups (beyond the store level).

     

    I do know that if I were speaking negatively about the company with customers or to others, THAT is something I could feel pretty confident that I would be terminated for. I think that is true working at most companies. There are some things we can resolve at the local level (like curbing those negative comments being heard between team members or to customers or poor customer service), but there are other things beyond our control. For instance, there is not much we can do about the shipping and ordering on line problems. There is no way the company could not be totally aware of that so a million customers could share that and well, you know how quickly that has gotten resolved.

     

    I expect when the new brands and the brands like SJB are actually in the stores and being available to sell, then it would make sense to completely overhaul the website at that point. I also expect the new website to be totally different from what is available for customers buying on line from any company. It could have been done differently like completely closing the site down, but I know I have ordered a considerable amount of merchandise for customers and myself even since the holidays with no complications whatsoever so it does serve a purpose even as frustrating as it has been for some customers.

     

    That is sad that you feel that you can not share with your leaders the thoughts and comments from your customers. Repeating those comments in front of other customers of course would not be the proper place to share, and if the "problem" has already been identified and the comment would only be seen as salt in a wound, I can see times that sharing isn't a wise move. I just know that I do share appropriate comments my customers tell me and the worst I have gotten from a team leader is a "yep, I know, isn't that sad that is happening" sorry and knowing grin. However, if I were standing around sharing and comparing negative comments with my fellow team members where others could overhear, then yes, I would also have reason to believe that my sharing of negative comments would affect my position with the company.

     

    Fortuneately, most of the comments I get are not negative(a huge improvement from several months ago) and when I do get one, I try to understand their views and hopefully send them off in a better mood then they were when they walked up to tell me something about the store they didn't like. I can't imagine what hasn't already been said about the stores and on line website that hasn't previously been posted over and over again on the social media sites that a team member could say that would cause that employee to get terminated.

     

    It never ceases to amaze me as to how vastly different the working climate is in different jcp stores around the country.
    7 Feb 2013, 02:12 PM Reply Like
  • gmom, no ones talking to customers negatively....we don't have to they have plenty of negative to share with us. Listen, in our operation every manager is running scared. They dare not speak their mind or voice any opinion other than what would match the Kool Aid drinkers. That goes ALL the way to our top store manager.

     

    So, no one gets the truth. The cupboards are bare darlin'. There's on inventory to sell, very few to sell it to if we did have product, and no knowledge being passed up the ladder. This is a recipe for a disaster.

     

    You know what the monkey said when he got his tail caught in a lawnmower? He said, "It won't be long now."

     

    We employees fear the Kool Aid drinkers have their tails caught in the lawn mower.

     

    Have a great day!
    8 Feb 2013, 09:22 AM Reply Like
  • retailgirl: you have to remember that your store is "only" Home. You do not have the other areas of the store to balance out your area. Our Home and drapery department has been barely existent for months now, and if any area of our store would get bombarded with negative comments from customers it would be that one. The other areas of our store DO have product to sell, new product out on the racks and shelves - that and the actual remodelling prep going on all show to our store that we are in business and staying in business.

     

    The more you say about your particular store building and the lack of any movement towards a remodel would worry me also. Add in the secrecy from all personnel from manager on down makes one even more suspicicious of what is or isn't coming down to your store. Do you have other jcp stores in your area to scout out to see what if any changes are being made there? I hope you are wrong in your gut feelings, but you would know better then I would from far away. You would see the writing on the wall much easier then I would.
    8 Feb 2013, 09:52 AM Reply Like
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