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J.C. Penney (JCP) laid off about 1.5K workers, according to The New York Post, a mark lower than...

J.C. Penney (JCP) laid off about 1.5K workers, according to The New York Post, a mark lower than reports from some other sources. Whatever the carnage total comes in at, what's key is that store-level department managers are among those getting the pink slips. Each round of layoffs has worked progressively up the corporate ladder from the initial batch of cuts of receptionists over a year ago. JCP +0.7% premarket to $14.95 - for a stock which once swapped hands at over $40 a pop.
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Comments (3)
  • KnowsALot
    , contributor
    Comments (35) | Send Message
    And the hits just keep on coming!
    8 Mar 2013, 09:05 AM Reply Like
  • bakmanone
    , contributor
    Comments (39) | Send Message
    Out after 17 and thirty years of service to JCPenney. What is wrong with this picture? Loyalty goes both ways in business and personal lives.
    8 Mar 2013, 09:19 AM Reply Like
    , contributor
    Comments (45) | Send Message
    Consider the following --


    1. A company that saw it's writing on the wall hired a new CEO to shake things up and rebirth their brand. On that day --


    2. -- the company made this feeling clear to the public. It told what was left of their customer base they would not be enough. That they needed new customers. And a new vision for the brand.


    3. Pundits fail to see the psychological impact of this one move. It basically announced the old JCPenney was a dead department store walking. Before ANY changes were made. BEFORE. Maybe that's not clear to everyone. BEFORE BEFORE BEFORE. Is it clearer now?


    4. Ron Johnson says new pricing scheme coming, new shops, new look to stores. New spokesmodel is a lesbian left coaster. This wasn't different from the boards plans. This CONFIRMED the boards plans to START ALL OVER AGAIN.


    5. So many customers left in droves. Understandably. But not because of #4 in isolation. The way all the haters NEED to distort this story to make it feel good for them for some reason. The truth is JCPenney announced that a new better store was coming BEFORE Ron Johnson specified. And so GUESS WHAT?


    a. A bunch of customers decreased their buying. Know why? When someone tells a crowd of people something better is coming, the crowd stops buying and stands around waiting for it.


    b. Another group stopped buying because they felt offended. They felt there was nothing wrong with old products and wonder why JCP is inviting them to continue shopping at Sears.


    Imagine if PIZZA HUT announced that it was going to stop making lame pizza and start serving amazing pizza. With a slightly different price structure. Two years from now.


    Tell me something: would the slight pricing structure tweak result in a huge drop off of sales? Or the announcement that the pizza you were considering buying is garbage and that 'the good stuff' would be available two years from now?


    Once you GET the psychological impact of such rebranding do you get why they're having massive layoffs. JCP could have simply shuttered EVERY store and fired EVERY store employee.


    I mean why not if you're starting all over again?
    9 Mar 2013, 01:03 PM Reply Like
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