• BUSINESS
  • Updated February 24, 2013, 10:57 p.m. ET

For Penney's Heralded Boss, the Shine Is Off the Apple

more in Business »

BY DANA MATTIOLI

As he toured a J.C. Penney store before undertaking one of retailing's most ambitious overhauls, Chief Executive Officer Ron Johnson bristled when a colleague suggested that he test his new no-discounts strategy at a few stores before rolling it out at all 1,100.

"We didn't test at Apple," the executive recalled Mr. Johnson, hired away from the gadget maker, saying.

Seven months later, sales at the new Penney had dropped by double-digits. By the end of 2012, analysts were warning the company could run short on cash. Penney's stock, which got a boost when the former Apple retailing chief took ...







[image]
CLICK HERE

Copyright 2012 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

www.djreprints.com

[image]

Available to WSJ.com Subscribers