J.C. Penney Refocusing on Customers’ Wants

J.C. Penney says it's back in the business of giving its solidly middle-income customers what they want. The 112-year-old department store chain has switched itself off from survival mode and put the spotlight back on growth. The fixes for a failed transformation, including a mended balance sheet, were put in place over the last 18 months under CEO Mike Ullman. Now new president and CEO-designee Marvin Ellison will start work at the retailer's Plano, Texas headquarters Nov. 1, and a transition plan is ready to implement.