Former J.C. Penney Co. Chief Executive Officer Allen Questrom said the retailer should be prudent as CEO Ron Johnson implements a plan to turn most of the chain’s locations into collections of boutiques. “In high-risk situations, one needs to be prudent," Questrom said in a telephone interview. "Decisions can't be Powerball chances. You're responsible for employees and managing shareholders' money."
To say J.C. Penney has been struggling is a vast understatement. Last month, the department store reported horrific holiday-quarter results, with the most drastic decline in sales in its 111-year history of operation. In addition, former J.C. Penney CEO Allen Questrom delivered a brutal takedown of the department store's current status in an interview to CNBC, stating it "can't continue with the same leadership." But, with Johnson's recent announcement that he "has no plans of retiring," the retailer is forced to rely on a new strategy other than the CEO's departure. Enter: Joe Fresh.
Allen Questrom, the former CEO of J.C. Penney, shredded current CEO Ron Johnson for what he has done to the struggling department store chain in an interview with CNBC's Scott Wapner today. Questrom is a legend in the retail world. His career included jobs running JCPenney, Neiman Marcus, and Barneys. He totally disapproves of what's happening at J.C. Penney and he let the world know it in colorful language
The New York Times reported Thursday about Allen Questrom's on-air visit with CNBC for its Fast Money Halftime Report, during which the former J.C. Penney CEO was very candid about his disapproval of new chief Ron Johnson's approach to leadership.