After more than a year of management and financial upheaval, J.C. Penney executives last month asked a therapist to address employees at an internal meeting. He ended up traumatizing them more. According to sources with knowledge of the situation, J.C. Penney chief merchant Liz Sweney brought in an organizational therapist to help employees cope with the firing of former CEO Ron Johnson in April and a disastrous year that saw revenue plummet $4.3 billion, or 25%. The pair proceeded to compare the experience to a bomb explosion and the 9/11 terrorist attacks.
J. C. Penney has announced the promotion of a number of current executives and the appointment of several highly respected retail veterans who will be at the forefront of redefining the J.C. Penney brand and shopping experience.
In an attempt to win over fashionable young women, J.C. Penney Co. is going to try running with a faster crowd. This week, the Plano, Texas-based retailer unveiled an unconventional collaboration with Mango MNG Holding SL, the closely-held Barcelona chain known for whipping up cutting edge looks that go from design studio to store shelves in as little as four weeks.