 |
| Bill Ackman |
JC Penny? I can’t even recall the last time I shopped there.
Few years back, I stopped at JC Penny’s looking for a shirt and walking out or
maybe it just felt that way. I do remember walking around the whole store and
not stopping for anything. It was like if I knew before-hand that I will come
out disappointed. I do remember when I was 12-14 years old it was my number one
store to buy the brands I liked. Eventually over time the junior section was
either too over stocked or too vacant. I do recall this outrageous sales of buy
one and get another for $1. Most people turned the offer down because they didn’t
need two of the same thing.
 |
| Myron Ullman |
If you haven’t read or even heard about JC Penny’s latest
news. Leading shareholder Bill Ackman has been pursuing the board to fire CEO
Myron Ullman. With JC Penny’s stock plummeting Ackman is looking to blame
Ullman. Continues to insist to the board with this statement, "Directors must put personal relationships
and issues aside that might color their decision-making process," Ackman
said in the letter. "The board must be led by a Chairman who is unbiased,
can make decisions without regard to personal relationships, and focused only
on what is best for the corporation." Except Chairman Engibous came back with a public response
saying Ackman’s actions are “disruptive
and counter proactive.” It seems to some people that Ackman rather put the blame on poor Ullman
instead of taking responsibility for his own actions. "The irony is that
Ackman himself has every step of the way severely damaged this company,"
Schultz told The Wall Street Journal. JC Penny sales have been down by 31 percent. According to
some sources Ullman has been working tirelessly to bring back customers to the
store.
 |
| JC Penny |
It seems that Ackman is
freaking out about his loses. Most likely annoyed that sales are still low.
Stepping away from the corporate drama JC Penny’s ads are more confusing than
ever. They’re either too long or just not interesting enough to remember. They
had a great opportunity to pull back their middle class customers by hiring
Ellen as their spokesperson. A woman who represents family values like
kindness, compassion, and love to everyone.
What did JC Penny do? They blew it. Yes, the ads were family friendly
but not memorable. They need to go back to their target audience and pay
attention to their needs.
Resources:
http://online.wsj.com/article/SB10001424127887323477604579000691399643208.html#articleTabs%3Darticle
No comments:
Post a Comment