Picking Up the Pieces

Elvis has officially left the building. After much recent speculation about how much longer CEO Ron Johnson would last with J.C. Penney (JCP) the market received the zinger press release after Monday's close: Ron is out.

The market cheered, but then the reality check set in. Mike Ullman, the former leader of JCP, is taking the reins back. The market weighed in and the verdict was that bringing back the old regime simply won't cut it. After all, Johnson burned almost $1 billion in cash to change the retailer's strategy, failed and then did a 180 back to the coupon hungry old ways. And now the old regime is back? What was the point of this exercise?...222 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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