CEO Ron Johnson is determined to save J.C. Penney (NYSE:JCP). So far, his valiant efforts haven’t been panning out for the former Apple (NASDAQ:AAPL) executive. Although to be fair, it’s far too soon to judge the “in-store shops” concept that the retailer recently unveiled.
So what’s the next trick up Johnson’s sleeve?
Price cuts. Major price cuts.
At least that’s what sources familiar with the matter told The Wall Street Journal. While specifics on price-slashing plans have not been confirmed by the company, a J.C. Penney spokesperson did tell WSJ that the unpopular “fair and square” pricing initiative is being abandoned.
JCP shares drifted close to 1% higher during late Thursday afternoon trading. However, this year has been mostly bad news for the stock, which is been down about 40% since January.