Yeah I remember that Marvin guy. Cut all the fat off the workers' backs, reworked the inventory with cheap knock off product to make it look full. Thought giving space for haircuts and coffee would turn things around and make Penny's a destination. All you need to do is eliminate anything that cost money and "viola" you are a profitable enterprise lets see how Penny's is doing.......https://www.cnbc.com/2019/08/15/jc-penney-reports-q2-2019-earnings.html..... oh he's not
there anymore where did he go......Lowe's. I'm sure with his deep experience at Home Depot he will
be great there.....why did he leave? oh passed over for Craig Menear.....why? Too aggressive with operational change, creates disruption... oh he found some backers Bill and Dave oh they want big returns on stock price at Lowe's...... look stock up to 105.00 per share....things must be great, right? Right?
3 replies (most recent on top)
J,C. Penney is at 60 cents a share as of today. In 2017 their stock fell 62%, from today back 5 years it fell 94%. Marvin did such great things for Penny's during his tenure, I think Marvin was there in 2017, wasn't he? If Ron Johnson was so bad and Marvin was brought in to supposedly turn Penny's around and in 2017 had a drop of 62%. Sound's like Marvin has not one clue how to run a major corporation.
Okay. I am not a fan of Marvin but you have the Jcpenney bit wrong. I know because... well. I was there. No. Marvin ....the only thing he did at Jcpenney was brought back appliances and closed stores. As soon as he left his replacement dumped appliances. Jcpenney problems were not from Marvin but well before Marvin. You should check out Ron Johnson, whom was brought in by bill ackman to “unlock the share holder value in JCPenney”. The disaster that followed was nothing sort or devastating. Bill ackman I believe is heavily invested in Lowe’s now.
I haven't been in Jc penney's for about 1 yr. I went in there last week. I thought to myself there is only junk in here. How could this be JC Penny's . I shopped there for years for all my kids clothes. Now I cant even find myself a decent pair of slacks. So sad. From the statement about I know understand why. I work at Lowe's and jobs are just being eliminated. Bathrooms are horrific, employee break room is filthy etc. So Sad.