J.C. Penney Co. said its struggles will continue through 2012. It has adjusted prices and merchandise, but that turned off loyal shoppers and failed to draw new ones. Penney lost $147 million in the past quarter, and revenue fell 23 percent. CEO Ron Johnson on Wednesday said change will take time; some investors weren’t willing to make another long-term bet.
Market Movers
J.C. Penney says it’s still struggling
Mark Lennihan/Associated Press/File 2009
J.C. Penny unveiled a new store design Wednesday; it aims to change its image from dated to trendy, without losing its value edge. Some industry experts remain skeptical.