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Jcpenny Research Part 1

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Submitted By bruzz06
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Preparing to Conduct Business Research: Part 1
Christine Beverley-Wagner, Megan Hackel, Eric Cantu, and Charles Dougherty
RES/351
July 21, 2014
Marcus Sherrill

Preparing to Conduct Business Research: Part 1
J.C. Penny
J.C. Penny Corporation, Inc., is an American retail company that was founded in 1902 by James Cash Penny. The company was called J.C. Penny Stores Company from 1913 to 1924 and then was reincorporated in 1968 to present as J.C. Penny Co. The firm was incorporated in 1913 and the following year the company moved its headquarters to New York City. In 1927 J.C. Penny Co., became a publically traded corporation. J.C. Penny Co. has been a household name for decades, but has seen its share of financial difficulties. Now the company is in the process of changing their culture, as it has discontinued its traditional catalog sales, and created a profitable internet shopping site.
The issue that J. C. Penney is facing includes dramatic losses in sales, profits, and stock value. They recently hit a 55 week low with their stock value. They have brought back a former CEO Myron Ullman III to make some changes which does open the door for some new possibilities as well. They are currently making changes by closing 33 stores that have been underperforming to make up some of those losses and project that to make some significant differences. Other issues that come with that are the 2,000 employees that will be laid off as a result. They are battling some tough situations with the economy not in the best place for the retail business while trying to still keep their footprint as a company. Former CEO, Ron Johnson had implemented sales and promotions that didn’t allow the company to make enough profit to grow, sometimes reporting a loss. “As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance

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