Value of company’s shares plunges amid uncertainty
Posted September 21, 2012
JCPenney (Plano,Texas) ceo Ron Johnson -- formerly of Apple Inc. -- took 300 analysts on a tour of a 30,000-square-foot prototype for the department store’s redesign in Dallas recently, Bloomberg reports, noting that investors responded with limited enthusiasm. Johnson has been working to overhaul the struggling stores, aiming for a younger, wealthier shopper base and adding a spate of branded shops to sales floors.
Despite the company’s efforts, the company’s stock dropped 11 percent on the day of the tour, and one analyst told Bloomberg that a substantial recovery for the retailer may still be years away. Another cited hopes for recovery, but predicted that there would still be “many ups and downs,” Bloomberg reports.