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New JCPenney CEO Mum About Plans

"Trust me — I used to work at Apple," seems to be the message from new JCPenney CEO Ron Johnson as he mounts an ambitious transformation of the department-store chain — without telling them exactly what the plan is.

Key points of the game plan still haven’t been nailed down — a new marketing slogan was still being finalized as recently as two weeks ago, although Penney has hired public-relations firms Dan Klores and PMK for what appears to be a more celebrity-driven strategy next year, according to sources.

Big suppliers, including Phillips-Van Heusen and Levi Strauss, balked after Penney sent out a letter in October about plans to introduce “clear and straightforward pricing that delivers incredible value” — an idea that, despite Penney’s protests to the contrary, sounds a lot like Walmart’s “everyday low prices,” according to several vendors.

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