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Letter: A lot of JC Penney's problems stem from mismanagement

Don't let JC Penney CEO off the hook

12:47 AM, Feb. 11, 2014  |  Comments
A J.C. Penney store on a rainy day in San Bruno, Calif., near San Francisco.
A J.C. Penney store on a rainy day in San Bruno, Calif., near San Francisco.
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EDITOR: Wausau City Council member Keene Winters' recent article about why JC Penney is leaving Wausau was interesting, but, for some reason he left out the one biggest factor: mismanagement.

Less than a year and a half after hiring him as Penney's new CEO, Ron Johnson (no relation to Wisconsin's own U.S. Sen. Ron Johnson) was fired. Why? Because of Penney's $4 billion revenue losses, its free-falling stock price and a credit rating that fell to junk status.

Apparently Johnson's "visionary" approach was not working.

Add to this a continuing culture change, as consumers are not so mall-driven anymore. Standalone big box stores are doing well.

Winters offers some valid explanations. But how can anyone overlook gross mismanagement? Why is Penney's closing four other stores in Wisconsin?

Diane Sem,

Wausau

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