A J.C. Penney store on a rainy day in San Bruno, Calif., near San Francisco.
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?